News and Information from American Banker

Navy Federal Credit Union is among the financial institutions that see an opportunity to serve the 20% of Americans born between 1997 and 2012.

As it rolls out dozens of new products to up its game in stablecoins and artificial intelligence, the payment company is also working with sellers wishing to expand activities involving non-U.S. corridors.

Jim Richards, who served as the bank's head of anti-money-laundering compliance, says the Federal Reserve is wrongfully denying him compensation that was designed to keep him employed at Wells Fargo.

New Jersey-based ConnectOne Bancorp received FDIC approval for its merger with First of Long Island Corp; lending-services fintech Oportun makes changes to its board of directors; Associated Banc-Corp's Steven Zandpour will succeed David Stein as head of consumer and business banking; and more in this week's banking news roundup.

While Vista Bank is focusing on organic growth in Florida, it's positioning itself as a Texas buyer.

The Trump administration says it will nominate Jonathan McKernan to serve as Treasury undersecretary for domestic finance. McKernan has already been nominated as the next director of the Consumer Financial Protection Bureau.

The man who blew the whistle over the incident says the bank fired him in retaliation for reporting what he called a "significant security breach."

The Conference of State Bank Supervisors says the OCC's 2011 preemption rules are out of step with Supreme Court rulings and unfairly disadvantage the state banking system.

Ending the separation of banking and commerce would open the door to dangerous concentrations of power and influence, and would threaten financial and economic stability as well as access to credit for consumers and Main Street businesses.

Incentive pay for investment bankers at major firms is expected to fall this year by 13% from 2021 levels, according to a consulting firm's report. But stock traders may reap the rewards of market volatility.

The 2020 case, in which the Securities and Exchange Commission tried to hold Ripple accountable to securities law, offers little clarity for the regulation of crypto tokens.

When supposed "fraud" becomes the headline, real solutions get pushed to the margins. In the case of housing, the real crisis is about housing affordability and supply.

Credit risk transfers, which gained traction in 2022 and 2023 as banks sought to manage their capital levels, may now become a solution for lenders looking to reduce their exposure to commercial real estate loans.

Research from American Banker finds banks are top AI users and plan to stay at the top for the future. But can rising costs hurt chances for positive results?

Federal Reserve Gov. Michael Barr said global supply chain disruptions and inflation caused by tariffs could weigh heaviest on small businesses, especially those with little access to credit.

The fintech's CEO told analysts during Thursday's earnings call that generative AI was taking search by storm and that investors "should absolutely expect us to have an answer for that."

Average Americans are souring on their own financial health, according to a New York Fed survey. That includes their ability to pay off their debts.

The Congressional Review Act resolution to overturn the Office of the Comptroller of the Currency's rules on bank mergers passed 52-47.

The vote to invoke cloture on the Senate's stablecoin bill failed 48-49, delaying the final passage of the crypto legislation.

Experts warn that stopping modern scams requires more than AI. It takes human oversight, customer engagement and cross-industry collaboration.

The Dallas-based company's broker-dealer arm, Texas Capital Securities, has also made several recent hires as it continues to expand its capabilities.

Customers expect fast loan approvals, CEO Brad Calhoun says, so the credit union now lets artificial intelligence decide who will get credit cards, auto loans and personal loans. 

The neobank reported a 47% increase in revenue in the first three months of the year.

The industry and its regulators need to acknowledge the danger presented by ultrarealistic deepfake technology and implement new layers of transaction authentication.

Julian, the bank's onetime audit chief, recently agreed to settle with the Office of the Comptroller of the Currency for a tiny percentage of the $7 million the agency had been seeking. In an interview, he spoke about the expensive legal fight and who bears responsibility for the bank's fake-accounts scandal.

Investors seemed to agree with CEO Barry Sloane's argument that strong earnings will outweigh a jump in nonaccrual loans.

While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. "Unequivocally," said U.S. CEO Christiana Riley, "the opportunity … is so clear."

Federal Reserve Chair Jerome Powell declined to say whether he would depart the central bank after his chairmanship ends next year, as is typical with Fed chairs who are not reappointed. He also pushed back on criticism from one potential replacement.

The payment company joins other firms that are expanding apps in Europe, where Apple has agreed to ease access to supporting technology. Plus, the U.K. plans a new crypto crackdown.

The Treasury secretary tells the House Financial Services Committee that he is vetting candidates to fill the role and says acting Chair Travis Hill has been effective.

The credit union partnered with Bloom Credit to offer members a new way to build their credit score by sharing rent and utility payment data.

The AI lending platform company reported strong earnings and revenue, as well as deals with Fortress and Walmart, but investors appear to be spooked by economic uncertainty.

