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If Biden appointees are going to apply more antitrust scrutiny to bank mergers, they need to factor into their analysis the competitive threat that banks face from fintechs and other less-regulated players.

Daily edition for September 03, 2021

The Dallas bank unveiled an initiative that involves doubling its client-facing headcount across the Lone Star State and expanding its investment banking division. But its stock price plunged amid concerns about how long it will take to deliver returns for investors.

The Biden administration plans to select Kristin Johnson, a law professor who previously worked on Wall Street, for a Democratic seat on the Commodity Futures Trading Commission, according to a person familiar with the matter.

Individual stock trading may seem far removed from these companies' core payments business, but the service could fatten account balances and increase customer engagement.

The Toronto-based bank will take over the account from Capital One, which is ending its deal with the membership-only retail chain.

“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” the acting director of the FTC’s Bureau of Competition said.

Hoping to slow the pace of deals, the Independent Community Bankers of America is urging lawmakers to impose a tax on credit unions that acquire small banks. One credit union CEO called the proposal a "gimmick."

JPMorgan Chase settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million).

Robinhood Markets is working on a new feature that lets users receive their paychecks via direct deposit up to two days early, stepping up competition with companies like PayPal Holdings and Wealthfront.

Daily edition for September 02, 2021

Apple will allow developers of some apps to link from their software to external websites for payments by users, addressing a longstanding App Store complaint and settling an investigation by Japan’s Fair Trade Commission.

Banks in Louisiana and Mississippi are finding less physical branch damage than many expected. Executives say the pace of the recovery will hinge on how quickly power and water are restored, as well as the cost of supplies and labor.

The company will now begin bringing back staffers who have been working remotely on Oct. 18, rather than Oct. 4, according to an internal memo Wednesday from Chief Operating Officer Scott Powell.

A lawsuit filed by Attorney General Maura Healey last year said Credit Acceptance Corp. in Michigan made predatory loans to Bay State borrowers and used deceptive practices to collect debt.

The tech giant's integration of state-issued identification with its Wallet app could transform the way banks and credit unions handle identity verification. But Apple hasn't stated what its terms will be.

The agency proposed reporting standards for any institution that originates 25 or more small-business loans a year. The measure would be especially burdensome for very small lenders and could limit credit access in underserved communities, critics say.

With its sale to Blue Ridge Bankshares set to close within months, FVC Bankcorp is moving to diversify by taking a 29% stake in Atlantic Coast Mortgage.

The White House and the Federal Housing Finance Agency announced steps to help nonprofits and public agencies buy foreclosed properties, among other initiatives, as part of a plan to boost supply over the next three years.

Though banks were not directly affected by security flaws discovered in Azure systems last week, they need to be aware of the kinds of misconfigurations that could lead to massive data breaches.