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Bank of America doesn't expect Donald Trump's election to jolt the U.S. economy next year, but its corporate customers are enthusiastic and already seeking funds to expand, according to Chief Executive Officer Brian Moynihan.

The overall pace of consolidation slowed this year, but the average deal value increased from 2015 as bigger banks continued to get back into mergers and acquisitions. Several of this year's sellers were banks that had been backed by private equity in search of growth or a post-crisis turnaround.

The two institutions will officially join forces on Jan.1, 2017, though full integration of accounts, products and services is not expected to be completed until May.

Had Wells Fargo simply complied with regulatory guidelines on multifactor authentication across all channels, there would have been substantially less fraud.

Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Wearables underperform; Varo, Kasisto partner on bot debit card; EU warns on mobile security; Boloro debuts faster authentication.

Receiving Wide Coverage ...Pay up: The European Court of Justice ruled that Spanish lenders must reimburse mortgage borrowers for charging them excess interest payments on variable-rate mortgages. The ruling, which can't be appealed, follows a 2013 decision by Spain's highest court that outlawed "mortgage floor" agreements on loans because banks didn't pass along the savings from low rates to customers. The ECJ confirmed the Spanish court decision but also said borrowers could seek reimbursement for all excess payments dating back to 2009 when the loans were introduced. Under the ruling, Spanish banks may have to refund 4.5 billion euros, or about $4.68 billion, to customers. Wall Street Journal, Financial Times, New York Times

The migration has been slow, but COOP Financial Services says there's momentum for adoption and usage. There are also signs that card fraud risk is improving.

The growing number of P-to-P payment options, including Zelle and Venmo, typically rely on a link to a full-featured bank account to fund transfers. ChimpChange is looking at a different audience.

Castle Creek Capital has sold its entire stake in Heritage Commerce in San Jose, Calif.

President-elect Donald Trump on Wednesday tapped billionaire investor Carl Icahn to be a special adviser on regulatory reform.