Capital return, M&A execution and supervisory pressure

Metropolitan authorized a $50 million buyback. The new common-stock repurchase program replaces the prior authorization and will be funded with available cash. For Metropolitan Bank Holding Corp., parent of Metropolitan Commercial Bank (MCB), the filing frames the action as a capital-allocation decision rather than a financing transaction.

PNC completed the FirstBank customer and branch conversion. The filing says FirstBank merged into PNC Bank on June 18, 2026, and reporting says the conversion covered 780,000 customers, more than 1,620 employees and 95 branches in Colorado and Arizona. The milestone shifts the focus from deal completion to integration execution and regional franchise expansion.

PwC saw slower bank M&A announcements but faster closings. PwC said bank merger announcements slowed in the first half of 2026 despite more certainty on approvals, while median closing times fell to 132 days from 187 days. The sector read-through is mixed: uncertainty is still weighing on deal appetite, but the approval and closing timeline has improved for transactions that proceed.

GAO pressed FDIC on examiner rotation and blockchain-risk timelines. American Banker reported that the Government Accountability Office told the Federal Deposit Insurance Corp. to consider rotating case-manager examiners across banks to prevent regulatory capture. The same report said GAO pushed the FDIC to set more concrete timelines and results for addressing blockchain-related risks.

Regulators replaced SR 11-7 model-risk guidance. Bank Director reported that federal regulators retired Supervisory Letter SR 11-7 in early 2026 and replaced it with SR/CA 26-2. The prior guidance governed analytical and AI model risk for more than a decade, so the replacement changes the compliance and risk-control reference point for banks using models.

FHFA sought broader mortgage-fraud enforcement authority. Bankeration reported that the Federal Housing Finance Agency asked for direct civil enforcement actions against fraud suspects and for fraud referrals to become an explicit statutory requirement. The agency also sought expanded examination authority over mortgage sellers, servicers and IT or data-security vendors serving the Federal Home Loan Banks.

Cynthia Lummis-led senators urged Treasury to preserve state stablecoin oversight. In a letter to Treasury Secretary Scott Bessent, they said the GENIUS Act proposal lacks clear timelines and standards for deciding whether state regimes are “substantially similar” to federal requirements.