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Square Financial Services to Service and Originate Cash App Borrow Loans | PYMNTS.com

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Square Financial Services to Service and Originate Cash App Borrow Loans | PYMNTS.com

Block said Thursday (March 13) that its industrial bank, Square Financial Services (SFS), received approval from the Federal Deposit Insurance Corp. (FDIC) to offer the company’s consumer loan product Cash App Borrow.

SFS will begin servicing and originating Cash App Borrow loans nationwide in the coming weeks, replacing Block’s current external bank partner, Block said in a Thursday press release.

Cash App Borrow provides small, short-term consumer loans — typically less than $100 and about one month in duration — to Cash App customers in a simple and accessible way that includes making payments within Cash App, according to the release.

The short-term credit product saw nearly $9 billion in originations in 2024 offered by Block through its external bank partner. Most customers pay on time, and the product’s historic loss rates are under 3%, the release said.

SFS will continue to offer business loans through Square Loans and interest-bearing business savings accounts through Square Savings, per the release.

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“Across Block we’re focused on building technology to increase access to the economy, and Square Financial Services is a critical tool in helping us deliver on that,” Amrita Ahuja, chief operating officer and chief financial officer of Block and executive chairwoman of the board of directors for SFS, said in the release. “The bank allows us to provide a clear path to cash flow using our proven underwriting mechanisms for businesses and now consumers who are not well served by the traditional banking and credit systems.”

Block executives said during a Feb. 20 earnings call that the company plans to continue doubling down on traditional banking territory in the year ahead, as it did for much of the past fiscal year.

For example, executives pointed to Cash App’s continuing evolution that has included the addition of an expanded suite of banking features including high-yield savings, paycheck allocation to investments and free tax filing. They noted that Cash App Borrow’s nearly $9 billion in originations demonstrates strong demand for micro-lending services.

In a shareholder letter, Block said: “Our goal is to make Cash App the top provider of banking services to households in the United States that earn up to $150,000 per year.”

Finance

ATI Promotes Longtime Leader to CFO and SVP of Finance

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ATI Promotes Longtime Leader to CFO and SVP of Finance

ATI Inc., a Dallas-based manufacturer of high-performance materials for the aerospace and defense industries, announced that James Robert “Rob” Foster will be promoted to senior vice president of finance and chief financial officer, effective January 1, 2026.

Foster succeeds Don Newman, who will serve as strategic advisor to the CEO beginning January 1. As previously announced, Newman will retire on March 1, 2026, and serve in an advisory capacity in that time to allow for a smooth transition.

“Rob is a proven P&L leader with enterprise-wide experience in the areas that matter most to ATI’s continued growth,” Kim Fields, president and CEO, said in a statement. “He brings deep expertise not only in finance but also as an operational leader. Rob played a pivotal role in the successful Specialty Rolled Products transformation, consistently helping ATI to deliver strong returns and shareholder value. I look forward to partnering with him as we enter our next phase of profitable growth.”

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Foster, a longtime ATI leader, brings both operational expertise and financial discipline to the CFO role, the company said. He most recently served as president of ATI’s specialty alloys & components business, where he improved efficiency, grew capacity, and advanced the company’s role as a global leader in exotic alloys. Foster previously served as vice president of Finance, Supply Chain, and Capital Projects, overseeing ATI’s global finance organization, capital deployment processes, and enterprise supply chain performance. Earlier in his career, he led Finance for both ATI operating segments and the Forged Products business.

“I’m honored to become ATI’s next CFO,” said Foster. “ATI is well-positioned with a strong balance sheet, focused strategy, and significant opportunities ahead. I look forward to working with our team to drive disciplined investment, operational excellence, and long-term value creation for our shareholders.”

Newman added, “Rob is an exceptional leader who understands ATI’s strategy, operations, and financial drivers. He has delivered transformative results across the organization. I look forward to supporting a seamless transition as we pursue this next step in our succession planning.”

Before joining ATI in 2012, Foster held senior finance roles at API Technologies Corp. and Spectrum Control Inc., where he led ERP implementations, acquisition integrations, and internal control enhancements. He began his career as an auditor at Ernst & Young (EY).

ATI produces high-performance materials and solutions for the global aerospace and defense markets, and critical applications in electronics, medical, and specialty energy. 

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R E A D   N E X T

  • The company said Keith Schroeder brings more than 40 years of experience in accounting, corporate control and reporting, finance, operations, and CEO and CFO strategic roles.

