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Wayne-Kent A. Bradshaw will be chairman of the combined bank. Photo: Katie Falkenberg/Los Angeles Times via Getty Images

The merger of L.A.'s Broadway Federal Bank and Washington's City First Bank, announced Wednesday, "will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion," reports the New York Times.

Why it matters: Both banks "are Community Development Financial Institutions, which are lenders that focus on low- and moderate-income areas and typically serve minority borrowers and entrepreneurs who lack the assets to get traditional loans."

Go deeper

Nov 17, 2020 - World

Palestinians to resume coordination with Israel following Biden's win

Biden with Abbas in 2010. Photo: Thaer Ganaim/PPO via Getty Images

The Palestinian Authority announced today it will renew security and civilian coordination with Israel after a six month standoff triggered by Israeli Prime Minister Benjamin Netanyahu's vow to annex parts of the West Bank.

Why it matters: The Palestinian decision is a goodwill sign following Joe Biden's election victory, and it's also an economic imperative because of the deep financial crisis in the West Bank.

56 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.