DENVER – First Data announced yesterday David Coulter, the well-known investment banker who is engineering the spin-off of Metavante, has resigned as director, as he is joining the Metavante board. Coulter, the former CEO of Bank of America, is a managing director of Warburg Pincus, which is acquiring a 25% stake in Metavante in exchange for a $625 million investment, as part of a so-called sponsored spin-off from Marshall & Isley. First Data and Metavante are like two ships passing in the night; one payments processor, First Data, is being taken private in a $29 billion leveraged buyout; while the other, Metavante, is being taken public.
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The payday loan industry is looking to extend its years-long legal fight with the Consumer Financial Protection Bureau. It's planning to ask a federal appeals court to revisit a ruling that upheld a proposed limit on how often payday lenders can try to pull money from their customers' accounts.
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New York Community Bancorp hasn't said who will replace Chief Operating Officer Julie Signorille-Browne, who is resigning amid a management shake-up.
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A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.
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Nash, the head of tech, media and telecom coverage, has no intention of ending her four-decade career anytime soon.
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Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.
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Pima Federal Credit Union in Tucson plans to buy Republic Bank of Arizona in a cash transaction slated to close in the second half of this year. It's the ninth deal in 2024 in which a whole bank would sell itself to a credit union.
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