The last time someone decided to gut a major financial services regulatory agency, we got the Great Recession. DOGE cuts to the Consumer Financial Protection Bureau could trigger similar pain.

AI agents have the power to automate a number of once-manual tasks: They can conduct background research, generate content, write code and analyze data. In their latest evolution, driven by Visa, Mastercard and other fintechs, payments are now on the menu of services.

The bureau's Tuesday afternoon announcement follows an earlier statement that it would walk back a rule that places buy now/pay later loans under the Truth in Lending Act's Regulation Z, a move that will ease compliance for fintechs that offer installment loans.

Eliminating overdraft charges is Stearns Bank's latest move to limit fees that its customers pay. CEO Kelly Skalicky says deposit service fees aren't a good business model.

House Financial Services Committee ranking member Maxine Waters, D-Calif., blocked a planned joint hearing on a crypto market structure bill amid concerns about the Trump family's conflicts of interest in cryptocurrency.

The bank partnered with fraud prevention company Threat Fabric to create a taxonomy the companies hope will make it easier to communicate about fraud.

The pending acquisition is one of several large deals involving payment companies in recent years as legacy firms look for combinations that can counter newer fintech rivals.

Treasury Secretary Scott Bessent said he expects negotiations with trading partners over tariffs to conclude by the end of the year but acknowledged that talks with China had not yet begun.

The banking arm of Spanish giant Banco Santander plans to close about 4.5% of its branch network in the United States, according to regulatory filings.

In a party-line vote, the committee sent the nomination of Michelle Bowman as the Federal Reserve's vice chair of supervision to the full Senate.

Tokenization is a natural fit for the private credit market, and could help create new investment opportunities. But regulators must create clear rules of the road.

The three largest deals raised an average of more than $136 million.

Despite its commitment to change its stress testing program, the Federal Reserve is defending its current practices in court. That argument raises thorny legal questions about whether stress tests are more like rules or adjudications.

The 10 winning innovations span categories from AI and payments to risk and compliance. An overall winner will be announced at American Banker's Digital Banking event on June 2.

A representative for the bank said JPMorganChase is still dedicated to venture capital investors and new businesses.

A federal judge has ordered FDATR, a now-defunct student loan debt relief provider, to pay $43 million in restitution and fees, bucking the trend of cases brought by the Biden administration-era Consumer Financial Protection Bureau being dropped.

BNY's chief commercial officer talks about AI, tariffs and her efforts to help create a leaner, meaner bank.

The Consumer Financial Protection Bureau under President Trump plans to make changes to the rule governing consumer financial data rights despite rare bipartisan support for the regulation.

Treasury Secretary Scott Bessent argued that tight bank regulations are driving the growth of private credit, which he thinks reinforces the case for deregulation.

A service outage on Friday at Fiserv affected multiple banks and crippled at least 60 applications for some Fiserv customers, including Early Warning's peer-to-peer money transfer app Zelle. The issue, while resolved, reiterates the importance of bank redundancies.

Curve, a London-based fintech, has added a mobile wallet to its flagship product that lets consumers switch cards after the point of purchase.

For fintech to achieve its true potential of democratizing financial access for all, we need diverse viewpoints among fintech founders, board members and advisors.

Paper check use is dropping, but it's still high enough to be a fraud concern for banks. The Trump administration's move to mandate digital could force banks to dump paper once and for all.

President Donald Trump's proposed budget would nix funding for Community Development Financial Institutions in minority-heavy areas while expanding it for rural areas.

The two companies are collaborating to bring enterprise AI to Box users.

The administration is pitching a $26.7 billion reduction to the regulator's funding for rental assistance, public housing and elderly and disability housing.

Acquiring Country Club Bank would give Omaha-based FNBO 30 branches and nearly $3 billion of deposits in one of the Midwest's biggest markets.

Vectra Bank Colorado President Bruce Alexander is retiring after 25 years with the bank; Unilever Federal Credit Union in New Jersey was shut down by NCUA; Vista Bank hired Bob Mahalik in preparation for Texas bank M&A; and more in this week's banking news roundup.

Truist, Texas Capital and Citizens Financial are among the banks that will be forced to address shareholder dissatisfaction over executive pay.

The Bureau of Labor Statistics reported that the economy grew 177,000 jobs in April, beating expectations and giving the Federal Reserve little reason to adjust interest rates in the near term.

With vast amounts of capital locked in privately held companies, both employees of those companies and average investors would benefit from a loosening of the rules restricting private investment.

After building capital for years in anticipation of higher requirements, banks now face a lighter regulatory outlook under President Trump. But experts don't expect capital levels to come down quickly.

