The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.
The $26 billion all-stock deal has the OK of the boards from both companies; the administration says it will move on privatization without federal backing.
The charter may provide greater confidence for digital currency investors; bank expects to make large-scale job cuts in its global banking and markets unit.
It’s only a matter of time before Silicon Valley “overturns more complex banking functions”; banks would have to help FinCEN identify suspicious firearms sales.
The tech giant’s plan to offer checking raises concerns about how it will use customer data; third quarter loan originations were the second most on record.
