The company, which recently completed an audit, set aside funds to cover issues tied with a lending program it discontinued last year. The move cleared the way for Sterling to file an overdue annual report with the Securities and Exchange Commission.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

Low rates and intense competition might lead some banks to ease underwriting standards in 2021, when the economy may not yet have recovered.

The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on middle-market lending.

Congress should pass legislation that would allow Home Loan banks to backstop deposits by local governments at commercial banks and lower the cost of bond financing, two mayors argue.

The company said the sale will provide more consistent financial results and allow it to redeploy funds to support other businesses.

Kasasa's turnkey product for community banks and credit unions offers a "take-back" option.

MatlinPatterson, which once owned more than 60% of the Michigan company, has been paring back its stake in recent years.

Thomas O'Brien will take the helm at Sterling Bancorp, which is dealing with internal control issues and probes by the OCC and Justice Department into its mortgage operations.