Unexpected changes in spending patterns on the P2P app caused the company to miss internal and analyst targets, resulting in a more cautious shift in its annual guidance and a plummeting stock in afterhours trading.

The Consumer Financial Protection Bureau will not enforce or supervise the 1071 small business lending rule, it announced in a press release. The rule requires collecting data on the race, ethnicity, gender and LGBTQ status of loan applicants.

Executives at the San Antonio bank say their business customers should be able to pass along higher costs from tariffs to consumers. Still, the bank acknowledged the risk of a recession.

The Small Business Administration is backing new legislation that would double the size limit on its manufacturing loans. Supporters say the bill has support on both sides of the aisle in Washington.

Large banks are ramping up AI investment at the same time they are reducing their workforces, though no one seems ready to publicly draw a connection between those two actions.

Ex-National Credit Union Administration board member Todd Harper outlined legal, economic and political dangers of recent firings of independent regulators.

U.S. Bank and Wells Fargo attorneys say cyber governance is now a legal duty for corporate boards, not just a security staff issue.

The Consumer Financial Protection Bureau sided with two trade groups in asking a federal court to vacate the medical debt rule. Consumer groups have asked to intervene and a judge has not yet ruled on the motion.

A report estimates that the total outstanding supply of stablecoins could grow up to $3.7 trillion by 2030 in Citi's bull case, but more likely $1.6 trillion according to its base case.

As Trump's trade war causes politically influenced shifts, the card brand contends it is set to pick up volume in non-American corridors.

A government-sponsored enterprise executive shared his take on the financial implications of Federal Housing Finance Agency Director Bill Pulte's initiatives.

Call for submissions for women 40 years and younger who are rising leaders at their bank or financial institution.

The decision to stop requiring U.S. companies to report beneficial ownership information is misguided. The compliance burden could be substantially eased by collecting the data at the state level.

Fintech deals for banks are in bloom going into May, but pests like problematic levels of relay fraud to bots conducting cyberattacks against banks are abound.

In a recent executive order, President Trump tried to wipe out a legal concept used to root out discrimination. But banks, worried about what will happen the next time a Democrat is in the White House, may be reluctant to change their policies.

A new survey conducted by IntraFi found that nearly three-quarters of bank executives say a recession is here or imminent, and tariffs now rank among their top three economic concerns.

A budget bill passed by the House Financial Services Committee would eliminate the Public Company Accounting Oversight Board and cap the Consumer Financial Protection Bureau's budget at roughly $249 million.

PayPal and Circle are among the companies pushing the rapidly growing payment-friendly cryptocurrency as a catalyst to use other services.

As the banking-as-a-service model has evolved over the last decade amid widespread consent orders and BaaS partnership failures, the number of sponsor banks has dwindled, leaving fintechs to compete for the business of those that remain.

First Savings Financial Group could have bailed out of SBA lending after the departures of key executives and loan officers. Instead it retooled the unit, and it's now reaping the benefits.

Safely disposing of cocaine, sending dogs chasing laser pointers and other unorthodox lessons in maintaining levity in a high-stress job.

Citizens Financial Group's promotion of Brendan Coughlin to company president comes at the same time as CFO John Woods prepares to leave for State Street. Both executives have been viewed as potential successors to CEO Bruce Van Saun.

The card network took a 3% stake in Corpay to improve international payment processing for corporate clients, while also pushing technology that aims to drastically reduce the need for human supervision of artificial intelligence.

President Donald Trump's shrinking of the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau add to bankers' uncertainty into May.

Fintechs that want to acquire bank charters face multiple obstacles, from increased regulatory scrutiny to stiff competition from established banks.

The Federal Reserve's preferred inflation reading fell in March, but the positive reading came before new trade policies hit the economy.

Financial inclusion cannot be allowed to become a meaningless set of buzzwords. Strong economic growth and future prosperity hinges on the ability of everyone in society to access financial services.

The top five banks saw an average rise in their assets of almost 31% between 2023 and 2024.

A $24 million single-family provision for credit losses linked to economic uncertainty and changes in actual and forecast home prices weighed down results.

The administration's major moves include weakening the Consumer Financial Protection Bureau and rolling back numerous Biden-era regulations.

The potential for a global trade war has largely undone the optimism that the industry exhibited at the beginning of the year. Here's a look at three ways that tariffs could negatively impact banks.

The online consumer lender beat revenue expectations in the first quarter, but its net income was dragged down by larger provisions that the company attributed to tariff "uncertainty."

The card processor came up short on expected profits but hit analysts' estimates on revenue in the second quarter of its fiscal 2025. CEO Ryan McInerney said growth in payments volume, cross-border volume and processed transactions were strong even in the face of shaky economic conditions.

