Financial institutions

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.

Federal Reserve Vice Chair for Supervision Michelle Bowman outlined upcoming changes to the bank regulatory capital framework in a speech Thursday, focusing on streamlining bank capital requirements through Basel III and global systemically important bank surcharge rules.

Comptroller of the Currency Jonathan Gould said that the Office of the Comptroller of the Currency would continue to pursue its view on federal preemption of state banking policy in court and in Congress.

If we allow algorithms to inherit yesterday's incentives — maximizing return, minimizing empathy — then tomorrow's system will be flawlessly efficient at reproducing inequality.

Morgan Stanley wants to get into crypto, and Kraken is getting inside the Fed. Plus Banco Santander faces a dilemma, and prediction markets make some questionable bets.

The financial advisory firm initially sought an industrial loan charter back in 2020. It's the third company to receive the necessary approvals this year, joining General Motors and Ford.

After a long price correction in the art market, Bank of America is expanding its advisory services for collectors — and it's not alone.