H&R Block Delays Bank Sale as Regulatory Snags Persist

By Paul Davis February 13, 2015, 10:59 a.m. EST 1 Min Read

H&R Block in Kansas City, Mo., and BofI Holding in San Diego have pushed back the closing date for transferring ownership of H&R Block Bank.

H&R Block disclosed in a regulatory filing Friday that the closing date had been extended to June 30 from April 30. The company also pushed back the deadline for either company to terminate the deal to July 31 from May 31.

The deal was announced last April, but the companies warned six month later that they would not receive regulatory approval in 2014. In addition to buying H&R Block Bank, BofI agreed to serve as the bank for the tax-preparation company's financial services products, including prepaid debit and credit cards.

H&R Block originally agreed to sell its Kansas City bank to Republic Bancorp in July 2013, but the deal collapsed three months later because of regulators' apparent concerns about the mixing of banking and tax-refund processing.

For reprint and licensing requests for this article, click here.

Consumer banking

Community banking

MORE FROM AMERICAN BANKER

Politics and policy

'We lean optimistic': Bankers hope election outcome will boost loan growth

Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.

By Catherine Leffert

November 4
Payments

How one industry group is challenging the CFPB's BNPL rule

The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.

By Joey Pizzolato

November 4
Election 2024

Election could mean new leaders for key Congressional committees

Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.

By Caitlin Devitt

November 4
Customer experience

'Like qualitative research without having to pay': A bank's guide to Reddit

Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.

By Miriam Cross

November 4
Federal Reserve

Senate Democrats call for another half-point Fed rate cut

Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.

By Kyle Campbell

November 4
Community banking

Community banks hire, promote top executives in October

Multiple lenders filled leadership roles across the country, including National Bankshares in Virginia, while Peoples Financial in Pennsylvania said its CEO would step down.

By Jim Dobbs

November 4