The Federal Deposit Insurance Corp. approved a proposal that adjusts how banks submit resolution plans. The FDIC created two tiers based on a bank’s asset size – each tier has its own set of requirements. Banks with more than $100 billion of assets must provide full “living wills” that include comprehensive resolution strategies, valuation analysis, and plans for continuity of operations. The biggest banks must also show that they can

Citigroup has invested in commercial lending platform Numerated. Citi will also engage Numerated to provide a financial spreading solution for the bank’s enterprise lending operations. The companies did not disclose the amount of the investment, which was made through Citi’s markets strategic investments unit. The investment “underscores our dedication to driving innovation on a global scale,” Katya Chupryna, director at Citi’s markets strategic investments unit, said in the release. “We

That didn’t last long. Apple announced that it is abandoning Apple Pay Later roughly a year after introducing the program. The company said in a statement that its customers using Apple Pay will be able to apply for installment loans through credit cards, debit cards and lenders later this year. “With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.,” the

Unit is laying off 15% of its staff. Itai Damti, the embedded finance fintech’s co-founder and CEO, announced the cuts in a post. “We believe that our company needs to think in longer time frames,” Damti said. “Banks in the fintech ecosystem have slowed down in the last year due to increased regulatory scrutiny,” he added. “While we believe that the slowness is temporary and Unit will actually benefit from

MC Bancshares in Morgan City, La., and Heritage NOLA Bancorp in Covington, La., have called off their planned merger. The $454 million-asset MC Bancshares agreed in July 2023 to buy the $171 million-asset Heritage NOLA in a roughly $6.5 million deal that was supposed to close by the end of last year. MC Bancshares withdrew its application to buy Heritage NOLA in mid-March. Regulatory delays led the banks to ultimately

ABCT Holdings in Woodway, Texas, raised $3.1 million through a private placement. The parent company of the $954 million-asset Alliance Bank Central Texas raised the capital by selling common stock, according to data compiled by Performance Trust Capital Partners. The number of shares sold, pricing, and investors wasn’t disclosed.

An eleventh-hour offer by an unnamed bank failed to sway the board of Oakwood Bancshares in Oakwood, Texas, from agreeing to sell to Business First Bancshares in Baton Rouge, La. The privately held bank sent an offer to the $843 million-asset Oakwood two days before its exclusivity period with the $6.7 billion-asset Business First was set to expire. Uncertainty over the last-minute proposal led the board to stay the course

VersaBank in Ontario, Canada, received approval from the Office of the Comptroller of the Currency to buy Stearns Bank Holdingford in Minnesota. The $3.3 billion-asset VersaBank agreed to buy the $78 million-asset Stearns in June 2022. The deal would allow VersaBank to expand its receivable purchase program business.  The Fed recently approved the proposed acquisition. VersaBank said it is now seek approval from the Office of the Superintendent of Financial Institutions. "OCC