Block has launched several new products in recent months to boost its profile among merchants, setting the stage for its next steps involving advanced artificial intelligence and open development techniques.

The FDIC's recent proposal to provide business accounts targeted deposit insurance coverage up to ten times the current rate is gaining traction among industry experts. But a great deal rests on the details, and any reform will probably have to wait until after 2024.

The Cleveland-based bank says it will submit to a racial equity audit conducted by an outside law firm, as Citigroup and Wells Fargo have previously done. The bank's decision follows a request that regulators investigate Key's mortgage lending practices for alleged redlining.

Industry leaders had predicted that JPMorgan Chase's regulator-assisted purchase of First Republic would bolster investors' faith in the sector. But the stock prices of certain regional banks have continued to fall, prompting concerns that selloffs could lead to deposit outflows.

The Federal Reserve flagged multiple "deficiencies" at Du Quoin State Bank in an order that bars the Illinois depository from paying dividends without its regulators' approval. The central bank has identified interest rate risk as a key issue at a time when rising rates have contributed to three bank failures.

Former First Republic CEO Mike Roffler told regulators earlier this year that the bank could fail according to its resolution plan, but the institution still needed extra help to stay afloat long enough to organize a sale without further harming the financial system.