The President's Working Group on Financial Markets is urging Congress to limit stablecoin issuance to insured depository institutions and subject cryptocurrency wallets to federal oversight.

Since the pandemic began, many members of small credit unions have defected to banks that offer better digital products and services. The credit unions are focusing on in-person banking or catering to small businesses and other niches to rebuild their customer base.

Fintechs have begun offering consumers installment-lending options to pay for airfare, putting competitive pressure on banks and credit unions that rely on travelers for significant credit card volume.

European authorities have linked the operation to investment scams that predate its sale to ING in 2018.

Scott Anderson, president and CEO of Zions Bank, was recently elected chair of the American Bankers Association. In an interview, he encouraged Washington to scrutinize tech giants’ moves into financial services but expressed concern about some potential implications of financial agencies’ spotlight on climate change.

The mortgage giant’s net worth of $42 billion at the end of the quarter was more than double what it was a year earlier. CEO Hugh Frater said that financial strength puts the company on better footing to support affordable housing goals outlined by the Federal Housing Finance Agency.