Ally hires Discover's CEO; parsing Baas consent orders
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Ally hires new CEO, setting off dominoes at Discover: Ally ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes . The move adds a new wrinkle to Discover Financial Services 's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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What bankers need to know about the government funding compromise: The bipartisan funding bill cuts financial services funding, but includes boons for the U.S. Small Business Administration and omits controversial legislation like Durbin 2.0.
Bankers are mining consent orders for clues to managing BaaS: A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
Read more on tech: Treasury report examines gaps in banks' AI risk management
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New Bank of America platform connects small businesses with CDFIs: The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. Bank of America 's platform was developed in partnership with Community Reinvestment Fund, USA .
Canadian bank still waiting on regulators to OK cross-border merger: VersaBank in London, Ontario, agreed nearly two years ago to buy a small Minnesota bank. The buyer's CEO says he remains hopeful approval will come soon.
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