Retail & Commercial

"I can't just go fishing in the ocean," said Grasshopper Bank CEO Michael Butler, referring to his bank's ability to gather deposits. "JPMorgan Chase is out there with a yacht, and I'm driving a small speedboat."

Holly O'Neill, who was No. 5 on American Banker's list of the Most Powerful Women in Banking last year, will oversee a new department combining BofA's retail and preferred units. Aron Levine, who previously led preferred banking, is leaving the company.

This transaction, following Rocket's purchase of Redfin, could be the start of the creation of large players to compete with the likes of Zillow.

Terry Dolan, vice chair and chief administration officer at the Minnesota bank, had been at the company for more than 25 years.

The $381 million deal for Alabama-based Southern States Bancshares would give FB entree to the sprawling Atlanta market. CEO Christopher Holmes said the bank would likely focus on nearby suburban communities initially.

Small lenders across the country, including Forte Bank in Wisconsin, promoted and recruited chief executives in recent weeks.

The deal, expected to close by the end of 2025, will place Mr. Cooper CEO Jay Bray as president and CEO of Rocket Mortgage.

The top five bank holding companies have combined business loan portfolios of more than $2.6 trillion as of Dec. 31.

Javice sold her student-aid startup, Frank, to JPMorgan in 2021. Two years later, the bank accused her of creating fake profiles to boost the number of customers.

In a surprise move, the Consumer Financial Protection Bureau said that it will not enforce or supervise lenders for the final payday lending rule. The bureau also plans to  narrow the scope of the rule.