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.
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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.
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.