Lawmakers have a short window of time in which they can use the Congressional Review Act to nullify the Consumer Financial Protection Bureau's misguided rule striking medical debt from credit reports.

"I can't just go fishing in the ocean," said Grasshopper Bank CEO Michael Butler, referring to his bank's ability to gather deposits. "JPMorgan Chase is out there with a yacht, and I'm driving a small speedboat."

The deal was highly vetted with regulators following the publicly traded company's failure to obtain approval in a past agreement, an executive said.

The $381 million deal for Alabama-based Southern States Bancshares would give FB entree to the sprawling Atlanta market. CEO Christopher Holmes said the bank would likely focus on nearby suburban communities initially.

The deal, expected to close by the end of 2025, will place Mr. Cooper CEO Jay Bray as president and CEO of Rocket Mortgage.

The Mississippi lender said regulators have signed off sooner than expected on its $103.6 million acquisition of First Chatham Bank. The bank's CEO and deal advisers said the speedy approval bodes well for future M&A.

Former Chicago City Council member Patrick Daley Thompson may have made "misleading" statements about more than $200,000 in loans, the high court ruled — but they weren't "false."

BMO names Tony Sciarrino head of its U.S. commercial bank; Renasant receives regulatory approvals to complete its pending acquisition of The First Bancshares; Arkansas classifies earned wage access as a financial product; and more in this week's banking news roundup.

BankFirst Capital Corp. is seeking to bolster its presence in southern Mississippi with a deal to acquire Magnolia State.

Following a media report that Department of Justice staffers have expressed concern about how Capital One's purchase of Discover would affect competition in the subprime credit market, analysts said the portfolio would be tough to sell. But they remain optimistic that the deal will get over the finish line.