Walmart customers might be able to get installment loans for big-ticket items as soon as this fall through Affirm, a San Francisco financial startup run by PayPal co-founder Max Levchin. The companies reportedly are nearing an agreement on a pilot program.
It's imperative for Republicans to pass tax reform, because "if they can't do this, they can't do anything," Financial Services Roundtable President and CEO Tim Pawlenty said Monday. Pawlenty, who called for middle-income tax relief and a significant reduction in corporate taxes, said he didn't expect tax reform efforts to be held up by President Donald Trump's current troubles.
Advent International's decision to establish a fund dedicated to debt investing is the latest example of the diversification trend in private equity. Firms are expanding away from traditional equity offerings into credit and other products with attractive risk-return profiles.
TD Ameritrade has unveiled a Facebook Messenger chatbot that updates customers on their investments. TD Bank and Wells Fargo have developed similar chatbots as customers spend less time on banking apps.
The Southern Poverty Law Center and the Anti-Defamation League will receive $500,000 each from JPMorgan Chase to combat racism and to support human rights. The bank has also pledged up to $1 million to human and civil rights organizations in a two-for-one match of employee donations.
Dovetail Group, a provider of bank payments, has been acquired by Fiserv, which provides technology for financial services. No financial details about the deal have been released.
Congress will continue to consider two bills affecting financial services when it returns in September. The Financial CHOICE Act aims to repeal portions of the Dodd-Frank Act, and the Community Lending Enhancement and Regulatory Relief Act would exempt payday lenders from mortgage-servicing rules.
New York Attorney General Eric Schneiderman has a three-pronged plan to crack down on student-loan fraud and abuse, saying he "won't allow a generation of New Yorkers to get victimized by the very system that was created to help them get ahead." The plan includes opposition to Education Secretary Betsy DeVos' freeze on a rule that eases loan forgiveness for defrauded students.
Muir Paterson has been appointed global head of strategic shareholder advisory at Citigroup, leading a team that advises firms on activist shareholders. Paterson was a senior activist defense banker at Goldman Sachs.
The Justice Department ended a program dubbed "Operation Choke Point" that discouraged banks from dealing with businesses such as payday lenders and gun sellers. In a letter to congressional leaders, Assistant Attorney General Stephen Boyd called the Obama-era policy a "misguided initiative," and Republicans have said it was hurting legitimate businesses.
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