At a House subcommittee hearing, Republicans proposed "tailoring" regulations for community banks while Democrats railed against Trump's tariffs and cuts to the Consumer Financial Protection Bureau.

The bank's chief technology risk officer details the journey the bank has taken over the last six years, and why it set out to get rid of passwords.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Financial Services Committee ranking member Maxine Waters, D-Calif., urged the National Credit Union Administration's Inspector general to look into President Trump's removal of two board members.

Rapid deregulation, tariffs and a campaign to dismantle the Consumer Financial Protection Bureau have defined the early days of President Donald Trump's second term for bankers.

Super apps such as AliPay and WeChat Pay have carved out immense market share by enticing users as a one-stop shop for their payment, shopping and social needs in a model that many U.S.-based companies have tried to replicate. But what makes a super app successful, and how easy are they to launch?

Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., will force the vote Wednesday on a bipartisan resolution aimed at terminating the national emergency declaration used by Donald Trump to impose sweeping tariffs.

During the payment company's earnings call, CEO Alex Chriss said "we can be a place to come in times of need."

The administration has been dogged in its support of cryptocurrency regulation and a push for a stablecoin bill to be signed by the August recess.

The French bank plans to move half its applications to dedicated IBM Cloud zones in its data centers and is standing up an IBM Cloud-based disaster recovery site.

The top five banks and thrifts had combined assets of more than $13 trillion as of Dec. 31.

The challenger bank exceeded analysts' expectations in income, revenue and earnings per share.

Don't discount the impact of having your bank's name and logo on small, everyday items that customers and potential customers will see every day.

Rob Abrams, CEO of J.P. Morgan Mobility Payments Solutions, is overseeing the development of in-car wallet systems that turn cars into rolling credit cards. He explains his vision of what connected cars could look like and do in the future.

By changing the form and function of the federal bureaucracy, questioning judicial review and launching a trade war, the president has injected uncertainty into a government built on predictability and process.

A panel of federal appeals judges prohibited the Consumer Financial Protection Bureau from issuing any further reduction-in-force notices to employees until after it hears arguments on the case next month.

Supply-chain woes, inflation and skittish travelers are just a few of the tariff-driven factors pressuring PayPal, Visa and Mastercard during upcoming earnings calls.

The all-cash deal would solidify the $50 billion-asset regional bank's position in the fast-growing Lone Star State and offer double-digit earnings accretion.

The crypto asset platform is returning to the U.S. after leaving in 2022 amid regulatory friction.

In the megabank's latest sign of progress with regulators, it said that a 7-year-old CFPB order has been terminated.

Two Democratic members of the National Credit Union Administration board of directors are suing the Trump administration for wrongful dismissal, a suit that could have implications for the Federal Reserve and Federal Deposit Insurance Corp.

After the Washington bank's rocky integration with Umpqua, investors are wary of its plan to acquire Pacific Premier Bancorp in Southern California.

Banks that think they can compete in the stablecoin space are making a huge mistake. The smart move would be to upgrade infrastructure to allow assets to move between banks and crypto accounts seamlessly.

Global fintech funding broke $10 billion in the first quarter of 2025 due to increased investment in artificial intelligence and digital asset funding rounds like the $2 billion Binance deal.

As the president's policy changes on a dime, machine learning can quickly alter strategies for compliance, payments and supply-chain management.

In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.

The Consumer Financial Protection Bureau's exit from a suit jointly filed with the New York attorney general's office narrows a major subprime lending case.

Even with its IPO on ice, the Swedish buy now/pay later lender is building a base of high-profile distribution partners.

The acquisition of the $5.7 billion-asset HarborOne Bancorp would be Eastern's third purchase of a Boston-area bank in the last five years.

Ranjana Clark is the newest member of Texas Capital Bancshares' board of directors; Minnesota's Wings Credit Union and Colorado's Ent Credit Union are merging; Regions Bank adds Angela Santone to its C-suite; and more in this week's banking news roundup.

The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.

Registration is now open for American Banker's annual Best Banks to Work For awards.

The Pennsylvania bank, which is working to diversify its deposit base and increase its access to low-cost deposits, has brought on some 10 commercial banking teams in the last year.

For too long, banks have outsourced innovation, placing their future in the hands of outside vendors. That's no longer a viable strategy. Banks need to bring innovation in-house again.

Acting Chair Travis Hill's push for quick weekend bank sales signals a break from past crisis strategies — but some experts warn of higher costs and increased consolidation risks

The Federal Reserve withdrew expectations on crypto activity and dollar tokenization, while the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency also withdrew their versions of the guidance.

The Washington, D.C.-area bank reported a significant boost in provisions to cover emerging vulnerabilities in its $1 billion portfolio of office loans.

