Discover Financial Services in Riverwood, Ill., disclosed that its bank agreed to a consent order with the Federal Deposit Insurance Corp. The company said in a regulatory filing that the Sept. 25 order requires Discover Bank to address compliance shortcomings with consumer protection laws. Discover Bank agreed to improve its consumer compliance management system and enhance related corporate governance and enterprise risk management practices. It will also increase board oversight

The Illinois Department of Financial and Professional Regulation has a new leader. The agency said in a press release that Gov. JB Pritzker had appointed Susana Soriano to serve as director of banking. Her appointment still needs to be confirmed by the Illinois Senate. Soriano has served as deputy director of banking since joining the agency in October 2020. She worked at JPMorgan Chase from 2005 to 2013 before becoming a

MidFirst Bank in Oklahoma City is expanding in southern California after hiring nearly two dozen bankers who worked at the failed First Republic Bank. The $36.5 billion-asset MidFirst said in a press release that its 1st Century Bank division hired 22 bankers to enter San Diego, the South Bay and Santa Barbara. "Southern California is a strategic growth region for MidFirst Bank, and our continued expansion in this market with experienced new

A former executive at U.S. Bancorp has joined the board at 1895 Bancorp of Wisconsin in Greenfield. The $553.4 million-asset company said in a press release that Clarence Harris also joined the board of its PyraMax Bank. He will serve on the company’s audit committee, compensation committee and the nomination and governance committee. Harris retired in 2019 as division manager of international sales at U.S. Bank. Harris’ “deep experience in

A Charlotte, N.C., startup focused on artificial intelligence has raised about $1.7 million in early stage funding.   Rivet Solutions disclosed the offering for Vectari in a regulatory filing, listing 13 investors. Vectari, on its website, plans to offer AI that can assist with regulatory language, scam detection and prevention and policy insights for financial institutions.   Christopher Hart, former co-founder and CEO of Levvel, is Vectari’s CEO, while Alexandra

Regulators could have been more hands-on with a decision by Silvergate Bank in La Jolla, Calif., to work with the cryptocurrency industry. That was a key takeaway from a report issued by the Federal Reserve’s Office of the Inspector General. The report was limited in its disclosures because the bank, while in liquidation, remains in operation. Still, the OIG noted that Fed didn’t require the bank to seek its approval,

Truist Financial in Charlotte, N.C., announced the departure of eight directors. The $555 billion-asset company disclosed in a regulatory filing that four directors, including former Chairman and CEO Kelly King, were stepping down after reaching its mandatory retirement age. Four other directors are leaving due to “other professional and personal commitment(s),” the filing said. “Our board members have worked effectively together to oversee Truist’s successful formation and integration in a

Inbanx, an Austin, Texas, software company focused on digital payments and business budgeting, has added a banker to its board. Ken Burgess, a regional president at Prosperity Bank in Houston, announced his appointment on his LinkedIn page. Burgess was chairman and CEO of FirstCapital Bank of Texas when it sold to Prosperity earlier this year.