  • James Cook announced his retirement after 24 years of service and will officially retire on June 30. James Gilligan will take his new post, effective June 16.

  • Anthony DiSilvestro joins KDP at a pivotal moment as it moves to close its $18 billion acquisition of Netherlands-based JDE Peet’s. His “significant” M&A experience will advance the combined company’s integration and its ultimate split into two “winning companies,” CEO Tim Cofer said.

  • Donna Guy brings more than 25 years of experience in financial leadership across public and private companies to her new position. 

  • Last week, Irving-based Caterpillar marked its 100th anniversary year with celebrations throughout the U.S. commemorating “a monumental moment” in the company’s history. The company officially turns 100 on April 15, marking a century of “customer-centric innovation and industry-leading transformation”

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Abu Dhabi seeks to build bridge between new media & finance – The Times of India

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Abu Dhabi seeks to build bridge between new media & finance – The Times of India

ABU DHABI: Instead of waiting for the future of media, Abu Dhabi is building it. The city played host this week to leading names from media and entertainment industries at the Bridge Summit, aptly named for seeking to position the emirate at the intersection between new-age media, innovation and investment.The three-day event at Abu Dhabi National Exhibition Centre from Dec 8 to 10 buzzed with energy, new ideas, collaborations and MoU deals as thousands of content creators, media brands, communicators, tech developers, AI innovators, investors and academics — who have been working in isolation — converged to brainstorm ideas, analyse future trends in the media industry and discuss ways to monetise them. How to get around the associated risks of privacy violation, fake news and narratives, defamatory content and online harassment were a natural corollary to the discussions.The idea of Bridge Summit originated at a lunch meeting in Abu Dhabi earlier this year between Sheikh Abdulla Bin Mohammed Bin Butti Al Hamed, chairman of UAE National Media Office, and Richard Attias, the Moroccan events producer associated with the Clinton Global Initiative, Nobel Laureates Conference and Davos Forum. The two discussed how UAE could give media, creators, tech innovators, social media outlets and investors a platform to connect and build the future of media. Eight months later, that dream turned into reality with Bridge Summit.Al Hamed, in his opening address, outlined Bridge Summit’s mission to unite media, technology, finance, and culture in building a more trusted, inclusive, and resilient information order.Speaking to TOI on the sidelines of the summit, Jamal Mohammed Obaid Al Kaabi, DG, UAE National Media Office and Bridge Alliance vice-chairman, said the forum seeks to secure a win-win situation for all, be it govts, media, content creators, social media platforms, gamers, investors and technology providers. “We are trying to help everyone — those who have a story to reach production, a company to reach a customer and govts to understand what’s happening in the market”.He added: “We believe that Bridge can be the brand that people will trust and look at in the future. We can connect it with media initiatives around the world. We believe that positive narrative can be supported through Bridge”.The global media and entertainment industry generated over $2.8 trillion last year, with gaming alone rivaling film and television at nearly $200 billion. Streaming continues to reshape consumption, while nearly 70% of content creators are already using AI tools.Rubbing shoulders at the summit were former heads of state, journalists, representatives of social media platforms, AI innovators, gaming developers, entrepreneurs and media influencers from across the globe; actors Priyanka Chopra Jonas and Idris Elba and footballer Gerard Pique lent it star power.Over three days of fireside chats, panel discussions, workshops and MoU signing, content creators and influencers took lessons from experts and peers on how to tell their stories better and hold their audience’s attention till the last frame.With artificial intelligence (AI) tools revolutionising the media space and content creation industry, engagements delved into how to maintain a judicious balance between human intelligence and artificial intelligence while tailoring content to suit users’ preferences and attention span.Sessions reflected on how the traditional print and TV journalism is being rapidly taken over by digital news content. Justin Smith, CEO of independent global news company Semafor, predicted that human journalist will continue to be relevant as the primary resource for original information, but must learn to harness the power of AI to add value. Richard Attias, who is on the Bridge board of directors, had a word of caution: “Human intelligence needs to always challenge artificial intelligence. We should not be losing the control of AI, which is like a robot”.According to UK journalist and broadcaster Emily Maitlis, agenda-based journalism is inevitable in the age of social media as one with a louder voice and reach, who can put out his version of the story more convincingly, tends to control the narrative. Adeline Hulin, chief of media and information literacy unit at Unesco, revealed that a global survey had found that 62% users don’t do any fact-checking before forwarding information online; most content creators are unaware of the international standards of freedom of expression; and just 20% users report hate speech. “Unesco has developed a global curriculum for media information literacy. We are working to integrate it with formal education and getting local partners to organise hackathons,” she said.Former deputy PM of UK Oliver Dowden advocated industry-led responsibility over sweeping regulation, saying there should be “clear guardrails” as creator content becomes the primary source of information for young audiences.Al Kaabi said Bridge Summit is just the beginning and “pop up” events will be held each coming quarter across America, Asia, Europe and Africa. “We want to hold a mini-Bridge in India. Also, there shall be more of Bollywood, not just Priyanka, at the next edition of the summit here,” he said.(The writer was in Abu Dhabi at the invitation of Bridge Alliance)

