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Bakkt appoints Matt White as CFO, succeeding Karen Alexander, who will serve as an advisor until the end of the year. This move comes as the company shifts from a crypto trading platform to stablecoin infrastructure, having already sold its loyalty and custody businesses and invested in the Japanese and Indian markets.
The Office of the Comptroller of the Currency (OCC) has returned the national trust bank charter application of cryptocurrency infrastructure provider Zerohash, citing significant deficiencies in key information within the application materials. Zerohash responded that this is an administrative step coordinated with the OCC, not a substantive rejection of the application, and the company plans to resubmit this month. This return occurs against the backdrop of the OCC's recent tightening of scrutiny over trust bank charter reviews, following prior rejections of similar applications from Wise and Bunq.
The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to World Liberty Financial's application for a national trust bank. The bank will be led by Zach Witkoff and will be responsible for issuing and managing its own stablecoin, USD1. The Trump family holds a 38% stake in the company, raising concerns over regulatory and conflict-of-interest issues.
HomeTrust Bancshares has agreed to acquire Blue Ridge Bankshares for approximately $448.1 million in stock, with the deal expected to close in the first quarter of 2027. The combined bank will have about $7 billion in assets and approximately 60 branches across the southeastern United States. Blue Ridge had previously been subject to two regulatory penalties for compliance issues, which have now been resolved.
Citi has entered into an agreement to acquire rewards platform Kard Financial to bolster its consumer cards business. The acquisition aims to combine Kard's technology, talent, and merchant relationships with Citi's scale and payments capabilities to strengthen its commerce ecosystem strategy, enabling more personalized rewards and offers. Terms were not disclosed, but Citi said they are not material to its financial results. Kard, founded in 2015, serves banks, fintechs, and marketers, and uses predictive AI and first-party transaction data. Citi's U.S. consumer cards business has about 70 million customers and generated $18.3 billion in revenue in 2025.
First Guaranty Bank disclosed in a filing with the U.S. Securities and Exchange Commission on Friday that it has agreed to comply with a consent order concerning borrower credit quality issues, jointly issued by the FDIC and the Louisiana Office of Financial Institutions. The order restricts the bank from extending additional credit to certain borrowers, requires it to maintain minimum capital ratios, and sets multiple remediation deadlines.
Bloomington, Illinois-based HBT Financial will acquire Tri-County Financial Group, the holding company of First State Bank, for approximately $204.6 million, with the transaction expected to close in the first quarter of 2027. The acquisition will add 19 branches in central and northern Illinois to HBT, pushing its total assets beyond $8 billion.
The Federal Reserve's proposal to amend Regulation J and allow intermediaries in FedNow transactions has garnered support from payment firms and fintech associations. The change would enable U.S. banks to use FedNow for cross-border payments via intermediaries or non-U.S. correspondent banks, similar to Fedwire but without time constraints. Commenters, including Stripe, Visa, and Wise, urge prompt finalization, citing the need for 24/7 cross-border instant payments and global competitiveness. Recommendations include standardized data formatting, clearer identification of intermediaries, and adjustments to rules for non-U.S. users. Challenges remain, such as the irrevocable nature of instant payments and fraud concerns, but proponents argue that future-proofing is essential.
In April, the Federal Reserve proposed allowing U.S. banks and credit unions to use FedNow for cross-border transfers through intermediaries. The payment industry broadly supports this, believing it will enhance U.S. international competitiveness, but some institutions recommend phased implementation and refinement of risk and compliance details.
In mergers and acquisitions (M&A), customer experience (CX) is often pushed to the sidelines by legal, financial, and operational work, leading to customer dissatisfaction and undermining the value of the deal. Experts note that CX is rarely included in the planning process, loyalty program integration is the most common point of failure, operational simplification often overlooks customer journeys, and people and culture integration is easily underestimated. Based on insights from multiple industry experts, this article analyzes the deep-rooted reasons why customer experience is neglected in M&A and proposes improvement directions such as prioritizing experience, planning ahead, and valuing customer feedback.