September 22, 2020 Weekly Report

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Highlight of the Week

Banks prepare for a near-zero rate environment for the foreseeable future

  • The Federal Reserve has committed to continue bolstering the economy by keeping rates at near zero until at least 2023.
  • The central bank will also continue its purchase of Treasuries and mortgage-backed securities in efforts to provide some stability as markets recover.
  • Banks have lowered their net lending forecasts for 2020 as the low rate environment continues to slash interest profits.

Rate Curves

Screenshot 2020 09 22 124441

Rapid Report:

Abelian Brand Mark

Banks, Neo-Banks, and FinTech

  • Fundraising has picked up for digital banking platforms as the pandemic accelerates the digitalization of finance.
  • Chime surpasses Robinhood as the most valuable fintech firm with a $14.5B valuation.
  • Truist launches its corporate venture capital division. As its inaugural deal, Truist Ventures led the latest round of funding to payment network Veem, raising a total of $31M in capital.

Trailblazers Remembered, A Legacy Like No Other; Voting

  • Ruth Bader Ginsburg was a true trailblazer. Beating all odds of being admitted and succeeding in Harvard law school, as well as being appointed to the Supreme Court was just the beginning of a life characterized by excellence. She championed for equality and opened doors for men and women alike. She will be remembered.
  • Today is National Voter Registration Day – please get registered and vote this upcoming November.
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September 15, 2020 Weekly Report
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September 29, 2020 Weekly Report

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