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The Financial Stability Oversight Council issued a pair of proposals that would enhance transparency into how the council designated nonbank firms and activities as systemically risky and simplify its process for designations.

The banking unit of billionaire Hiroshi Mikitani's Rakuten Group raised about 83.3 billion yen ($623 million) selling the shares.

Pagaya is exploring an acquisition of Sunlight, which helps homeowners finance rooftop solar panels, people with knowledge of the matter said.

The proposal to streamline the Small Business Administration's signature program and expand the number of available lending licenses would benefit underserved communities.

The volume of bank acquisitions — either by credit unions or community banks — has dropped considerably so far in 2023. Experts, including prospective buyers, cite a combination of ongoing regulatory and economic pressures.

The regional firm, whose parent is the 10th largest bank in the world by market capitalization, is eager to pitch top advisors seeking stability. At the same time, it's ramping up a major branding campaign with Major League Soccer and Apple to woo next-generation clients.

The regional bank started making moves to protect deposits last year, which prevented steeper declines during a volatile first quarter, CEO Tim Spence says.

The Dallas-based bank expects some of the recent deposit outflows to return in the future.

Although the Columbus, Ohio-based regional emerged from the recent crisis relatively unscathed, management was still taking steps to shore up its balance sheet, including forgoing stock buybacks to strengthen a key capital metric.

Despite slower new-account growth, the card network had healthy overall sales, loan growth and deposit inflows in the first quarter. The performance gave credence to its ambitions to become a digital banking giant.

The Cleveland-based regional bank said that its net interest income fell 10% — and profits declined by an even larger percentage — as it paid more to retain depositors. Still, CEO Chris Gorman said the company is "well prepared to handle the deposit challenges in front of the market."

Letting consumers share their VantageScore data with crypto lenders is expected to help them get a better deal on crypto loans. 

"Crisis is too strong a word, and words like that get used a lot," though there was "a fair amount of disruption for a few weeks there," Moynihan said.

The Federal Reserve governor addressed misconceptions about the forthcoming instant payment system after delivering remarks on financial innovation.

The Charlotte, North Carolina, company plans to fold the online consumer lending platform LightStream into its broader consumer business. On top of a recent pullback in bond trading, it may also make further reductions in its mortgage business and occupied real estate.

The former senator said the Federal Reserve's use of a legal provision he authored last year is "plainly at odds" with the statute as written.