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Texas lawmakers pressed finance industry executives they summoned to a remote corner of the state for a hearing Thursday, questioning whether their environmental, social and governance policies are hindering state pension investments.

The National Credit Union Administration board voted Thursday to advance a proposed rule that would loosen existing regulations and allow credit unions to purchase member loans from fintechs.

Bible spent 14 years at BB&T and Truist before announcing his retirement earlier this year. He will replace Darren King, who will remain at M&T in a new role.

Amid testimony from Consumer Financial Protection Bureau Director Rohit Chopra in front of the Senate Banking Committee, Sen. Pat Toomey proposed that the agency should be funded in the congressional appropriations process.

First United Bank in Oklahoma developed a personal finance platform with a fintech that appears to be driving a rush of new savings accounts at the bank.

The banks advertised the transaction as a merger of equals, but Shore shareholders would own 60% of the company.

With skepticism about cryptocurrency growing among members of Congress, a handful of lawmakers, including Republican Sens. Cynthia Lummis of Wyoming and Pat Toomey of Pennsylvania, are trying to convince colleagues that the FTX fiasco doesn't diminish the underlying value of digital currency.

Banks must seek and obtain prior approval before engaging in cryptocurrency-related activities, and those that already engage in such activities must immediately notify the agency, the New York State Department of Financial Services said. 

Citigroup said it will wind down its consumer banking business in China, a move that is expected to affect about 1,200 employees in the country.

Citigroup told employees they can work from anywhere for the final two weeks of the year, as Chief Executive Jane Fraser bucks a trend among rivals to get office workers back to their desks full time.

Ryan McIntyre will become president and CEO of Empower Federal Credit Union in Syracuse, New York, on Jan 3. He was most recently chief strategy officer at VyStar Credit Union and worked at Regions Bank for 15 years.

The Small Business Administration must be prepared to effectively oversee any new lenders it allows in its flagship 7(a) loan guarantee program to guard against fraud and other risks, Democrats and Republicans on the Senate Small Business Committee warned.

The app, Magnusmode, includes illustrated instructions for depositing a check, using an ATM and more. M&T Bank was its first U.S. bank partner.

The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.

Mitsubishi UFJ Financial Group is in talks to invest about $200 million in Akulaku, an Indonesian online lender backed by Jack Ma's Ant Group, according to people familiar with the matter.

Dort Financial Credit Union in Grand Blanc, Michigan, has agreed to buy Flagler Bank in South Florida. The deal would allow Dort "to better serve our members who spend winters in Florida," its CEO says.

Sam Bankman-Fried's trading house Alameda Research had a secret speed advantage when executing orders on his now-collapsed FTX crypto exchange, according to the Commodity Futures Trading Commission.

In a series of tense exchanges, Republicans accused Consumer Financial Protection Bureau Director Rohit Chopra of making rules through press releases.

Harris, who leads the New York State Department of Financial Services, will join the Financial Stability Oversight Council next year. She will replace Charles Cooper of Texas as the representative of state bank supervisors.

The payments firm is staffing up as it accelerates its expansion in the U.S., and anticipates a pool of available tech workers.