News Topic: facebook

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

Visa, Mastercard and PayPal are each putting up $10 million to back the cryptocurrency; company “gearing up” to reboot its flagging small business lending unit. ... Read full article

The payout resolves a 2017 complaint filed by a male employee who alleged the bank’s parental leave policy was biased against dads. ... Read full article

Sens. Mike Crapo and Sherrod Brown are asking Facebook about its consumer financial data collection practices as they consider data privacy legislation. ... Read full article

A discussion on how to modernize policies to combat housing discrimination quickly turned into a sharp critique of the social media giant's advertising practices. ... Read full article

Randal Quarles, a senior Fed official and chair of the Financial Stability Board, sparked debate with a speech about the risks and rewards of companies like Amazon, Facebook and Apple entering the financial system. ... Read full article

The Department of Housing and Urban Development said it's charging Facebook with allegedly violating the Fair Housing Act by restricting who can view housing-related ads. ... Read full article

Banks will likely continue to exercise caution in the wake of Facebook's announcement that it’s restricting the way providers of housing, employment and credit advertise on its site. ... Read full article

As part of a settlement with the National Fair Housing Alliance and the American Civil Liberties Union, the social media platform will no longer allow certain advertisers to target users by age, gender or ZIP code. ... Read full article

Royal Bank of Canada's Dave McKay told investors on Tuesday that he's increasingly worried about the so-called FANG companies — Facebook, Amazon.com, Netflix and Google parent Alphabet — getting into banking. ... Read full article

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief. ... Read full article

Tech giants have been experimenting with blockchain technologies for years, and while they haven’t displaced banks, there’s still cause for concern. ... Read full article

California and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue. ... Read full article

Facebook is inching closer to threatening traditional processors and financial institutions with its own digital currency by adding staff with expertise in the underlying technology. ... Read full article

Facebook’s WhatsApp unit has been testing its payments app in India since May; investors price in an almost a 90% probability of no Fed hikes this year. ... Read full article