Nebraska's Department of Banking and Finance has given conditional approval for Telcoin Bank to open a digital asset bank. The proposed Norfolk, Neb., company said in a press release that it plans to offer fully regulated, bank-issued “Digital Cash” stablecoins, in addition to blockchain banking products and services. Telcoin Bank expects to open early this year by releasing the proposed stablecoin, eUSD. “This approval marks a major milestone for Telcoin

Finovifi in Birmingham, Ala., has acquired Modern Banking Systems in Omaha, Neb. Finovifi, which did not disclose how much it paid for the core processing company, said in a press release that it plans to integrate many of its products, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, with the MBS platform. “This acquisition represents a unique opportunity to bridge the gap in the market for technology-led, market-relevant solutions that help banks

OMB Bank in Springfield, Mo., has created an embedded finance division. The $1.4 billion-asset bank said that OMBX will offer banking solutions to fintechs and other digital companies. The platform will include compliance support, fraud prevention, payment processing, and analytics tools. “Embedded finance is revolutionizing the way businesses and consumers interact with banking services," Steve Bishop, the bank's chief innovation officer and the division's president, said in the release. "With

The Federal Reserve has freed Wells Fargo in San Francisco from a pair of consent orders. The orders, levied on the $1.9 trillion-asset company in 2011, involved past mortgage servicing activities and the legacy Wells Fargo Financial business. One order address claimed that Wells and nine other institutions had engaged in a pattern of misconduct and negligence tied to their residential mortgage loan servicing and foreclosure processing businesses. The other

Technology company nCino has a new leader. The company said in a press release that Sean Desmond had become its president and CEO and had joined its board. Desmond, who was chief product officer, succeeded Pierre Naudé, who will remain executive chairman. “After a thoughtful board-led succession planning process and robust search that thoroughly assessed a large and diverse pool of external and internal candidates, we are confident Sean is

Santander has a new CEO at its U.S. bank. Ana Botin, the bank's executive chair, wrote in a LinkedIn post that Christiana Riley had taken on the role, succeeding Tim Wennes. Wennes did “an outstanding job in transforming Santander US and laying the foundations for continued growth and success,” Botin wrote, adding that Wennes had “decided that now is the right time to pursue other opportunities.” Riley, Santander's regional head

General Motors Financial resubmitted its paperwork to form an industrial bank and to receive deposit insurance less than a year after withdrawing its previous application. The new application for GM Financial Bank was filed with the Federal Deposit Insurance Corp. on Jan. 31. The proposed bank "will directly support our business model by providing stable, cost-effective funding," Dan Berce, GM Financial's president and CEO, said in a press release. "The

Florida Bancshares in Dade City has a new CEO. The parent of the $321 million-asset First National Bank of Pasco said on LinkedIn that John Zazzera had also become its president following a nationwide search. "John is the ideal leader to steer our organization into the future and match a shared commitment to excellence that resonates deeply with our organizational values," the company said in its post. "With a proven