KANSAS CITY, Mo. - (03/16/06) Roiling the debate even moreabout non-bank banking, tax preparers H&R Block receivedapproval from federal regulators Wednesday for its own bankcharter. The charter will allow H&R Block, which has expandedinto financial services through mortgage lending the past fewyears, to offer traditional banking products like checking,savings, CDs, and IRAs through a wholly owned subsidiary calledH&R Block Bank. The new bank will be headquartered in KansasCity, home to the tax preparation giant, and will serve customersthrough a variety of channels, including ATMs, the Internet, andcustomer call centers. The awarding of the bank charter for H&RBlock comes as opposition is growing to an application from retailgiant Wal-Mart Stores for its own banking charter. It also comes asauthorities in New York announced a $250 million fraud suit againstH&R Block claiming the tax preparation specialists put morethan 500,000 of its clients into money-losing retirement plans. TheFDIC has scheduled a rare series of public hearings on the Wal-Martapplication for next month.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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