Powell says Fed's digital currency should complement payments system


Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.


Central banks want digital currencies that don’t nudge out cash


Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.


Facebook Financial formed to pursue company’s commerce ambitions


Facebook Inc. unveiled a new group to pursue payments and commerce opportunities and put David Marcus, co-creator of its Libra cryptocurrency project, in charge of the initiative.


Facebook’s Libra gets new chief; warnings sounded on PPP loan forgiveness


Stuart Levey, HSBC’s chief counsel and a former U.S. Treasury undersecretary, will head the cryptocurrency project; lender groups say the demands of those small business loans are not so easy to meet.


Libra Association names Stuart Levey as CEO ahead of regulatory push


The former Treasury Department official would be the first CEO of the digital currency association, which is seeking payment licenses in the U.S. and Europe.


New coronavirus funding stalls; mortgage lenders pressure Mnuchin


Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults expected.


Facebook weighs Libra revamp to address regulatory concerns


Facebook and its partners are considering redesigning the Libra cryptocurrency project so that the network accepts multiple coins, including those issued by central banks, in an effort to woo reluctant global regulators and rebuild momentum for the plan.


Intuit eyes Credit Karma; JPMorgan Chase plans U.K. digital bank


The deal, which could be announced Monday, would push the TurboTax maker into consumer finance; the bank would follow U.S. rival Goldman Sachs into the British market.


Fed’s Powell open to more than one Libor alternative


Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.


Bank CEOs push back on climate proposals; another company leaves Libra


Citi, Goldman chiefs say they won’t be pressured to stop financing companies based on carbon footprint; Vodafone bolts from Facebook’s digital currency project.