Tacoma, Washington-based Columbia Banking System said it will buy Pacific Premier Bancorp, accelerating its growth in Southern California by about a decade. The deal is Columbia's second major acquisition in three years.

A cohort of Democratic senators on the banking committee expressed concern over the Department of Government Efficiency's ongoing efforts to cut Federal Deposit Insurance Corp. staff and contracts, saying they worried the efforts could weaken the nation's deposit insurer and expose sensitive bank data if improperly handled.

At a New York Fintech Week event, speakers urged fintechs to better understand the criminal mindset and to use artificial intelligence to detect and thwart fraud.

Federal Reserve Bank of Cleveland President Beth Hammack said the central bank should not let fears of money-market shakiness cause it to stop balance sheet runoff too soon.

The Raleigh, North Carolina-based company, which has been acquisitive in recent years, is more than halfway through a $3.6 billion share-repurchase plan. Executives said it's the best way to return capital to shareholders, but mergers remain part of its long-term strategy.

The credit card issuer trimmed its outlook on revenue and average loan growth, but maintained its target for net loss rates against the backdrop of an otherwise solid quarter. The company also announced a new co-branded credit card with Crypto.com. 

Credit unions are continuing to buy community banks, although at a slower pace than in 2024.

The USDC issuer is trying to connect financial institutions across borders for instant settlement, an industry goal that has proven elusive.

The Federal Reserve governor remains optimistic about tariffs being a one-time shock to prices, but the central bank still needs more clarity about what the policies will look like.

The 11 Federal Home Loan banks play an essential role in the housing market and in local economies. Cutting their community ties would damage their ability to fulfill that mission.

Small-business owners will be given the option to tap into anywhere from $50,000 to $500,000 in financing.

As criminals embrace new tools to exploit payment systems, Visa reports that older methods like enumeration and digital skimming are still thriving.

The Wall Street giant's say-on-pay resolution garnered 66% support, down from 86% last year. Other banks' pay packages are also facing opposition from proxy advisory firms.

A federal judge in California blocked rules requiring disclosures for payments near the Mexico border; Stripe has added more products as it bolsters investments in Asia; and more in the weekly global roundup.

The bureau dropped the case against the subprime card lender with prejudice, following a number of similar actions taken under the Trump administration.

The acquisition brings Demyst's data orchestration tools to Feedzai's platform, a move aimed at reducing financial crime and improving compliance in banking.

BCB Bancorp in Bayonne, New Jersey, swung to an $8.3 million loss in the first quarter due to a troubled cannabis loan. The crowded weed marketplace in the New York area is leading to tighter margins.

Sen. Dick Durbin, the Senate's No. 2 Democrat, announced he will not seek reelection in 2026, concluding more than four decades in Congress. The Illinois lawmaker leaves behind a notable imprint on U.S. financial policy, particularly regarding swipe fees.

The president said he had "no intention" of firing the Federal Reserve chair and promised that tariffs against Chinese imports would be lowered "substantially."

Federal Reserve Gov. Adriana Kugler said tighter monetary policy has proved to be less impactful on nonbank lenders during the post-pandemic era.

A robust consumer protection regime ensures that consumers will rely on the stability and reliability of traditional banks by pushing capital away from volatile and speculative markets.

A federal judge has ordered a staff member of the Department of Government Efficiency and the Consumer Financial Protection Bureau's top lawyer to appear at an evidentiary hearing next week.

Capital One outlined some of its to-do items as it integrates with Discover, which include long-haul investments in technology, global marketing and risk management.

The Evansville, Indianapolis-based company now expects to complete its $1.4 billion acquisition of Bremer Financial in Minnesota on May 1, instead of mid-year.

The Sunshine State deal comes following a banner year for credit union-bank combinations, despite pushback from community banking advocates.

Synchrony Financial stands to benefit from the undoing of a Biden-era cap on credit card late fees. Company executives said that Tuesday that they won't be rolling back changes they implemented to compensate for revenue the company would have lost.

The growth of digital payments, coupled with the U.S.'s new open banking framework, may finally move the needle for an alternative form of credit decisioning.

The International Monetary Fund lowered its economic growth projections for 2025, citing policy uncertainty. It also urged central banks to stand ready to use macroprudential tools to facilitate lending in a potential recession.

House Financial Services Committee ranking member Maxine Waters, D-Calif., led a group of Democrats in challenging Treasury Secretary Scott Bessent over the current state of the Community Development Financial Institutions Fund.

As the user experience becomes fundamentally more digital, the separation of banking and commerce washes out. It all starts to look like data processing.

The group, along with partners Avalanche, B2C2, Galaxy Digital, U.S. Bank and Wintermute created Lynq, a real-time, yield-bearing settlement network.

