Mary Hines Droesch will oversee the strategy, design and management of lending and deposit products for retail and small-business customers of the bank.

The moves are part of a $30 billion pledge to advance racial equity that the megabank made following George Floyd's murder last year.

Using data aggregation subsidiary Finicity, the card network will allow its bank and credit union partners to offer installment loans directly to consumers, who can repay from checking and savings accounts.

The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.

Federal Reserve Bank of Dallas President Robert Kaplan cited his desire “to eliminate any distractions” at the central bank just hours after his Boston Fed counterpart, Eric Rosengren, said he will leave earlier than planned because of a health issue. They had engaged in stock transactions that drew criticism in light of their knowledge about the Fed's pandemic response.

The Consumer Financial Protection Bureau may investigate cryptocurrency providers for mistreating customers, but the agency’s supposed interest in the burgeoning sector is reviving a debate about the CFPB’s authority.