Finance

Large U.S. banks are directing their venture capital dollars to fintechs in capital markets, wealth management and "future-proofing."

The economy is poised to rebound, meaning loan demand and hiring will pick up, some observers say. Others argue that banks have plenty of reasons to cut jobs given industry consolidation, the growth of digital banking and expectations that low interest rates will persist.

The Texas-based institution is the third credit union to be taken over by regulators this year.

Fresh off the heels of a $180 million fundraiser in January, Citi Ventures-backed PPRO raised an additional $90 million in new investments in its latest equity round.

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.

Truist Financial's venture capital division led the Series A funding round for Greenwood, a platform aimed at Black and Latino customers. Other investors include Bank of America, Citigroup, Mastercard and Visa.

Treasury Secretary Janet Yellen said she prefers to have the Financial Stability Oversight Council flag hazardous activities by nonbanks rather than subject specific firms to heightened supervision.

The tennis legend will also serve as a strategic adviser on gender equality issues and First Women's Bank, which will be mostly owned and run by women.

Capital One Financial led a $170 million investment in the startup Hopper as the financial giant seeks to make a deeper push into travel.

The Arlington-based institution made gains across several metrics in 2020, including loan growth of 22%, driven in part by the mortgage refi boom.