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.
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.