The Latest
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Democrats eye $10K threshold on IRS data reporting boost
Trade groups and Republican lawmakers have argued the compliance costs and security and privacy risks of the tax-collection measure outweigh the windfall.
UPDATED: Sept. 24, 2021 at 12:05 p.m. -
Alex Wroblewski via Getty Images
JPMorgan Chase buys college financial planning platform Frank
The deal opens the bank to 5 million students Frank serves. It also cashes in on JPMorgan CEO Jamie Dimon's 2020 pledge to be "much more aggressive with acquisitions across the board."
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Permission granted by U.S. Bank
U.S. Bank to buy MUFG Union Bank in $8B deal
The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.
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Courtesy of Coinbase
Coinbase scraps crypto lending product under fire from SEC
The company is also discontinuing its waitlist for Lend, a product that would have let users earn 4% interest by lending their holdings of a stablecoin to other customers.
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Chris Hondros via Getty Images
Goldman Sachs debuts green demand deposit account
The product fits into two of Goldman's initiatives: its $750 billion ESG goal, and the desire to lean more heavily on transaction banking.
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Joe Raedle via Getty Images
Climate-focused de novo's loan program aims to retool Florida condos
Shareholder Gloria Romero Roses is holding focus groups with building owners, property managers and condominium associations to assess the needs and challenges of the underwriting process.
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Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
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Getty
First Interstate to buy Great Western Bank in $2B, all-stock deal
The transaction would more than double First Interstate's branch footprint and give it entry to eight new states. The combined bank would have more than $32 billion in assets, $18.4 billion in loans and $27.1 billion in deposits.
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JPMorgan's UK digital bank set to launch
Named simply Chase, the platform will initially offer current accounts with a rewards program but is set to expand into savings, personal lending and investment, and mortgages.
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Truist, Microsoft back FDIC fund to invest in minority-owned banks
"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.
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Paul Morigi via Getty Images
Goldman Sachs to buy home-improvement lender GreenSky for $2.24B
The deal, set to close in this year's fourth quarter or the first quarter of 2022, will bring more than 10,000 merchants into the fold of Goldman's consumer-banking arm, Marcus.
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Courtesy of Wells Fargo multimedia resources
ColumnWells Fargo penalties, trial, call for breakup are part of a door-window continuum
In acknowledging the OCC had handed it a fresh $250 million fine, Wells noted that the CFPB had let a separate penalty expire. The unexpected blow, though, may have come from Sen. Elizabeth Warren.
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Anna Hrushka/Banking Dive
How BankMobile pivoted its business model in the face of competition
"Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."
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Anna Hrushka/Banking Dive
Why PayPal Ventures' Peggy Mangot thinks vertical neobanks are poised for growth
While mass-market neobanks continue to turn heads with user numbers and funding rounds, affinity neobanks are poised to experience their own market expansion soon, the executive told the Finovate Fall conference.
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Chris Hondros via Getty Images
Goldman Sachs names new CFO as Scherr steps down
Denis Coleman will become deputy CFO effective immediately and succeed Scherr in January. Goldman is the fourth of the six largest U.S. banks to make a change at CFO this year.
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Business failure helped Chime CFO build resilience
Having a business that didn't succeed past its venture stage gave Matt Newcomb a big-picture view that informs his strategic mindset at the fast-growing fintech.
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Capital One beta-tests BNPL option, marking turnabout
The McLean, Virginia-based bank barred customers last December from using its credit cards to clear buy-now-pay-later debt.
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David McNew via Getty Images
Bank of America to scrap CMO role after top marketer leaves this year
The bank pushed ahead with a raft of executive moves last week. Bank of America is not the first big U.S. bank to do away with the chief marketing role. Wells Fargo said in May it would do the same.
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Tasos Katopodis via Getty Images
SBA quadruples EIDL cap to $2M
The agency said it also instituted a two-year deferred payment period and has greatly increased the rate at which loans ar reviewed, clearing a backlog of more than 600,000 cases.
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Drew Angerer via Getty Images
Bank of America names new CFO, adds 3 women to senior management
The bank's chief administrative officer and general counsel are also retiring. The shuffle of more than a dozen leaders comes two weeks after two longtime Bank of America executives said they were retiring at year's end.
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Chris Hondros via Getty Images
JPMorgan Chase to acquire company behind Zagat guidebook
Barred by regulators from buying another deposit-taking institution, the nation's largest bank looked to an adjacent arena to expand culinary perks for its credit-card holders.
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Permission granted by Rochelle State Bank
Georgia bank's new owners eye a digital makeover without losing the personal touch
ST Hldgs acquired Rochelle State Bank in June with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.
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Permission granted by Office of the Comptroller of the Currency
OCC's proposed rule would rescind Trump-era CRA rewrite
The agency is accepting comments through Oct. 29 — and aiming for a Jan. 1 effective date — on Wednesday's move to return to 1995 guidance while it coordinates with the Federal Reserve and FDIC on an interagency rule.
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Permission granted by Citizens Financial Group
Citizens Bank to acquire JMP Group in $149M, all-cash deal
The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.
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Justin Sullivan / Staff via Getty Images
Bank of America debuts overdraft alternative
If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12 fee.
