Financial institutions

The Fed has already eased certain capital requirements in response to the coronavirus pandemic. It should avoid making any further adjustments to the surcharge, which is meant to keep global banks from creating systemic risks.

Several big bank mergers fell apart after the coronavirus hit. But Bryan Jordan, First Horizon's CEO, said the pandemic validated plans to cut costs and invest more in digital upgrades.

If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.

The New York commercial bank says geographic diversification is a long-term necessity and that the interplay of its private banking and commercial banking businesses has helped it withstand the economic shock of the coronavirus.

The Wisconsin banking company recently agreed to subscribe to five solar gardens to trim power costs at 39 branches. The move, part of a broader sustainability push, also could benefit rural communities, Associated said.

Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business.

The investment firm is the latest nonbank to try to enter banking through a Utah-based ILC.

Six of the eight regional banks that announced their stress capital buffers on Tuesday said they will need just a 2.5% cushion to weather an economic downturn. All eight said they’ll keep their dividends steady.

The online TV giant will start by moving $25 million to a fund that invests in minority-run financial institutions that serve low-income communities and depositing $10 million into Hope Credit Union in Jackson, Miss.

Eric Luse, who co-founded the Luse Gorman law firm, helped Community Bank Shares of Indiana create the first MHC in the early 1990s.