Transportation and clean-energy upgrades could create significant new lending opportunities, but some observers fear the government will foot the bill through a special tax on banks and other financial firms.
Opportunity Financial, which offers consumer installment loans in partnership with banks, is merging with FG New America Acquisition Corp., a special-purpose acquisition corporation. The deal is expected to close in the second quarter.
The trust bank and the credit card company said they'll make it easier for customers to use cryptocurrencies. The announcements contributed to another jump in the price of the largest digital asset.
Federal Reserve Chair Jerome Powell says he has nothing but affection for his work, suggesting that the 68-year-old central banker could be open to a second term if asked.
Economist Lisa Cook has the backing of several key White House officials and allies outside the administration as a possible choice for President Joe Biden in filling a vacancy on the Federal Reserve Board of Governors, according to people familiar with the matter.
Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.
The company plans to accept digital currencies on its network sometime this year; Citi’s incoming CEO will rely on her international experience to try to fix the bank’s problems.
