Amazon, Google and other technology giants entering financial services should be subject to the same supervision banks are, Rohit Chopra said in his first congressional testimony as director of the Consumer Financial Protection Bureau. He also said he wants to focus enforcement on large firms that harm many people rather than chasing small companies.

A proposal that would enlist financial institutions’ help in raising tax revenue to pay for President Biden’s social policy agenda lost steam after objections from a key senator. The administration was said to be narrowing the plan’s scope to preserve its chances.

Collaborations among rival banks and fintechs can be mutually beneficial, Vanessa Colella says. A recent example is a small-business loan portal Citi created that other banks can use.

The deal for Michigan-based Flagstar Bancorp, announced in April, was originally expected to be completed by the end of the year. The New York bank’s CEO expressed optimism that it will still get regulatory approval.

The National Credit Union Administration has approved Capital Federal Credit Union in Lubbock, Texas, to serve people of color and underserved communities in its state.

The Concord-based credit union has hired Anthony Emerson as its next president and chief executive. He was most recently leader of IC Federal Credit Union in Massachusetts.