Global Payments' agreement to divest its issuer unit is the latest in a series of changes in a complex ownership strategy.

MainStreet Bancshares in Fairfax has closed its banking-as-a-service subsidiary after the unit fell far short of meeting its revenue and deposit targets.

The agency is offering buyouts and early retirement incentives for employees, with layoffs possible if targets aren't met, as part of the Trump administration's overall downsizing of the federal government.

The National Credit Union Administration insists it can still function with one board member, but legal experts and industry groups say any substantive regulatory actions could face serious challenges.

Fund That Flip, a former Synapse customer that says its customers are owed $243,861, won the right to demand answers and documents from Evolve.

The Dallas-based regional bank doesn't plan to halt in-progress investments, but it may adjust the pace of spending this year, depending on which way the economy goes. It also made downward revisions to its outlook for average loans, net interest income, fee income and expenses.

An administration willing to rethink longstanding regulatory norms could implement targeted reforms that unlock the potential for increased investment, innovation and job creation across the country.

Federal Reserve officials have all but conceded their claims to bank oversight independence while holding fast to monetary policy independence. But whether that line will hold is an open question.

Bad actors use generative AI to create automated threats that are more sophisticated than earlier generations of malicious bots, and they are going after banks' APIs.

A federal judge issued an order blocking the Trump administration from firing hundreds of Consumer Financial Protection Bureau employees, saying agency leadership had 'thumbed their noses' at the court's earlier injunction.

The FDIC has streamlined requirements for large banks' emergency resolution plans, eliminating some costly strategies and offering more flexibility in light of 2023's bank failures.

Both the Federal Reserve and the Office of the Comptroller of the Currency signed off on the $35 billion transaction, which has faced opposition since it was announced last February.

The Federal Reserve proposed a rule to average individual banks' stress test results over two years, a measure the central bank says would reduce volatility in bank capital requirements from year to year.

With swipe payments heading toward the exit in a few years, issuers have an opportunity now to prepare.

A federal judge will determine if the leadership of the Consumer Financial Protection Bureau should be held in contempt after firing 90% of the bureau's staff and dismantling all offices.

The Consumer Financial Protection Bureau is laying off more than 1,400 employees just days after a panel of judges said the bureau couldn't fire employees without an assessment of whether the workers are unnecessary to perform the bureau's legally mandated duties.

The Ohio-based regional bank is poised to outperform in the second quarter after coming close to "hitting on all cylinders" during the first three months of the year, CEO Steve Steinour said.

Marion and Polk Schools Credit Union announced plans to buy Lewis & Clark Bank in Oregon City; Citizens Financial Group tapped veteran McKinsey banker Azra Pravdic to join its executive committee; the Federal Reserve Board approved United Community Banks' merger with ANB; and more in this week's banking news roundup.

The investment and custody bank beat Wall Street estimates on net income but missed on revenue expectations. An increase in fee revenue offset stagnant net interest income. Management expects more of the same for the rest of the year.

The New York megabank, which is stuck in the middle of a legal battle between climate groups and the Trump administration, had been ordered earlier this week to disburse billions of dollars in grants made during the Biden administration.

Federal Reserve Gov. Michael Barr — who recently stepped down as the central bank's vice chair for supervision — urged banks and regulators to use emerging technologies to keep pace with bad actors.

The auto lending specialist did not alter its financial guidance in the wake of President Trump's 25% levies on imported vehicles. Ally posted a net loss of $225 million in the first three months of 2025 following a one-time balance sheet restructuring.

The parent company of Regions Bank released modest growth first-quarter earnings, anticipating a slowdown in the economy due to market volatility.

Executives at the Cleveland bank are concerned about tariff uncertainty, stubborn inflation and stalled deals — but they haven't changed their guidance for 2025.

Fifth Third Bancorp revised its guidance, but still expects record net interest income for 2025, even as commercial clients signal that economic volatility will drive up inflation.

CEO Stephen Squeri said current strategy will continue, adding it would look to adjust expenses in areas such as marketing if there's an economic downturn.

The super-regional bank cited "a material slowdown" in investment banking and trading income as one reason for the lower revenue forecast. Interest rates are also a factor, executives said.

Companies are planning to spend more on technology and artificial intelligence in 2025 when compared to last year, and AI is a choice area for investments.

Anna Paulson, executive vice president and director of research at the Federal Reserve Bank of Chicago, will replace outgoing Philadelphia Fed President Patrick Harker.

In a post on his social media platform Thursday morning, the president criticized the Federal Reserve's reluctance to lower rates and said the chair's departure "could not come soon enough."

