Policymaking

The FDIC sold the operations of City National Bank of New Jersey, a minority depository institution, to Industrial Bank in Washington, D.C., in the year's fourth bank closing.

Rep. Ayanna Pressley, D-Mass., has proposed requiring annual testimony by the heads of the U.S. "global systemically important" banks.

Concerns over banks’ level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit.

With the social media giant under heavy scrutiny for its cryptocurrency plan, the company's CEO plans to tell lawmakers that the Libra Association will take the lead.

The legislation, sponsored by Rep. Cindy Axne of Iowa, aims to hold public companies accountable for moving jobs overseas. It won unanimous support from House Democrats but attracted only two votes from Republicans.

The JPMorgan Chase CEO called Facebook's cryptocurrency project a "neat idea" but added his name to the list of industry leaders and policymakers skeptical about the plan.

The two agencies requested comment on the scorecard regulators use to assess a bank's overall health as some question whether ratings are consistently applied.

As some of Facebook's partners pull out of the Libra cyrptocurrency project, Sen. Mike Rounds, R-S.D., encouraged a company located in his state to remain involved.

Executives sent a letter to the federal banking regulators last month expressing concern that an alternative to the London interbank offered rate could limit credit availability.

The California Democrat is less recognizable nationally than other progressives elected to the House in 2018. But she may be "the most feared freshman" on the Financial Services Committee.