Financial institutions

The Treasury Department held a high-stakes huddle with state insurance officials to discuss risks associated with the rapid growth of private credit in the economy and whether those investments could pose systemic vulnerabilities.

Life insurers' borrowings from the Federal Home Loan banks has increased in recent years, raising concerns about opaque, private credit investments and how it intersects with the Federal Home Loan banks' housing mission.

Opportunity favors the prepared, and Cambridge Savings Bank had been saving for years to buy a nearby rival. Now, as the mutual bank announces plans to acquire First Seacoast Bank, it says it's found "the right deal at the right time."

The Beaver State measure gives de novo banks up to $1 million per year in tax credits. Oregon lawmakers modeled their legislation on a 5-year-old Ohio law.

The Treasury Department will look at recipients of awards from the Community Development Financial Institutions Fund for "potential violations of applicable law" as the Trump administration continues its campaign against alleged abuses related to the program.

Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."

The Birmingham, Alabama-based company also benefited from improved credit quality, with declines in nonperforming assets and criticized loans paving the way for a reduced provision

America's oldest bank enjoyed a 33% increase in its bottom line, as economic turbulence fueled business and the company's efforts to improve efficiency and boost cross-selling paid dividends.

Office of Management and Budget Director Russell Vought told the House Budget Committee Wednesday that the Community Development Financial Institutions Fund is still a target for elimination by the administration because it promotes "woke" ideology.

The White House Office of Management and Budget will issue paperwork allowing the Treasury Department to disburse congressionally appropriated funds through the Community Development Financial Institutions Fund, breaking an impasse that has stalled funding for months.

Organizers of the Winter Park-based Portrait Bank said they exceeded their capital-raise target by a wide margin, clearing the path for a June soft launch.

The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.

The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.

Thomas Owens, Trustmark's current chief financial officer, will take over as chief operating officer on May 1. The COO position has historically been a pathway to the top job at the Jackson, Mississippi-based bank.

The Minneapolis-based regional bank is extending home-improvement loan durations by as much as two years in a bid to continue capitalizing on a long-running remodeling boom.

VALT, a digital-oriented small-business lender founded by U.S. Bank veteran Matt Gediman, received approval for its denovo charter application from the Office of the Comptroller of the Currency 120 days after its application, clearing a key regulatory hurdle at a time when regulators are encouraging the formation of more startup banks.

Like much of the United States, Tampa Bay has seen very few new bank charters in recent years. That's a void that the new Echelon Bank, which is slated to open in May, hopes to fill.

Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.

WesBanco in Wheeling, West Virginia, has hired a team of lenders in South Florida. It plans eventually to open branches in a bid to grab a share of the region's expanding deposit market.

Darnell returns to Regions, after fintech-focused stints at Visa and a community bank acquired by Huntington, as the bank accelerates its branch opening plans.