Task force renews call for Postal Service bank | Discover commits $5M to helping Black restaurant owners | Digital payments surge lifts Square to record high
July 9, 2020
FCS's SmartBrief
News for marketers, creatives and communications professionals in financial services
Top Story
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.
Full Story: The Hill (7/8) 
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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
Financial Brand News
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.
Full Story: Forbes (7/6) 
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Digital payments surge lifts Square to record high
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.
Full Story: The Wall Street Journal (tiered subscription model) (7/6) 
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Digital Banking & Marketing Trends
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.
Full Story: Financial Times (subscription required) (7/6) 
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OCC's Brooks quickly advancing fintech agenda
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.
Full Story: Morning Consult (7/6) 
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Industry Pulse
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.
Full Story: American Banker online (free content) (7/7) 
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Media & Technology Trends
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.
Full Story: The Trade (UK) (7/7) 
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Marketing Strategy
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.
Full Story: MediaPost Communications (7/6) 
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Music is an experience, not a science.
Ennio Morricone,
composer, orchestrator, conductor
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