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Dailybriefing TUESDAY DECEMBER 15, 2020 VOL. 185 No. 240 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Mastercard suffers legal 5 setback in European Too big a burden? interchange battle The U.K. Supreme Court has rejected Some Democrats want the Biden administration to forgive Mastercard’s attempt to force individual most outstanding student loans. Total student debt hit lawsuits over claims the card brand $1 trillion in 2013 and has climbed by an average of overcharged consumers and negatively 5.3% a year since. impacted competition for more than a decade. Page 5 See story on page 3 Fed’s exam ratings system $1.6T 6 needs upgrade, Quarles says $1.4T The central bank is exploring how to improve the consistency and transparency of safety $1.2T and soundness scores used to grade banks $1T and their holding companies, the agency’s Page 6 $800B vice chairman of supervision said. $600B Senate sends veto-proof $400B 7 AML reforms to White House The defense spending bill includes language $200B requiring businesses to report their owners $0 to Fincen. Page 6 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* Joseph Safra, Source: Federal Reserve Bank of New York; Equifax 8 banker with $85 billion empire, dies at 82 His family got its start in banking by financing camel-caravan traders in the dailybriefing What Biden’s pledge Ottoman Empire and eventually expanded 3 to forgive student loans its reach into the U.S., Europe and Latin means for consumer lenders America. Page 7 Huntington agrees to buy The president-elect’s plan to eliminate 1 TCF Financial for $6 billion $10,000 of debt would help borrowers meet State Street to explore options The deal would create a $168 billion banking other loan obligations, reducing their risk of 9 for asset management arm company in the Midwest and be the latest in a default. Yet the banking industry seems wary The Boston-based firm has been informally string of regional bank combinations. Page 2 of the precedent it could set. working with an adviser to review strategic (See chart above.) Page 3 alternatives for State Street Global Advisors, FDIC board to consider including a merger with a competitor, people 2 brokered deposit, ILC How an app is helping familiar with the matter said. Page 8 rules at public meeting 4 Eastern Bank bond The agency’s principals are scheduled to with small businesses 2020 was a horrible guest, meet Dec. 15 to vote on a new definition The Boston community bank and a fintech 10 but an excellent teacher for brokered deposits and on regulatory called Monit have developed an app that The events of this year transformed banking, standards for industrial bank helps small-business owners forecast their for better or worse. Smart bankers will build parents. Page 3 cash flow and how certain events could on the ways they learned to do their jobs affect them. Page 4 better, Dave Martin writes. Page 8 TUESDAY DECEMBER 15, 2020 AMERICANBANKER.COM PAGE 2 acquisition would provide it with an entrée in October with the unexpected retirement M&A into Minnesota, Colorado, Wisconsin and of Craig Dahl. South Dakota and expand its market share Provost sold Talmer Bancorp to Chemical in Chicago. Financial in 2016. He became Chemical’s Huntington The merger is expected to close in the CEO in late 2018 after his predecessor’s second quarter. sudden departure, then announced a agrees to buy TCF, in an explainer of the deal on its merger with TCF in January 2019. website, said its branches would continue TCF had spent the last two months to operate under the TCF brand until a reviewing ways to add revenue, including TCF Financial systems integration occurs later in 2021. an expansion of commercial lending Gary Torgow, TCF’s chairman, would around Minneapolis and Chicago, and cut for $6 billion have the same title at Huntington Bank. costs. Executives had also been reviewing “We will be a top regional bank, with the the branch network, which includes more By Paul Davis and Dean Anason scale to compete and the passion to serve,” than 500 locations. December 14, 2020 Torgow said in the release. TCF’s assets fell by 2.1% between March Huntington Bancshares in Columbus, Columbus would serve as the 31 and Sept. 30, to $45.8 billion. The third- Ohio, has agreed to buy TCF Financial in headquarters for Huntington and the quarter amount included $1.8 billion Detroit in a move that would accelerate the consumer banking unit, while the in loans originated under the Paycheck pace of regional bank consolidation. commercial bank would be based in Protection Program. Deposits rose by 9% to The Midwestern companies unveiled Detroit. $39.2 billion. the $6 billion all-stock deal, which would Huntington said it expects the merger Goldman Sachs and