H&R Block To Sell Bank Assets, Exit Fed Oversight

Law360, New York (July 12, 2013, 2:01 PM EDT) -- U.S. tax service giant H&R Block Inc. will unload its bank assets to Republic Bank & Trust Co., including roughly $470 million in customer deposits, and exit the banking business to avoid new capital requirements under the Dodd-Frank Act, both companies announced Thursday.

Once the deal is completed, Kansas City-based H&R Block will shutter its banking division and relinquish its charter, effectively ending its regulation as a savings and loan company. The move was prompted by a provision of Dodd-Frank requiring savings and loan holding companies...
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