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.

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 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.

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 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.

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.

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.

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.

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 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.

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.

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.

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 first three months of the year coincide with the start of President Donald Trump's second term in office. Investors are likely to be more interested in banks' outlooks amid swings in tariff policy than the first-quarter results.

Gen Digital announced in December it planned to acquire MoneyLion for $82 a share, approximately $1 billion in cash value.

Federal Reserve Gov. Michelle Bowman has been a crucial ally for community banks. With her impending rise to regulatory vice chair, small banks worry about losing their direct access to the Fed's board of governors.