Whether intentionally or not, regulatory incentives and punishments drive banks out of a lending market, to the detriment of the banking industry, consumers, American business and, in the long run, regulators themselves.

The top five banks and thrifts have combined deposits of more than $7.5 trillion in Q4 of 2024.

An internal Consumer Financial Protection Bureau memo says the agency will shift enforcement and supervisory work to the states and cease oversight of all nonbanks and Big Tech firms.

The U.S. government renewed funding for CVE at the last minute. Experts say it's time to future-proof the program against other potential lapses.

The Consumer Financial Protection Bureau and Townstone Financial, a Chicago mortgage lender that it sued in 2020, jointly asked a federal court to vacate a settlement, saying the case should never have been filed.

The firing of National Credit Union Administration board members further erodes the political independence of bank regulators, experts say, in a way that could trickle up to the Federal Reserve.

The Sweden-based payment firm, which recently delayed its IPO due to the trade war, will use Fiserv's Clover point of sale system as it looks to build a market in the U.S. Plus: Payoneer makes a deal in China and other news in this week's global payments roundup.

In internal shakeup, the Office of the Comptroller of the Currency will unify supervision divisions, revive the Chief National Bank Examiner office, and elevate IT oversight as part of a broader streamlining push.

Federal Reserve Chair Jerome Powell warned that actions that undermine the apparent stability of the U.S. economy could have lasting effects on its status as a global safe haven.

The regional bank is offloading a $1.9 billion student loan portfolio in order to focus on its relationships with existing customers, said CEO Bruce Van Saun.

Nashville-based FB Financial announced the opening of a new office in Asheville, North Carolina, a week after striking a $381 million deal for an Alabama-based community bank.

One day after taking the helm as CEO, Gunjan Kedia was candid about the company's lagging stock price, telling analysts that she is "not happy" with it.

Chief Operating Officer Joseph Gormley's appointment fills out a thin executive team at the government corporation, which plays a key role in funding mortgages.

The Memphis-based bank said the pace and quantity of interest rate cuts will be a determining factor in its performance. In the first quarter, its deposit costs continued to fall, but those strides were offset by soft loan growth.

Senators want to investigate the rapid changes to Fannie Mae and Freddie Mac's boards of directors, and seek more clarity about reported layoffs.

President Donald Trump has ousted Todd Harper and Tanya Otsuka, Democratic board members of the National Credit Union Administration, before the end of their Senate-confirmed terms in the latest example of bipartisan regulator boards being undermined in Washington.

Markets welcomed the 90-day pause on President Donald Trump's tariff plan, but banker forecasts for mergers and acquisitions and earnings remain uncertain.

President Trump's first administration laid the foundation for open banking in the United States through market-oriented principles. His second administration now has the opportunity to build upon this foundation.

U.S. District Judge Tanya Chutkan said the Environmental Protection Agency could not suspend the previously awarded funds. The case put Citigroup in the crossfire of a legal battle between climate groups and the Trump administration.

President Trump's tariff regime and resulting price shocks may put additional pressure on small banks, requiring an already undermanned Federal Deposit Insurance Corp. to turn to assisted M&A deals to resolve failed banks, accelerating consolidation in the industry.

As tariff turbulence continues, BofA is predicting a slowdown, not a downturn. But America's second-largest bank is also signaling that it's prepared for a more severe scenario.

The Office of the Comptroller of the Currency says it's still reviewing compromised emails and attachments after hackers gained access to the regulator for over a year and has not ruled out exposure of customer or supervisory data.

New York AG Letitia James is suing the earned wage access companies for charging illegal, high-interest loans that would have wide-ranging implications for EWA providers. DailyPay last week filed a countersuit against James's office.

CEO Jane Fraser said Tuesday that the bank is positioned well to handle shakiness in the global market, and is still working on its years-long overhaul.

A report from Galaxy, which builds crypto lending platforms, shows borrowers are trusting decentralized players after a centralized platform collapsed in 2022.

A federal judge in Texas found that the Consumer Financial Protection Bureau had violated the CARD Act by barring banks from charging late fees for credit cards.

Bunq Tuesday announced it applied for a broker-dealer license with FINRA and the SEC and had a 65% increase in year-over-year profits.

Experts say transaction growth is OK now, but the next year will be fraught with risk.

The agency is seeking input on how to better open up industries up to new entrants. Some see this opening the door to more competition for banks.

The financial services industry is uniquely positioned to advocate for collaborative AI leadership. As a sector that depends on trust, transparency and global cooperation, financial institutions have a vested interest in ensuring that AI development aligns with these principles.

Generative artificial intelligence has usurped its traditional counterpart as the next growing technology taking the payments industry by storm.

