Reproduced from S&P Global; Table: Axios Visuals

U.S. banks had a fantastic first quarter in terms of new deposits, with the top 50 banks adding nearly $2 trillion of assets, more than 10 times the average quarterly increase for the entire banking sector.

What happened: The 50 largest U.S. banks added $1.853 trillion in assets during the first quarter, a report from S&P Global Market Intelligence shows.

  • That compares to an average of $142 billion in assets added each quarter dating back to 1999 and an average of $118 billion increase since 2009, according to an Axios analysis of banking data produced by the Fed.

Highlights: All but six of the 50 largest U.S. banks reported an increase in assets during the first quarter.

  • JPMorgan Chase, the country's largest bank by assets, reported a $452.05 billion increase in assets in the first quarter, which was larger than the total assets held at all but nine U.S. banks.
  • Bank of America, Citigroup and Wells Fargo reported increases of $185.88 billion, $268.61 billion and $53.79 billion, respectively.

Between the lines: A separate report from S&P earlier this week found that close to 1,000 credit unions reported a net loss in the first quarter.

  • "Specifically, 982 credit unions representing 18.5% of the industry lost money during this time period, up from 15% in the first quarter of 2019," S&P Global Market Intelligence noted in the report Tuesday.

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Felix Salmon, author of Capital
Sep 3, 2020 - Economy & Business

A second startup becomes a bank

Illustration: Annelise Capossela/Axios

You wait 10 years for the Office of the Comptroller of Currency to start approving bank charters for startup banks, and then two arrive in less than month.

Driving the news: Thursday morning, a quiet startup named Jiko announced that it had obtained a bank charter by acquiring its partner bank, Mid-Central National Bank of Minnesota.

The TikTok deal's for-show provisions and flimsy foundations

Illustration: Aïda Amer/Axios

The new deal to rescue TikTok from a threatened U.S. ban — full of provisions aimed at creating the temporary appearance of a presidential win — looks like a sort of Potemkin village agreement.

How it works: Potemkin villages were fake-storefront towns stood up to impress a visiting czar and dignitaries. When the visitors left, the stage set got struck.

  • Similarly, many elements of this plan look hastily erected and easily abandoned once the spotlight moves on.
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Over 3 million U.S. voters have already registered on social media

Illustration: Eniola Odetunde/Axios

An estimated 2.5 million+ Americans have registered to vote on Facebook, Instagram, and Messenger, Facebook announced Monday. More than 733,000 Americans have registered to vote so far via Snapchat.

Why it matters: The broad reach of social media platforms makes them uniquely effective at engaging voters — especially younger voters who may not know how to register to vote or be civically engaged.