The Federal Reserve Board gave Bank of America the green light for the latter’s purchase of Merrill Lynch, proving that in today’s roiling financial sector some rules are very notional. The order duly noted that BofA’s $1.8 trillion worth of consolidated assets makes the bank the biggest depository institution in the U.S.. BofA controls deposits of some $774.2 billion, or 10.8 percent of the total deposits in U.S. insured depository institutions. When you add Merrill’s numbers, that percentage grows to 11.9 percent. The Board decided there’s enough competition left, and that lucky Merrill customers will benefit from “access to additional bank and nonbanking products and services” from BofA. And so another chapter of Too Big to Fail draws to a close.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
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.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
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.
July 3 -
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.
July 3 -
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.
July 3