Fintech

Banc of California, which last bought a bank in 2013, has agreed to pay $235 million in stock for Pacific Mercantile, which is based in Costa Mesa, Calif.

The 14 lenders that dominate U.S. credit cards slashed $99 billion from their customers’ spending limits in 2020, mostly affecting financially troubled households.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.

Fattmerchant is capitalizing on the subscription concept by taking a majority stake in Canadian billing software firm Fusebill, which competes with Chargebee and Chargify in the fast-growing arena of managing subscription revenue for merchants.

The Justice Department has already successfully intervened to break up Visa's deal to buy Plaid. Merchants welcome reports that it is looking at Visa's routing practices.

The Justice Department has already successfully intervened to break up Visa's deal to buy Plaid. Merchants welcome reports that it is looking at Visa's routing practices.

UMB Financial’s success in aviation financing has boosted fee income, and the Missouri company has opened an office in Dublin — a hub for airplane sales and leases that could get busier as the airline industry restructures.

The de novo, which raised $33 million in initial capital, will become the state's third new bank since the 2008 financial crisis.

The Florida bank will expand to the east with its pending purchase of Hillsboro Bank.

Potential central bank digital currencies would need to be integrated into existing payment systems alongside cash and other forms of money, Federal Reserve Chair Jerome Powell said.