Organization Root Tag

Regulators and the Biden administration are considering how to respond to the sharp growth in digital assets pegged to fiat currency. Their options include establishing rules like those for bank deposits and having the Federal Reserve issue a digital dollar that competes with private-sector stablecoins.

David Marcus, Facebook's financial services chief, discusses how its Novi digital wallet and the Diem stablecoin project it's involved in can be the backbone of a platform that offers real-time digital transactions, acts as a merchant acquirer and helps commercial banks handle central bank digital currencies.

Mary Daly called for new partnerships among fintechs, banks and community groups aimed at improving long-standing inequities in the financial system.

The U.S.’s measured approach will allow it to learn from other countries that are pioneering their own cryptocurrencies, according to executives from IBM, R3 and Public Mint.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

The more stringent safety measures, announced to staff on Tuesday, signal escalating caution at Goldman, which greeted the return of employees in June with live music and food trucks.

JPMorgan Chase executed a novel trade-finance transaction tied to the CME Group’s forward rates for the Secured Overnight Financing Rate, marking an advancement in the use of the Libor replacement.

The Federal Reserve has been circumspect about whether it will issue its own digital currency. Observers are looking to an upcoming report by the central bank for clarity about its intentions and how a digital dollar would work with private stablecoins.

Carol Juel, the bank's tech and operations chief, is pushing the use of agile concepts across the organization. Here's how her efforts are paying off in developing new products, speeding up team meetings and even helping employees schedule their kids' activities.

The IRS and Justice Department waged a successful campaign to crack down on UBS and other Swiss banks for facilitating tax evasion. Coinbase, Kraken and other crypto exchanges should take note.

The regional Fed bank said it was making the move “due to the recently elevated COVID-19 health risk level in Teton County, Wyoming.”

The bank, which helped launch the real-time network for peer-to-peer payments, is trying to duplicate that success by helping corporate clients process certain transactions instantly with wholesale partners and, in some cases, retail customers.

Critics of consolidation say the Federal Reserve and other agencies are too quick to greenlight bank deals. But the truth is banks face many hurdles to merger approval, and they don’t bother to apply — or take a hint and withdraw their applications — if they can’t clear them all.

The move means companies can give consumers options other than ACH transactions or debit cards to receive disbursements for insurance claims, health care or gig work.

The Biden administration will soon face tough decisions on whether to renominate Jerome Powell as Federal Reserve chair and whom to select for vice chair of supervision and other posts.

Victor Ngo, 33, has pleaded guilty to making a false statement to JPMorgan Chase when he said his medical marijuana dispensary was a wellness and fitness company.

The agency's new platform can reach a decision on Paycheck Protection Program loan reimbursement in minutes and has handled hundreds of thousands of applications since its Aug. 4 debut. The original process required a lengthy form.

The agency signaled during the Trump administration that it would approve more industrial loan companies following an extended freeze in new charters due to policy disputes. But the thaw will likely prove temporary now that the board's makeup has changed.

The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.

The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.