Financial institutions

The company had delayed a vote set for late April to give it more time to collect the legally required support from two-thirds of its outstanding shares.

The industry has raised concerns about nontraditional bank owners, and some lawmakers have backed limits for industrial loan companies and cryptocurrency firms. But members of the House and Senate have been unable to reach a consensus on legislation.

The head of the Federal Reserve appeared to support Congress’s expanding the scope of the Community Reinvestment Act to unregulated institutions, just as regulators weigh how to modernize the framework for banks.

Joe Skarda, who was previously managing director of JPMorgan Chase’s U.S. wealth management central division, will oversee a unit that houses Key’s private bank, family wealth and mass affluent business segments.

Mike Butler will also become president of the de novo, which focuses on technology companies and venture capital firms.

The company’s retail banking and auto-lending businesses in the U.S. generated a larger share of overall profits in the first quarter, and Executive Chairman Ana Botín and other executives unveiled expansion plans for both units.

Democratic senators seek to block the "true lender" regulation, which they say lets national banks sell loans to lenders who then avoid state usury caps. Republicans say overturning the rule would restrict access to credit.

The Arkansas bank is turning to asset-based lending and loans to venture capital and other investment groups to help fill a void created by a shortage of new, big-ticket commercial real estate deals.

The investment, tied to PNC's deal to acquire BBVA USA, was always going to be large but seemed to grow as CEO Bill Demchak got intimately involved in the discussions and the needs of communities and businesses hit hard by the coronavirus pandemic became more apparent.

The Tennessee company said an unauthorized party gained access to dozens of accounts and obtained less than $1 million from some of those accounts.