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U.S. Bank takes step to boost capital after MUFG Union Bank deal

American Banker

The Minneapolis company is issuing stock to the Japanese banking giant that previously owned MUFG Union Bank in order to repay part of a $3.5 The move will also boost a key capital ratio, which sagged after the deal was completed, but is expected to cut into U.S. billion obligation. Bancorp's earnings per share.

Capital 36
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U.S. Bancorp pledges $116 million to address racial inequality

American Banker

As part of its commitment, the Minneapolis company said it will provide $100 million in capital to African American owned and operated businesses and organizations.

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US Bank automates construction loan process

BankInovation

Bank Housing Capital Company, a division of U.S. The Minneapolis, Minn.-based Bank, went live today with an automated solution that allows it to better manage homebuilder construction loans. Already, the bank is thinking about expanding the tool to the broader commercial real estate platform.

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Some SMBs Switched Banks When PPP Loans Failed To Come Through

PYMNTS

needed financial help in April as the pandemic led to a loss of customers, founder Pavia Rosati turned to her bank, Capital One Financial Corp., But the New York consulting firm was on its own because Capital One wasn’t prepared to accept applications for the Paycheck Protection Program (PPP) when it launched. That was it.

New York 173
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BNPL Sezzle Raises $55M

PYMNTS

Minneapolis-based buy now, pay later (BNPL) firm Sezzle has raised $55 million in its latest capital round, according to a press release. The money came from a fully underwritten placement, the release states, and the firm was supported by existing and new CHESS Depositary Interest (CDI) holders.

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SoftBank Announces $100M Fund For Minority-Led Startups

PYMNTS

In a widely-reported letter to employees, Marcelo Claure , SoftBank’s chief operating officer, noted that the new Opportunity Growth Fund “will be the biggest fund providing capital to black Americans and people of color.”. “This is our opportunity to remove those barriers for a new generation of founders.” ”

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Kashkari Vs. Dimon For Battle Of The Bankers?

PYMNTS

As CNBC reported , Neel Kashkari, who serves as Minneapolis Fed president, is “taking on” Dimon, the financial arena’s “perhaps most well-known and powerful name,” in a spat over what Kashkari has called Dimon’s “demonstrably false” statements about financial firms. Yet Kashkari takes issue with that characterization.