Photo by Jared C. Tilton/Getty Images

Private equity firms Apollo Global Management and Värde Partners have agreed to acquire a 40.5% stake in OneMain Financial, the Indiana-based subprime lender spun off by Citigroup after the financial crisis, from Fortress Investment Group. No financial terms were disclosed, but earlier press reports suggested a sale price of between $1.5 billion and $2 billion.

Why it matters: OneMain is one of the shadow banking world's biggest players, having provided auto and other sorts of personal loans to millions of customers through more than 1,600 branches in 44 states.

Deal context: OneMain had initially sought a buyer for the entire company, but didn't find adequate takers. This deal provides an exit for Fortress, which perhaps was looking to shed some assets tied to its own acquisition by SoftBank (which closed last week).

Bottom line: "For Apollo, the deal represents a way to own a big chunk of OneMain without engaging in a full leveraged buyout, given that the company is already saddled with more than $14 billion in long-term debt." — Greg Roumeliotis, Reuters

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McConnell: Senate has "more than sufficient time" to process Supreme Court nomination

Senate Majority Leader Mitch McConnell (R-Ky.) said in a floor speech Monday that the chamber has "more than sufficient time" to confirm a replacement for Supreme Court Justice Ruth Bader Ginsburg before the election, and accused Democrats of preparing "an even more appalling sequel" to the fight over Brett Kavanaugh's confirmation.

Why it matters: Senate Minority Leader Chuck Schumer (D-N.Y.) has said "nothing is off the table next year" if Republicans push ahead with the confirmation vote before November, vowing alongside Rep. Alexandria Ocasio-Cortez (D-N.Y.) to use "every procedural tool available to us to ensure that we buy ourselves the time necessary."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 p.m. ET: 31,120,980 — Total deaths: 961,656— Total recoveries: 21,287,328Map.
  2. U.S.: Total confirmed cases as of 1:30 p.m. ET: 6,819,651 — Total deaths: 199,606 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Politics: House Democrats file legislation to fund government through Dec. 11.
  5. Business: Unemployment concerns are growing.
  6. World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

House Democrats file legislation to fund government through Dec. 11

House Speaker Nancy Pelosi (D-Calif.). Photo: Chip Somodevilla/Getty Images

House Democrats on Monday released their proposal for short-term legislation to fund the government through December 11.

Why it matters: This is Congress' chief legislative focus before the election. They must pass a continuing resolution (CR) before midnight on Oct. 1 to avoid a government shutdown — something both Hill leaders and the White House have claimed is off the table.