Financial News

  Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank. 

  BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and

  The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income, and increasing nonperforming loans. 

  Financial institutions that build a presence on the social media platform could gain a first-mover advantage and a communications channel with potential customers, experts say. 

  The Capital One-Discover merger, the war against Visa and Mastercards' swipe fees and budding payment technologies were most popular with American Banker readers in 2024. 

  By naming David Sacks as his "AI & Crypto Czar," Donald Trump has sent a strong signal that forward-thinking regulation of the most vibrant sector of the financial services industry could be on the way. 

  The Consumer Financial Protection Bureau sued three of the largest U.S. banks for fraud perpetrated on the bank-owned payment network Zelle, alleging shoddy safeguards and millions in consumer losses. 

  The proposal has similar elements to Republican-led legislation, including a piece of a measure from Vice President-elect JD Vance. 

  The Federal Deposit Insurance Corp.'s decision to weigh civil lawsuits against Silicon Valley Bank executives to recover losses to its Deposit Insurance Fund isn't rare in itself, but the bipartisan nature of the move and size of the failed institution

  Managing the CEO's AI could be a new responsibility of support staffers, experts say.