China Evergrande Group has announced the sale of a $1.5 billion stake in Shengjing Bank to state-owned asset managers. According to the terms of the sale, it remains unclear whether the proceeds can be used to make an interest rate payment to offshore bond investors due on Wednesday.

Navient, which services some 6 million student loan accounts, has requested to end its servicing contract with the federal government. Navient is seeking to transfer its servicing accounts to Maximus.

Nearly 70% of millionaires in the millennial age group say they use the services of a robo-advisor, according to a survey by market research and benchmarking firm Hearts & Wallets. Overall, the number of robo-advisor users rose 20% in 2020, with Robinhood making the most headway into the market.

Mastercard has entered the buy now, pay later market with the launch of Mastercard Installments. Mastercard will roll out the product in the first quarter with lenders including Barclays, SoFi and Synchrony lined up to offer installment loans through the program.

A joint report by the Associated Press and PBS's Frontline says Andrew Anglin, a white nationalism proponent with a history of advocating far-right conspiracy theories, is financing his activities via donations in cryptocurrencies while also making millions for himself. As crypto movements are harder to track and remain outside authorities' jurisdictions, Anglin has attracted at least $4.8 million worth of bitcoin, according to the report, which claims that other far-right groups likely use the same strategy.

The Securities and Exchange Commission has charged two traders with collecting more than $1 million in stock exchange rebates through the outlawed practice of wash trading. The SEC alleges that the men devised the scam after hearing a chance remark by Robinhood Markets CEO Vlad Tenev when he told a Congressional hearing that Robinhood did not pass "taker" fees on to clients, which prompted them to collect the "maker" rebates from the exchanges.

The Biden administration's proposal to require banks to share customers' transaction information with the Internal Revenue Service would be a "horrendous policy" that has not been studied or properly debated by lawmakers, CBA President and CEO Richard Hunt said. A relationship between consumers and banks is a "sacred bond" that's built on trust, Hunt said, adding, "it needs to be stopped immediately."

JPMorgan Chase is investing $60 million in various minority-led banks and community development financial institutions across the US. The move comes in addition to the $40 million it invested in four Black-owned banks in February.

The Biden administration has reportedly begun circulating draft proposals for revamping a range of policies related to student lending. The Education Department has reportedly formed a rulemaking panel that will meet in the coming months to discuss plans.

Saule Omarova, nominee to head the Office of the Comptroller of the Currency, said in a 2020 Cornell research paper that the Federal Reserve should handle all banking transactions, a move that she wrote would "end banking as we know it." Under Omarova's proposal, all deposits would be routed to the Fed and the use of FedAccounts would replace checking accounts.