The U.S. Environmental Protection Agency has renewed its contract with JPMorgan Chase & Co. to provide its travel and fleet charge card services, the bank announced today. The contract is part of the General Service Administration's SmartPay2 contract. Chase expects the EPA's annual travel and fleet card volume to exceed $80 million on nearly 20,000 cards. Chase also has contracts with the U.S. Department of Commerce (CardLine, 5/5), NASA (CardLine, 3/24), the Department of the Interior and the Department of Transportation (CardLine, 2/11). The first SmartPay program, which began in 1998 and expires in November, is the largest government charge card contract in the world according to the GSA, its SmartPay issuers and industry analysts. SmartPay handled more than $27 billion in sales and more than 91 million transactions in 2007.
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A headline-grabbing 2022 lawsuit alleging racial bias by home appraisers has been quietly dismissed for lack of evidence. At the same time, the Trump administration is rolling back many of the policy changes involving home appraisals that the Biden administration put in place.
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With its acquisition of a Cleveland-area bank still in the works, the Cincinnati-based bank struck a deal that would provide its first retail presence in Chicago.
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Amid waning federal support for community development financial institutions and minority depository institutions, a program launched by two banking trade groups is beginning to generate a steady stream of deposits for mission-focused lenders.
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Federal Trade Commission data shows scam losses for adults 60+ have skyrocketed, with banks under pressure to strengthen protections.
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Analysts said trade war-related issues are pressuring the U.S./Mexico remittance corridor, lowering the value of the acquisition. Devin McGranahan told American Banker Intermex's technology and footprint provide a path for future expansion.
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Federal Reserve Vice Chair for Supervision Michelle Bowman said she foresees three interest rate cuts for this year, a view bolstered by the latest employment data.
August 11