H&R Block looks to sell banking unit

Shares of H&R Block were up close to 2 percent despite a steep sell-off of the broader markets Friday as investors cheered the sale of its banking unit to BofI Federal Bank, enabling the tax preparer to free up resources for core operations.

Fox Business reports the sale would generate excess capital of up to $250 million for H&R Block.

It also would allow the company to escape Federal Reserve oversight.

Read more from Fox Business.