Highlight of the Week
Fed, Treasury Disagreement Delayed Lending Plan
- The spat centered over the strictness of lending terms for the $600 billion Main Street Lending Program.
- The Treasury wanted more cautious terms, whereas the Fed wanted to be generous to the borrowers.
Coronavirus updates (as of Monday night)
- COVID-19 has registered 13.3 million cases and 576,409 deaths worldwide. There are over 7.7 million recovered cases.
- The US has accounted for over 3.48 million cases and has surpassed 138,000 deaths. The US has registered over 1.5 million recovered cases.
- Georgia has almost 121,000 cases and 3,026 deaths.
Fintech Disruptor SoFi Files for National Bank Charter
- SoFi, which focuses on providing student loan refinancing, mortgages, and personal loans, previously applied for a charter in 2017.
- This application comes on the heels of SoFi’s plans to acquire payments software company Galileo, which is used to power Robinhood and Chime.
New York City Reports Zero COVID-19 Deaths
- On July 11, the NYC Department of Health reported zero deaths due to the novel coronavirus. This was the first day since March 13 without a death or probably death. This feat comes amid surging cases nationwide, and Governor Andrew Cuomo has offered assistance and advice to states dealing with these spikes.