Fifth Third announced it plans to buy the Dallas bank in a $10.9 billion transaction.

The London-based firm is seeking a license that would provide a direct connection between merchants and card networks, reducing reliance on third parties and brandishing the London company's image as a player in America.

Many banks lowered the interest rates they pay on certificates of deposits and high-yield savings accounts in September, capitalizing on the Fed's 25-basis-point cut.

The fund is designed to generate a financial return, as well as Community Reinvestment Act credit, for TD. Its inaugural investment is in a mixed-use project that will include 49 affordable housing units.

A government shutdown and a single senator's hold prevented the renewal this week of a bipartisan law that helped banks and other firms defend against hackers.

Federal Reserve Vice Chair Philip Jefferson said Friday that the economic outlook is uncertain and that he was adopting a cautious approach to gauging whether slowing growth and a softening labor market outweigh inflation pressures from tariffs.