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Inventors at Bank of America kept originating ideas, leading to a record-setting first half of the year, even while continuing to work from home.

Winston has previously served as interim CEO of Bed, Bath & Beyond and as chief financial officer at Family Dollar Stores and Scholastic.

The agency's new platform can reach a decision on Paycheck Protection Program loan reimbursement in minutes and has handled hundreds of thousands of applications since its Aug. 4 debut. The original process required a lengthy form.

The agency signaled during the Trump administration that it would approve more industrial loan companies following an extended freeze in new charters due to policy disputes. But the thaw will likely prove temporary now that the board's makeup has changed.

In combining with the special-purpose acquisition company InterPrivate III Financial Partners, the fintech says it will have more than $400 million to pour into marketing campaigns and invest in new technology.

The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

The home purchase target for Fannie Mae and Freddie Mac would set a new 10% benchmark for qualified single-family lending in census tracts that meet certain demographic and income targets.

The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.

Fannie Mae should be applauded for allowing lenders to take rent payments into account when underwriting home loans. But lenders will need to embrace other credit scoring models if they hope to turn more renters into buyers.