Openbank, which has operated in parts of Europe for years, should help the Spanish bank to fund its U.S. auto lending business, executives said.

Anticipated interest rate cuts could help stressed borrowers, but such a shift in monetary policy may curb lending income.

The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.

The Minneapolis-based banking giant is enjoying its biggest year ever for 7(a) lending, with volume up 40%, as borrowers "are still coming to us," its SBA chief said.

REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.

Lower interest rates could bolster loan demand, credit quality and securities portfolios. But they could also curb lending profitability faster than they ease deposit costs, crimping net interest margins and eating into near-term profits.

Increased demand from borrowers may hinge on Federal Reserve Chair Jerome Powell and his colleagues cutting interest rates this fall.

A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.

The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.

The agency admitted navigating the different rules and regulations involved in its four existing lines of credit proved time consuming and confusing and kept some lenders from offering them altogether.