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Federal Reserve Chairman Jerome Powell says the agency is closely monitoring leveraged lending risks, but suggests further regulations on banks aren’t warranted.

Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea.

Digital currency plans spark concerns from global financial regulators and U.S. legislators; departures continue as two top dealmakers seem ready to leave.

House Financial Services Committee Chairwoman Maxine Waters and Rep. Patrick McHenry, the top GOP panel member, said Facebook must testify about Project Libra.

Many people still distrust banks, but many also look askance at the social media giant, making it an unlikely savior of the unbanked.

Facebook's Libra project didn't come from nowhere. The social network has a long history of experimenting with digital payments, and launched a separate (and ill-fated) digital currency a decade ago.

Facebook is focusing the initial discussions around its cryptocurrency project as a preemptive strike against the privacy and legal concerns the public and politicians have about the huge social network.

Facebook unveiled plans for a new cryptocurrency that the social-media giant hopes will one day trade on a global scale much like the U.S. dollar.

The company will create a regulated subsidiary offering a digital wallet; San Francisco Fed wants CRA credit for loans that help prepare for climate change.

Facebook's Libra, or GlobalCoin, will be cryptocurrency's largest test — fueled by a collection of huge investors that will determine if mainstream merchants and consumers will actually use a payment system featuring an alternative currency.