Politics

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.

The social media giant's CEO will likely encounter pushback from members of the Financial Services Committee about the company's plans to launch its own cryptocurrency.

The Federal Housing Administration chief has already been serving as the acting deputy secretary of the Department of Housing and Urban Development.

A new law authorizes municipalities in the nation’s largest state to charter their own financial institutions to reinvest public funds into the community.

Simone Grimes had alleged former FHFA Director Mel Watt made inappropriate advances toward her and she was paid less than the man who had previously held her position.

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.

Laura Lee Stewart, president and CEO of Sound Community Bank in Washington, is set to be the third woman to serve as chairman of the American Bankers Association. She's already aiming how to make use of her tenure.

The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services.

The Democratic presidential candidate said on Twitter that credit cards "have enabled many of America’s mass shootings."

The event is the bureau's second in a series on consumer protection policy. The first dealt with the agency's authority to penalize firms for unfair, deceptive or abusive acts and practices.

Higher net interest income and securities gains boosted quarterly profit to $62.6 billion, which was 4% higher from a year earlier. But potential trouble signs from lower interest rates may emerge.

The Trump administration is not backing down even after a federal court blocked guidance that would have limited the operations of national housing funds.

Community banks and tech companies that are happy the central bank is building a next-generation system are not as pleased with its four- to five-year timeline. But big banks see the slow rollout as an opportunity to expand their own instant payment network.

Sen. Thom Tillis of North Carolina called for the panel to hold a hearing on what he termed the danger that the Federal Reserve will meddle in the 2020 presidential election.