Economy

During the past year we’ve seen some ingenious, innovative solutions addressing financial inclusion, and that will need to continue, says GPS CFO Richard Hodgson.

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.

The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

A slower-than-expected rollout of the COVID-19 vaccines and the threat of social unrest after the Jan. 6 riot at the U.S. Capitol could threaten the recovery, according to an American Bankers Association panel.

The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell.

U.S. economic activity increased modestly at the end of 2020 while hiring slowed amid resurgent infections and new restrictions, even as vaccinations got underway, the Federal Reserve said.

Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.

Organizers of First Bank of Central Ohio will need to raise $20 million before it opens.

A new path forward for digital banks and their customers.

President-elect Joe Biden picked California official Isabel Casillas Guzman to lead the Small Business Administration, according to people familiar with the decision.