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The U.K.’s Competition and Markets Authority (CMA) is on the verge of announcing its decision in its regulatory review of Mastercard’s acquisition of VocaLink, the London-based agency said.
The CMA early this year flagged a potential threat to competition in the U.K. from the $920 million merger, noting that Mastercard’s control of the Link ATM network would reduce the U.K.’s domestic ATM network options from three providers to just two (with Visa).
The agency sketched a few possible solutions Mastercard could consider to offset the competitive risk, and as early as Wednesday the CMA is expected to release its verdict on whether Mastercard’s response will be satisfactory or warrant a deeper investigation by U.K. regulators.
Master Card credit cards are arranged for a photograph in New York, Friday, February 9, 2007. Photographer: Daniel Acker/Bloomberg News.
While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
Kevin Fromer, who has headed the Financial Services Forum since 2017, announced his departure Monday. Fromer transformed the Financial Services Forum to advance the interests of the largest U.S. banks.