Consumer banking

The Wall Street giant will inherit some $56 billion of low-cost deposits that will allow it to offer more traditional banking products to its wealth management clients.

The bank still plans to open branches on the West Coast even as it trims its overall U.S. footprint by 30%.

Meyer was credited with guiding the Cleveland company through the financial crisis and returning it to profitability. He died this week at his home in Florida.

Bankers groups are keeping close tabs on a host of legislative and gubernatorial proposals, from prize-linked savings accounts in Iowa to rent control in Massachusetts to a slew of bills modeled after California's recently passed data privacy law.

It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.