Regulators should rethink their approach to de novo bank activity, Federal Reserve Gov. Michelle Bowman said in a Friday speech. Bowman, who chairs the Fed Board of Governors' subcommittee on smaller regional and community banks, said the upfront capital requirements – which require organizers to raise capital to meet forward-looking projections of a bank’s future size – could be lowered. Bowman also noted that de novos face overlapping and redundant

Capital Bancorp in Rockville, Md., has a new bank president. The $2.1 billion-asset company said in a regulatory filing that Steve Poynot, chief operating officer of Capital Bank, will take on the added role on Monday. Poynot will be responsible for commercial banking production, along with the bank’s credit and operations. Poynot will succeed Scot Browning, who will become the bank’s president of specialty and CRE lending. Browning, who will

Wells Fargo in San Francisco said that veteran executive Mary Mack is retiring. The $1.9 trillion-asset company said in a press release that Mack will step down as CEO of consumer and small business banking on May 15. She will be succeeded by Saul Van Beurden, the company’s head of technology. Tracy Kerrins, head of consumer technology, will succeed Van Beurden as head of technology. “Mary has spent her entire

The Minnesota Credit Union Network has lined up its next CEO. The St. Paul, Minn., association said in a press release that Mara Humphrey will also become its president at the end of April. Humphrey, who holds the association’s chief advocacy position, will succeed Mark Cummins, who announced his intention to retire last summer. Cummins led the group for 15 years. “After a national search, the board is unified in

Altruist, a fintech custodian for registered investment advisers, has raised $112 million in a funding round led by Insight Partners and Adams Street.   The company, which recently announced plans to buy Shareholder Services Group and the launch of its self-clearing custodian, said in a press release that the Series D round brought its total funding to about $290 million.   “I couldn’t be more energized by what we’re working

U.S. Bancorp in Minneapolis is shifting some executive responsibilities. The $675 billion-asset company said in a press release that Kate Quinn, its vice chair and chief administrative officer, and Jim Kelligrew, vice chair of corporate and commercial banking, will retire on June 30. Quinn, 58, has been with the company for 10 years, while Kelligrew, 57, has been there for 14 years. Terry Dolan, U.S. Bancorp’s chief financial officer, will

Huntington Bancshares in Columbus, Ohio, has sold its retirement planning service business. The $182.9 billion-asset company disclosed in a regulatory filing that it sold the business to OneDigial Investment Advisors, a registered investment adviser, on March 31. The business handles about 1,200 plans and $5.6 billion in retirement plan assets under management. Huntington said it will record a pretax gain of about $57 million, including associated goodwill allocation. Huntington and

Walmart wants to end its credit card relationship with Capital One Financial in McLean, Va.   Capital One disclosed in a regulatory filing that the giant retailer filed a lawsuit in the Southern District of New York in an effort to terminate their private label and cobranded card programs.   The lawsuit, filed on April 7, came a day after Walmart sent Capital One a notice of termination.   Capital