Task force renews call for Postal Service bank | Discover commits $5M to helping Black restaurant owners | Digital payments surge lifts Square to record high
A public bank run by the Federal Reserve and the US Postal Service is part of a plan introduced by the Unity Task Force, a Democratic group created by presidential candidate Joe Biden and Sen. Bernie Sanders, I-Vt. The task force is also calling for the Consumer Financial Protection Bureau to create a credit reporting bureau that would be used for federal loan applications.
Is the Storm Behind Us? What Next? Now more than ever, modern partnerships are transforming the way businesses work together to succeed in today's community-based consumer ecosystem. Join partnership leaders from Uber and fuboTV for a candid discussion on July 14th about where the storm has taken us, where we might be going next — and how to weather it, no matter what. Register today
Discover has launched the #EatItForward initiative, a campaign that will grant $25,000 awards to 200 restaurants that are at least 50% Black-owned. People are invited to nominate their favorite establishment via Twitter, Instagram or Facebook now through October 31.
Shares in Square have reached a record high of $118.97 with a weekly rise of 15%. The payments firm has benefited greatly from the coronavirus lockdowns, with transaction volumes on its peer-to-peer payment platform rising threefold between March and April.
Financial-technology executives say they fear the sector faces a regulatory crackdown after the collapse of Wirecard. A European lawmaker has called for an inquiry into the matter.
Acting Comptroller of the Currency Brian Brooks said he expects to clarify a rule that determines if a bank or a fintech is the "true lender" on a loan in about two weeks, a change that could have major implications for fintechs. Brooks is also supporting a policy that would create a pathway to a bank charter for fintechs.
The Consumer Financial Protection Bureau eased restrictions on small-dollar lending, a move that will help banks offer loans of less than $2,500 to consumers. "This new rule will prevent more Americans from turning to less consumer-friendly alternatives to fund their short-term liquidity needs," said Richard Hunt, president and CEO of the Consumer Bankers Association.
Deutsche Bank and Google have planned a multiyear contract for cloud computing services to modernize the bank's IT function and boost its client offering. "This cooperation with Google Cloud is a significant step forward for our technology strategy and will transform the way we produce and deliver our client services," said Deutsche Bank technology chief Bernd Leukert.
A Gartner survey of chief marketing officers found that 78% of respondents expect to increase their digital ad budgets next year, with most planning to boost their spend on social (78%), mobile and websites (71% each), paid search (64%) and email marketing (63%). During 2020, 13.5% of respondents increased digital advertising on platforms such as Amazon and YouTube.
