* San Francisco-based fintech startup Varo Money has gotten the green light for deposit insurance from the Federal Deposit Insurance Corp., getting it closer to establishing a de novo national bank.
* The Federal Deposit Insurance Corp. has released guidelines for regulators to smoothen the process of applying for de novo bank charters for nontraditional bank organizers, American Banker reports.
* The People's Bank of China has approved in principle Mastercard's application to set up a domestic bankcard clearing institution in China through a joint venture with NetsUnion Clearing Corp.
* Majority Action, a climate activist group that had helped pressure a gun manufacturer to engage with investors over safety concerns, is now moving to oust former Exxon chief Lee Raymond from the board of JPMorgan, Bloomberg News reports.
* Citigroup is launching a
* Federal Reserve Chairman Jerome Powell will testify at 10 a.m. today at a hearing of the U.S. House Financial Services Committee to discuss the central bank's monetary policy amid the current state of the economy.
* Denver-based First Western Trust Bank is buying certain assets and assuming certain liabilities associated with four Simmons Bank locations in Colorado, including three branches and a loan production office.
* Amid low market volatility, Allston Trading has slashed its staff working in unprofitable areas, Bloomberg News reports, citing confirmation from Tom Becker, an outside spokesman for the high-frequency trading firm. Roughly a quarter of the firm's about 100 employees, a mix of traders and support staff, were removed, a person with knowledge of the matter told the news outlet.
* Federal Home Loan Banks, one of the biggest issuers of bonds tied to the secured overnight financing rate has cut down on issuance tied to the new rate, leading to a possible delay in the banking sector's shift from the London interbank offered rate, Bloomberg News reports.
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