News Topic: facebook

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation. ... Read full article

Low rates spur more retail lending at big U.S. banks as trading revenue drops; the company’s plan to create its own digital currency runs into more opposition. ... Read full article

Resistance to Libra on the Senate Banking Committee was bipartisan, and other takeaways from Tuesday’s hearing. ... Read full article

The Treasury Secretary says Facebook’s cryptocurrency plan creates national security issues; the New York Fed chief tells financial firms to stop dragging their feet and move on from Libor. ... Read full article

David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.” ... Read full article

The Treasury secretary said the U.S. government has significant concerns about digital currencies, including their potential as tools for money launderers. ... Read full article

Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset. ... Read full article

Almost two years after the Equifax breach led to a congressional uproar but minimal policy change, the protracted fight to enact data security and privacy reform has a new bogeyman. ... Read full article

As Congress and the SEC were taking steps to regulate alternative currencies, they required a deep knowledge of the cryptocurrency market and technologies. For those who put off their crypto education, Facebook's Libra is a wake-up call. ... Read full article

Readers react to the Fed warming up to CRA reforms, criticize the Democratic presidential candidates, defend Pittsburgh as a megabank attraction and more. ... Read full article

For the second straight day, concerns about Facebook's cryptocurrency project dominated lawmakers’ questioning of Federal Reserve Chairman Jerome Powell. ... Read full article

The Federal Reserve chairman said the social media giant’s cryptocurrency plan “cannot go forward” without improved regulatory controls. ... Read full article

The Gramm-Leach-Bliley Act is a successful privacy law that ought to govern all financial services providers, not just banks. ... Read full article

The bank will reduce its footprint to its German roots; U.S. banks are offering cash bonuses to keep customers from fleeing to higher-yielding accounts. ... Read full article

Readers react to Congress vetting Facebook's Libra, heavily debate whether to delay CECL, opine attempts to roll back overdraft laws and more. ... Read full article

What Facebook really needs is another heavyweight like Amazon or Google to help spur cryptocurrency competition. ... Read full article

The rush to hold hearings in both the House and the Senate reflects broad skepticism across the political spectrum about the social network's plan to develop an alternative payment system. ... Read full article

Visa, Mastercard and PayPal may have boosted the single, greatest risk they face -- that of tougher regulation -- by becoming early backers for Facebook new digital money, called Libra. ... Read full article