Economy

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

In a book that was decades in the making, retired law professor Art Wilmarth tells the story of the Glass-Steagall Act — its origins, demise and aftermath. He also makes a case for restoring the separation between banks and securities firms, arguing that erecting such a barrier would reduce systemic risk and weaken the big banks’ political power.

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year.

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.

Transportation and clean-energy upgrades could create significant new lending opportunities, but some observers fear the government will foot the bill through a special tax on banks and other financial firms.

The trust bank and the credit card company said they'll make it easier for customers to use cryptocurrencies. The announcements contributed to another jump in the price of the largest digital asset.

Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.

Ken LaRoe, whose First Green Bancorp was sold a few years ago, is seeking approval for a de novo called Climate First Bank that would cater to low-income communities hurt by climate change and favor ecology-minded tech vendors.

The Jackson, Miss.-based credit union is part of an alliance that also includes the megabank, seven cities and nine historically Black colleges and universities, and aims to provide investments of up to $130 million to help stabilize businesses and communities hit hard by the pandemic.