The Seattle-based company, which had made home loans for more than a century, announced it was quitting the mortgage business in January. It booked nearly 400 small business loans in the first quarter and expects that total to grow as its team gains traction.

The Pittsburgh bank has been looking for the right target to acquire at the right time. But top company executives said Tuesday that deals are likely off the table in the near term because of uncertainty about the direction of tariff policy and interest rates.

Affirm is reporting consumers' buy now/pay later loans to Experian, following a February study with FICO. It's one of the first steps in credit reporting for BNPL, potentially complicating banks' assessments for other types of lending.

In a settlement with bank trade groups that sued the Consumer Financial Protection Bureau, the Trump administration has agreed to drop the credit card late fee rule with prejudice.

An industry consultant thinks Edward Jones' latest bid to start a bank is an attempt to add revenue sources as the traditional brokerage business becomes less lucrative.

Federal Reserve Board member Christopher Waller said he would not be deterred from classifying inflation as "transitory" despite the board's recent experience underestimating inflationary pressures.

Just three months after hailing a positive "sentiment shift" following last November's election, Goldman Sachs CEO David Solomon lamented President Trump's trade war and said "the prospect of a recession has increased."

The Buffalo, New York-based bank also said Monday that the commercial real estate lending market has started showing signs of life, but that the renewed competition is crimping its loan growth.

Acting Consumer Financial Protection Bureau Director Russell Vought also directed that future guidance not use the words "shall," "must," "required" or "requirement" to direct parties outside the federal government, except when restating clear legal mandates. 

The U.K. challenger bank's Engine tech unit has registered in Delaware and will soon begin hiring a small staff on the East Coast. It faces the stiff challenges all new core banking software providers face in this country.

A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit narrowed a lower court's injunction barring the termination of Consumer Financial Protection Bureau employees but maintained restrictions on mass firings.

Just as two North Carolina universities have dominated college basketball in recent decades, two banks from the Tar Heel state have dominated much of U.S. banking since 1990, turning Florida, especially, into a "banking colony."

More than 1.4 million small businesses bank with U.S. Bank, according to the company, and it's now offering help with managing expenses and accepting payments.

At the Los Angeles Clippers' Intuit Dome, technology developers hope to forge transaction habits that can be replicated elsewhere.

Two recent executive orders could speed up the administration's push to rollback regulations, but they also change the notice-and-comment rulemaking process.

The Consumer Financial Protection Bureau said it will not enforce or supervise nonbank financial firms that miss upcoming compliance deadlines for the nonbank registry of repeat offenders.

Lower credit costs and better expense control helped the San Francisco-based titan offset the impact of lighter-than-expected revenue.

The new z17 mainframe, unveiled in a launch event this week, also comes with quantum-resistant encryption.

The combination of San Diego County Credit Union and California Coast Credit Union would create the 16th largest credit union in the United States.

A bill being introduced by Sen. Catherine Cortez Masto, D-Nev., would compel the Federal Home Loan Bank System to contribute 30%, or a minimum of $200 million, of each bank's net earnings into affordable housing or other community development programs.

The chief executives at four of the nation's largest banks weighed in on what evolving trade policies mean for their businesses and the U.S. economy. "I think you have to be a little bit pessimistic here," said Bank of New York Mellon CEO Robin Vince.

A government database banks rely on to find out about deaths suddenly grew dramatically last month. Now, live immigrants are also getting added to it.

The Consumer Financial Protection Bureau had accused the Dallas bank of "deliberately disconnecting 24 million customer service calls" among other "unfair" acts. But the motion to dismiss allows the CFPB to refile the case again.

The JPMorgan Chase CEO said Friday that recent turmoil in the bond market highlights the need for more capital and liquidity flexibility.

A former TD Bank employee pleaded guilty to a felony in connection with a check-fraud scheme; EWA provider DailyPay filed a lawsuit against New York Attorney General Letitia James; First Citizens BancShares ended the shared-loss agreement it made with the FDIC after acquiring Silicon Valley Bank; and more in this week's banking news roundup.

Bank of New York Mellon's earnings blew past Wall Street's expectations, but CEO Robin Vince said the bank is bracing for long-lasting uncertainty.

After rapid changes in U.S. trade policy, banks and their clients are putting merger deals on ice until the dust settles.

The National Federation of Independent Business calls on the Treasury to delete beneficial ownership data collected under a now-paused rule, citing privacy risks and small-business burdens.

Despite dire warnings of catastrophe, the deregulation of surface transportation in the 1970s delivered huge benefits to consumers. The banking industry is ripe for a similar regulatory restructuring.

The administration's unpredictable policy has already caused shifts in foreign exchange rates and supply chain payments. Uncertainty about future levies will cause added pressure despite the 90-day pause.