Financial institutions

Avid Modjtabai, who runs Wells Fargo's payments and technology innovation unit, is leaving the firm as new Chief Executive Officer Charlie Scharf continues to shake up top management.

The smooth and relatively short process should be encouraging to other big banks that are eyeing deals. But their window of opportunity may not last long.

The regulators approved the deal after nine months of consideration, but the Fed hit SunTrust with a consent order tied to "unfair and deceptive" business practices from 2013 to 2017.

The 2015 decision posed new legal challenges for institutions trying to sell loans to third parties, but the federal regulatory agency proposed steps Monday for banks and debt parties to evade state interest rate caps.

The Soboba Band of Luiseño Indians plans to form a holding company and raise $25 million for Legacy Bank.

A recent bank failure and a new legislative effort are again drawing attention to the struggles of black-owned banks since the crisis — and the fact that only 21 are left.

Allen Parker, who led Wells Fargo during its six-month search for a new chief executive, will leave the bank next year.

Sen. John Kennedy, R-La., has proposed a bill to bar companies such as Rakuten from using industrial loan companies to access the banking system.

The Louisiana company's willingness to combine with First Horizon without a big initial payday is fueling talk that other banks could be keen on selling at relatively inexpensive prices.

A group has filed paperwork with the FDIC to form Legacy Bank in Temecula.