Daily Edition

The buyer is acquiring Westchester Bank Holding Corp. in White Plains, New York, for $220 million. While a relatively small deal for Valley, it fills a geographic gap in its metro New York footprint.

Six online lenders and the National Community Reinvestment Coalition have asked the Consumer Financial Protection Bureau for clarity on whether disparate-impact rules apply to lending decisions made by machines.

Elissa LaBorde will become the president and chief executive of the advocacy group this summer.

The deal follows JPMorgan’s recent takeover of 55ip, a fintech that focuses on helping investors cut their tax liabilities.

Democrats are pushing for a public-sector alternative to the three main credit bureaus, but Republicans argue that the government is ill-equipped to safely handle consumer data and produce accurate reports.

The bank is forming a joint venture with Fiserv to promote digital payments. It's a market that has evolved substantially — and become far more competitive — since Deutsche left it in 2012.

The National Credit Union Administration will distribute the funds to 1,800 credit unions to resolve the failure of three corporate credit unions in the wake of the financial crisis. It is the third such payment the regulator has made within the past year.

The plan underscores how Chief Executive David Solomon is seeking to reshape U.S. operations geographically as he looks to rein in expenses, placing thousands of jobs in cheaper locales.

Sixty-one percent of executives at large U.S. banks said their institution would be prepared to comply with the kind of testing now happening in the U.K., according to a new survey. But experts question whether bankers are underestimating the data-gathering challenges ahead.

Utah Community Credit Union and state officials as part of an experiment are letting consumers use electronic ID to open accounts and conduct other business. It's easier said than done.

Rohit Chopra, who was the Consumer Financial Protection Bureau's first student loan ombudsman, is expected to crack down on unfair debt collection and other practices once he is confirmed by the Senate to lead the bureau. Observers predict he'll work closely with former CFPB Director Richard Cordray, who now oversees the Education Department’s $1.7 trillion portfolio of federal student loans.

Daily edition for June 29, 2021.

Nine of the 12 largest banking companies in the U.S. proposed higher quarterly payouts to shareholders. In announcing the actions, the banks touted their strength after more than a year of economic dislocation.

The company’s Tap to Phone technology exists in 30 countries. Visa is piloting the program in the U.S. with a six-city campaign that brings discounts, offers and grants to Black-owned small businesses.

MDI credit unions added about 400,000 members, assets of $10.6 billion and six new credit unions in 2020, according to the National Credit Union Administration.