Italian bankers in the 13th and 14th centuries played a pivotal role in developing financial instruments that allowed them to circumvent religious usury laws that prohibited charging interest on loans. During this time, Italian city-states like Florence, Venice, and Genoa became financial hubs, and merchants and bankers needed ways to make money from lending without explicitly violating religious prohibitions on usury (the practice of charging interest on loans). The solution was to create financial instruments that effectively allowed them to charge interest without doing so directly. One of these innovations was the mortgage, as you mentioned. The concept involved selling property to a lender and then leasing it back from them. This allowed the lender to earn money from the transaction indirectly, as the borrower would pay regular rent or lease payments, which could functionally act as a form of interest. In this way, bankers could still profit from the loan, while technically not violating the letter of the usury laws. Other financial innovations from Italian bankers included the bill of exchange (which allowed for the transfer of money between different places), and letters of credit, which were used to facilitate trade and guarantee payment without requiring physical currency to change hands. These innovations laid the groundwork for modern financial systems, helping banking and credit systems evolve into what we know today. The Medici family was indeed one of the most prominent banking families in Italy during the 13th and 14th centuries and played a significant role in the development of financial instruments. The Medici Bank, founded by Giovanni di Bicci de’ Medici in 1397, became one of the most powerful and influential banks in Europe during the Renaissance. While the Medici family certainly advanced banking practices and financial innovations, such as letters of credit, bills of exchange, and more sophisticated methods of financing, it’s important to note that the Medici were not the only ones innovating. Other Italian banking families, such as the Pazzi, Bardi, and Peruzzi, were also instrumental in developing banking systems during the medieval period. However, it was the Medici who truly revolutionized the banking industry. They helped introduce the double entry bookkeeping system, which is still used in accounting today, and they were key players in making mortgages and other forms of credit more widespread. Their influence, combined with their wealth and political connections, contributed to the eventual shift in how finance was conducted in Europe. Several members of the Medici family became Catholic Popes. The most notable ones were: 1. Pope Leo X (Giovanni di Lorenzo de’ Medici, 1475–1521) – He was the second son of Lorenzo de’ Medici, “Lorenzo the Magnificent.” Leo X served as pope from 1513 until his death in 1521. His papacy was marked by lavish spending, patronage of the arts, and his role in the early stages of the Protestant Reformation. 2. Pope Clement VII (Giulio di Giuliano de’ Medici, 1478–1534) – He was the illegitimate son of Giuliano de’ Medici, Lorenzo the Magnificent’s brother. Clement VII became pope in 1523. His papacy was turbulent, including the Sack of Rome in 1527 and conflicts with Emperor Charles V. 3. Pope Leo XI (Alessandro de’ Medici, 1535–1605) – Although he was briefly pope for just 27 days in 1605, Leo XI was another Medici who ascended to the papacy, marking a notable, though short, tenure. The Medici family was highly influential in both political and religious spheres during the Renaissance, and their ties to the papacy significantly strengthened their power.