Payments News

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Deals

Regional lender First Citizens to buy CIT in $2.2 billion deal

“First Citizens BancShares Inc FCNCA.O said on Friday it would buy peer CIT Group Inc CIT.N in a deal valued at $2.2 billion, creating a bigger regional player in the United States at a time when banks are grappling with low interest rates…The deal, which is expected to close in the first half of 2021, […]
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Providers

TD Bank sues Plaid for trademark infringement, false advertising

“TD Bank filed a lawsuit Wednesday accusing the data aggregator Plaid of trademark infringement and false advertising, saying the company is unlawfully using the bank’s name, trademarks and logos when Plaid’s fintech clients use its technology and services to link bank accounts and financial data to their financial and payment apps.”
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Providers

JPMorgan Unveils $30 Billion Push to Bridge Racial Wealth Gap

“JPMorgan Chase & Co. said it would extend billions of dollars in additional loans to Black and Latino home buyers and small-business owners as part of a push to narrow America’s racial wealth gap. The bank—America’s largest—said it is committing a total of $30 billion over five years to the effort, which focuses heavily on […]
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Providers

Banking Groups Urge Congress to Block OCC Payments Charter

“Several trade groups representing the banking industry appealed directly to Congress in an effort to stop the Office of the Comptroller of the Currency from granting a specialized national bank charter for payments companies that do not take deposits. In a letter submitted to lawmakers ahead of a House Financial Services Committee hearing, the American […]
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Providers

Credit Suisse Launches Switzerland’s First Major Digital Banking Rival

“Credit Suisse will launch a digital banking app in October challenging fintechs like Revolut in the Swiss bank’s home market by offering free foreign transactions and fully digital wealth management, the bank said on Thursday. Credit Suisse’s new CSX banking app will offer free online banking from next month, a move it hopes will attract […]
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Providers

Coronavirus Has Left Banks With Lots of Cash and Little to Do With It

“The coronavirus threw the U.S. banking system into extreme gyrations. The normally unexciting quarterly industry report from the Federal Deposit Insurance Corp., released last week, showed in stark detail how the pandemic is ensnaring banks big and small. Profits tumbled as the banks put aside billions for loan losses. Margins hit an all-time low. Fee […]
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Providers

Two Black-Led Banks Merge to Form a $1 Billion Lender

“A merger announced Wednesday will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion. Broadway Federal Bank, a Los Angeles-based commercial lender founded in 1946, will combine with City First Bank in Washington, which opened in 1998.”
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Providers

Citi’s $900 Million Misfire Happened During Software Switch

“For years Citigroup Inc. has been an anomaly among big banks, relying on an obscure piece of software it helped develop to manage loan payments. Just as the bank tried to replace it, things went terribly wrong. The saga began emerging in court this week as the firm blamed human errors for mistakenly sending $900 […]

On The Wires

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Providers

New Chase Account Helps Kids Develop Healthy Saving and Spending Habits

“Parents and kids now have a way to help them manage allowances, complete and check off chores, monitor spending, and save towards a goal. Launching today, Chase First Banking is a new checking account with no monthly fees designed to help parents teach kids and teens about the importance of money management through the Chase […]
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Providers

Wells Fargo Launches New Low-Cost Account With No Overdraft Fees

“Wells Fargo (NYSE: WFC) today announced the launch of Clear Access Banking, a new, low-cost, convenient bank account with no overdraft fees. Now available online and in branches, the new account is part of Wells Fargo’s broader effort to simplify its products and services, and make banking convenient and easy to understand…Clear Access Banking is a checkless […]