MOUNTAIN VIEW, Calif. – Financial software giant Intuit Inc. announced yesterday it has completed its acquisition of Digital Insight, following Tuesday’s approval of the $1.3 billion deal by Digital Insight shareholders. Digital Insight, the provider of Internet banking services for 1,400 financial institutions–half of them credit unions–is one of three credit union outsourcers, including Open Solutions and John H. Harland, in the process of being taken over. Intuit, the maker of the popular online tax programs Quicken and TurboTax, plans to use Digital Insight’s connections with credit unions and banks to tap into the small business market. Digital Insight CEO Jeff Stiefler will remain as head of the Digital Insight subsidiary of Intuit.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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