Search Results for "DOJ"
4 results for "DOJ"
Deals 4
FDIC, OCC, and DOJ Finalize Stricter Bank Merger Review Policies
U.S. federal regulators including the FDIC, OCC, and DOJ finalized updated bank merger review policies on September 17, 2024, increasing scrutiny for deals involving insured depository institutions. The changes have significant implications for bank-fintech M&A transactions and BaaS partnerships, as acquirers of fintech or nonbank firms face heightened review requirements. The updated framework adds broader jurisdictional reach and more extensive application data requirements.
Visa and Plaid Terminate $5.3 Billion Merger After DOJ Challenge
Visa and Plaid mutually terminated their $5.3 billion acquisition agreement on January 12, 2021, following a U.S. Department of Justice antitrust lawsuit. The DOJ had challenged the deal over concerns about competition in online debit services and data aggregation. Plaid, which connects fintech apps to over 11,000 U.S. financial institutions, chose to pursue independent growth amid surging demand.
DOJ Sues to Block Visa's $5.3B Acquisition of Fintech Plaid
The U.S. Department of Justice filed an antitrust lawsuit to block Visa's $5.3 billion proposed acquisition of Plaid. The DOJ argued the deal would allow Visa to monopolize online debit payment rails and eliminate a nascent competitor. Plaid connects consumer bank accounts to fintech apps like Venmo and is central to the embedded finance ecosystem.
Visa Announces $5.3B Acquisition of Plaid
Visa announced a $5.3 billion acquisition of fintech data connectivity platform Plaid. Plaid enables consumers to connect their bank accounts to fintech applications, making it a critical piece of embedded finance infrastructure. The deal was later terminated in January 2021 due to a DOJ antitrust lawsuit.