Wachtell, Lipton, create a company with a market value of will be 18% accretive to its 2022 earnings Rosen & Katz advised Huntington. Keefe, $22 billion, late Sunday after The Wall Street per share. It is expected to take about Bruyette & Woods and Simpson, Thacher & Journal and other news outlets reported an three years for Huntington to earn back an Bartlett advised TCF. announcement was imminent. expected 7% dilution to its tangible book “This merger combines the best of both value. companies and provides the scale and The company plans to cut $490 million resources to drive increased long-term in annual expenses, or roughly 37% of shareholder value,” Stephen Steinour, TCF’s operating costs. About a quarter of who will remain Huntington’s chairman the expected cost savings would come from and CEO when the deal closes, said in a closing overlapping branches. Huntington press release. “Huntington is focused on would reinvest about $150 million into accelerating digital investments to further technology improvements over the next enhance our … customer experience.” three to four years. The combined company would have Huntington also expects to incur $880 $168 billion in assets, putting it in the million in merger-related expenses. neighborhood of big regionals like KeyCorp TCF’s sale continues a recurring narrative in Cleveland and Citizens Financial Group for David Provost, who became TCF’s CEO in Providence, R.I. Huntington has $120 billion of assets. The deal, which is the biggest announced Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 among banks in 2020, priced TCF at 150% Phone 212-803-8200 AmericanBanker.com of its tangible book value. The year’s other large deals include Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 South State’s merger with CenterState Managing Editor Dean Anason 770.621.9935 Bank, First Citizens BancShares’ proposed Reporters/Producers purchase of CIT Group, and PNC Financial Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 Services Group’s deal to acquire BBVA Washington Bureau Chief Joe Adler 571.403.3832 Compass Bancshares. Executive Editor, Technology Miriam Cross 571.403.3834 Huntington, which would retain its Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 name, would have $134 billion in deposits BankThink Editor Rachel Witkowski 571.403.3857 after the deal closes. The companies have John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 a total of 1,312 branches, with the biggest Hannah Lang 571.403.3855 overlap in Michigan. Huntington said it Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 expects to divest about $450 million in Digital Managing Editor deposits. Christopher Wood 212.803.8437 Jackie Stewart 571.403.3852, Kevin Wack 626.486.2341 Huntington said in the release that the For up to date and complete coverage go to AmericanBanker.com TUESDAY DECEMBER 15, 2020 AMERICANBANKER.COM PAGE 3 for ILC parents, including special capital fundamentally, forgiving loans — even REGULATORY RELIEF and liquidity requirements. The ILC charter those made by the federal government — is has sparked controversy for years and not an idea with intuitive appeal to private- opposition from traditional banks in part sector lenders. FDIC board because nontraditional bank owners such As of the third quarter, Americans owed as fintech firms and retailers can legally own $1.55 trillion in student debt, with federal to consider industrial banks. loans comprising more than 90% of the total. The day after the rule was proposed, the Biden is pitching debt forgiveness as FDIC announced it had approved a pair of a way to offer consumers relief from the brokered industrial bank applications for the first COVID-19 crisis, but the effects of his time in over a decade: one for Square, the plan would be long-lasting, since federal deposit, ILC small-business payments company, and the student loans typically have 10-year terms. other to Nelnet, a servicer of student loans. Unlike one-time government checks, which provide short-term relief, debt forgiveness rules at public would erase or reduce monthly payments STUDENT LOANS over a period of years. meeting Forgiveness of federal student debt would function somewhat like an extension of By Brendan Pedersen What Biden’s the short-term forbearance offer that has December 11, 2020 been available since the passage of the WASHINGTON — The Federal Deposit pledge to Coronavirus Aid, Relief and Economic Insurance Corp.’s board will meet Tuesday Security Act last spring. According to one to consider two final rules in the closing analysis, only 11% of borrowers with federal weeks of the Trump administration: one forgive student loans were making their monthly overhauling brokered deposit regulations payments in the fall.
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