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The measure would reduce access to credit among junior service members, opening the door to payday lenders.

The companies, which reach thousands of merchants, recently launched environmental programs that use a network effect to cut carbon emissions.

Pay-by-bank advances in the U.K.; British banks team to protect cash; Mastercard invests in Africa, and other news.

The Treasury Department's top official for financial markets and stability expressed little urgency over the federal government's need to prepare for the potential launch of a digital U.S. dollar.

A handful of banks and credit unions with assets under $3 billion each rolled out or expanded its use of distinctive technologies, including a contactless-payment ring.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

A shareholder group that is pushing the nation's largest banks to conduct racial equity audits criticized JPMorgan Chase's effort, while giving a more favorable review of a Citigroup report. Banks small and large launched racial equity initiatives in 2020 in the wake of protests sparked by the murder of George Floyd.

The final rule also orders the government-sponsored enterprises to give advance notice of new activities to determine if they are subject to these procedures.

The remains of Sam Bankman-Fried's former empire FTX Group are drawing interest from some of the largest names in distressed investing, in a daredevil bet that heavily discounted creditor claims on the bankrupt cryptocurrency conglomerate will ultimately pay off.

The bill will require the agency to codify the use of desktop appraisals.

Recent clashes over how much investors should get paid when borrowers switch to a new benchmark are a small part of a much larger struggle by global regulators to shift markets away from the scandal-tainted London interbank offered rate.

Alabama One said the deal for First Bank of Wadley, a subsidiary of Peoples Independent Bancshares in Boaz, Alabama, would expand its footprint in the eastern part of the state.

Though housing is experiencing severe rate-related stress, mortgage banking remains central to the Denver-based bank's business model. The Texas market has held up better than much of the rest of the country, company executives say.

In a joint review published Friday, the Federal Reserve and Federal Deposit Insurance Corp. found problems with two foreign banks' bankruptcy resolution plans.

In a sprawling consent order, the Consumer Financial Protection Bureau order cited mismanagement that extended from auto loans to mortgages and deposit accounts. Wells Fargo CEO Charlie Scharf called the agreement a critical milestone to "put these issues behind us."

The National Credit Union Administration must justify its sharply higher operating budget for next year.

The addition of in-person and online sales tools helps the company market itself as an alternative to processors and merchant acquirers for small merchants.

Robert Fehlman, who has worked with the bank since 1988, will succeed George Makris Jr. at the start of 2023.

Legislation to open banking services to marijuana businesses was left out of a must-pass government funding package, ending a year-end effort to move it to President Biden's desk, a person familiar with the decision said.

Changes that began at individual banks in 2021 gained steam this year, as many large and midsize banks reduced their reliance on overdraft-related charges. Federal and state policymakers were key catalysts of the sea change.