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Supreme Court case could reshape campaign finance — and open new money pathways into Georgia’s biggest races

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Supreme Court case could reshape campaign finance — and open new money pathways into Georgia’s biggest races

A major Supreme Court case could upend how money flows into federal elections, and Georgia may feel the first impact.

Republican Party committees are asking the Court to strike down a longstanding limit on how much political parties can coordinate their spending with candidates. If the justices side with them, experts say it would create new pathways for wealthy donors to steer massive checks into individual battleground races — including in Georgia, one of the country’s most competitive political states.

“It would open the floodgates for the biggest donors across the country to funnel money through the parties into specific Senate or House races,” said Eric Petry, counsel at the Brennan Center for Justice. “That problem would get even worse in places like Georgia.” 

The Supreme Court heard arguments this week.

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What’s at stake: millions in earmarked political spending

Under current federal rules, parties can assist their candidates but only up to capped limits designed to prevent corruption and donor influence.

If those caps disappear, Petry says a single donor could write a check for over $1 million and effectively tell a national party to direct it toward a specific candidate.

“That poses really significant corruption risks,” he said. 

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Critics warn that political parties could become conduits for wealthy funders seeking to maximize influence in targeted states, especially fast-changing battlegrounds like Georgia.

Georgia voter voting — I Voted sticker

“Georgia Voter” stickers at an early voting polling location for the 2020 presidential election in Atlanta, Georgia, on Monday, October 12, 2020.

Elijah Nouvelage/Bloomberg via Getty Images


Why Georgia could become ground zero

Georgia’s U.S. Senate races routinely draw national attention and tens of millions of dollars in outside spending. Metro Atlanta’s rapid political shifts — and fierce competition statewide — make the state an attractive target for national donors.

Already, Georgia saw historic spending in judicial elections last year, with outside groups pouring money into state Supreme Court contests. Weakening federal guardrails could accelerate that trend.

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“We already see big donors funneling tens or hundreds of millions into Super PACs,” Petry said. “If they can now funnel money through political parties — and have that money directly coordinate with candidates — that’s a very real concern.” 

Such a ruling could also intensify power struggles within Georgia politics. Secretary of State Brad Raffensperger recently criticized the state’s campaign laws, saying current limits give Lt. Gov. Burt Jones an advantage as both eye the 2026 governor’s race.

Though not weighing in on the Raffensperger dispute directly, Petry said candidates nationwide are “pushing the envelope” to find ways around weak or uneven finance rules, especially as federal regulators remain gridlocked. 

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A broader crisis of trust in elections

Public concern over the influence of money in politics has never been higher. Large bipartisan majorities — often 70% to 80% of Americans — say wealthy donors have too much sway over elected officials, according to polls cited in the Brennan Center analysis.

Petry said a sweeping deregulatory ruling from the Court could deepen that divide.

“If the biggest donors exert even more influence than they currently do, I would expect public confidence in the campaign finance system to continue to decrease,” he said. 

But paradoxically, he added, public frustration might also fuel a renewed push for reforms such as transparency rules or public financing. 

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Could Congress step in? Not anytime soon.

Even if the Court strikes down the limits, Petry says change isn’t likely to come quickly.

“Realistically, there’s not much chance of legislative action before the 2026 midterms,” he said. “Congress has shown that it doesn’t move quickly — if it moves at all — in this area.” 

He argues that the only long-term fix may be a constitutional amendment allowing lawmakers to fully regulate campaign spending — something the Brennan Center says has broad public support.

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A ruling that could rival Citizens United

If the justices side with the challengers, legal experts say it could become the most consequential campaign finance ruling since Citizens United, the 2010 decision that unleashed unlimited outside spending.

For Georgia — where elections are increasingly decided by razor-thin margins — the consequences could be immediate and far-reaching.

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