Philadelphia-based Republic Bank was closed late today by Pennsylvania bank regulators, which appointed the FDIC as receiver. To protect depositors, we entered into an agreement with Fulton Bank to assume substantially all deposits and assets of Republic.

fdic.gov/news/press-rel…

Small bit of calendar news: The Senate Banking Committee is planning to hold a hearing on 'junk fees' for May 9, according to sources familiar with the planning.

Durbin told me earlier this week that his 'hands were tied' on a subpoena and invoked the need for a bipartisan approach.

Meanwhile, three industry sources tell me the judiciary committee hasn't been in touch on next steps since the hearing was delayed earlier this month.

US and its allies should consider using the future earnings of frozen sovereign Russian assets to secure lending that benefits Ukraine, Secretary Janet Yellen says. 'We could envision the assets serving as collateral for borrowing in the market to help Ukraine,” she said in interview with…

A business tax firm has just sued the FTC over its noncompete rule, in federal court in guess where... Texas! Via email:

New: OpenAI, Amazon, the ACLU and more than 80 other organizations are calling for more funding for NIST, the federal lab at the center of the Biden administration's plans to keep AI safe: washingtonpost.com/politics/2024/…

Join Anna Palmer on Tuesday, April 30 at 8:30 a.m. ET for a conversation with Senator Mike Rounds as a part of our series, The AI Impact. They’ll discuss news of the day and the role AI plays across different industries. This event is presented by Google. RSVP: events.punchbowl.news/AI_Impact_Roun…

Lots of great voices here, including the SBA's Isabel Guzman!!

Credit where credit's due, Andrew Desiderio and Punchbowl News team reporting has been phenomenal and must-read throughout all the drama of Congress passing the national security funding bill

From THE VAULT: The IRS’ Danny Werfel makes a bid to win Washington’s trust, stablecoin reform hits another hurdle, the data broker bill heads to the Senate and more.

Laura Weiss and Brendan Pedersen in this week's Lookahead:
punchbowl.news/archive/42124-…

Some Kentucky on Kentucky action here.

a number of memorable quotes here

Wow via Jeanne Whalen
washingtonpost.com/business/2024/…

I broke the news that the Fed stood in way of efforts to put out a new proposal restricting exec pay similar to what was drafted in 2016. 6 agencies share jurisdiction:
politico.com/newsletters/mo…

There's chatter some agencies might try to put something (non-binding?) out anyway

Great scoop from the WSJ's Andrew Ackerman here: Officials from six agencies, including FDIC and OCC, are pushing to propose long-dormant restrictions on banker compensation dating back to Dodd-Frank 'in the coming days.' wsj.com/finance/regula…

Name a more magnificent city hall than Milwaukee’s