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Tuesday Express: FDIC OKs Varo Money; Group wants oilman on JPMorgan's board out

* 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 $150 million venture capital fund to invest as much as $10 million in private firms that develop solutions to improve worker training, consumers' access to the financial system, transportation, healthcare and affordable housing, and address issues on sustainable energy and water use, American Banker reports, citing Ed Skyler, Citi's vice president for global public affairs.

* 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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