BMO to double US footprint; Fintechs buying banks to clear regulatory hurdles

Top stories

BMO to double US branch footprint with Bank of the West acquisition

Bank of Montreal's $16.3 billion deal for Bank of the West will give it a large presence in California and across the western U.S., accelerating the bank's growth potential in the country, executives said.

Fintechs scooping up banks to clear regulatory hurdles, accelerate growth

Fintechs are buying established lenders to secure bank charters while avoiding a long and increasingly scrutinized application process.

Banks may think twice on crypto after OCC tightens requirements

National banks face greater regulatory hurdles in entering the cryptocurrency market, complicating efforts to tap a potential new revenue source.

BNP Paribas eyes Europe growth, tech investment after Bank of the West sale

US banks with highest price-to-estimated-earnings – as of Dec. 15, 2021

Inflation fuels some of Progressive's largest private auto rate hikes in years

More highlights

* Rocket Cos. Inc. signed an agreement to acquire personal finance app Truebill Inc. for roughly $1.28 billion in cash.

* Sens. Pat Toomey, R-Pa., and Cynthia Lummis, R-Wyo., sit on the powerful Senate Banking Committee and have been advocates for a light government touch toward the growing — and largely unchecked — cryptocurrency market. They also own cryptocurrency assets, The Wall Street Journal reported.

* Early next year, Equifax Inc. will begin recording installment plans that allow shoppers to make four biweekly payments instead of covering the full cost at checkout. The move is meant to give lenders a fuller picture of people's financial commitments, including how much they owe on these plans, The Wall Street Journal reported.

Chart of the day

Banks invested slightly more cash in the bond market in the third quarter, though many institutions remain hesitant to invest at low yields and some fear that some of the excess liquidity sitting on their balance sheets might prove fleeting.

Editor's pick

Path to net-zero: Plenty of 'E', but less 'S' or 'G' in tech, telecom