The sale of Mitsubishi UFJ Financial Group's MUFG Union Bank to US Bancorp is the latest in a growing trend of foreign banks exiting the US banking market. Spain's Banco Bilbao Vizcaya Argentaria and London's HSBC Holdings both left the US in the past year as the need to scale up and invest in technology has become overly expensive.
The Consumer Bankers Association has said that two proposed amendments to the National Defense Authorization Act that would pause required payments, and in some cases provide forgiveness, for private student loans have nothing to do with national defense and have not been discussed at a Congressional hearing. Federal student loans are a much greater financial burden for US households, the CBA said.
New England's Berkshire Hills Bancorp has made a commitment to lend $5 billion over three years to underserved communities. This includes $2.5 billion in home loans and $1.5 billion in small business loans.
JPMorgan Chase is moving its core system for retail banking to a cloud-based system. This will allow Chase to deploy new products more quickly and increase its system reliability and resiliency, chief product officer Rohan Amin said.
United States Department of Agriculture lender North Avenue Capital has agreed to an acquisition by Veritex Holdings in a $62.5 million deal. North Avenue is a government guaranteed lender for the USDA's Business & Industry program -- and the top lender of that program last year.
The Amalgamated Bank of Chicago is selling to Amalgamated Financial -- the holding company for the Amalgamated Bank in New York -- in a $98.1 million deal. Both institutions were founded by the Amalgamated Clothing Workers of America but have never been affiliated.
US Bancorp's planned $8 billion merger with MUFG Union Bank, which will grow the bank's assets to $664 billion, will prove a test case for how the Biden administration and regulators will handle tie-ups of large banks.
The Senate has voted 49-to-48 to bring the Biden administration's nominee to lead the Consumer Financial Protection Bureau, Rohit Chopra, to a full confirmation vote, which could happen as early as next week. Republicans oppose the nominee and have accused the agency of regulatory overreach.
Securities and Exchange Commission Chairman Gary Gensler raised questions about the long-term viability of the cryptocurrency market and said crypto investors should have the protection of a regulatory regime. "I don't think there's long-term viability for five or six thousand private forms of money ... So in the meantime I think it's worthwhile to have an investor-protection regime placed around this," Gensler said.
JPMorgan Chase has acquired college financial planning platform Frank for an undisclosed amount. The deal is the latest in a series of purchases of niche platforms made by the bank aimed at building strong relationships with specific consumer groups.