Eric Blankenstein, now at HUD, is under fire for asking a subordinate to defend him after it was revealed he wrote racially charged blogs 14 years earlier.
A group of senators on the Banking Committee sent a letter to the central bank chairman grilling him on the agency's efforts to develop a real-time payments system.
The Democratic presidential candidate argued in a blog post that the U.S. could avoid a recession by canceling most student debt and authorizing regulators to more aggressively monitor leveraged lending.
The agreement with authorities including the Federal Trade Commission and state attorneys general — and possibly the Consumer Financial Protection Bureau — may be announced as soon as Monday.
The Treasury secretary said the U.S. government has significant concerns about digital currencies, including their potential as tools for money launderers.
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.”
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.
The Alternative Reference Rates Committee promotes the adoption of a new Secured Overnight Financing Rate index rate to replace Libor in pricing hybrid adjustable-rate mortgages within the next two years. The change would be the first application of SOFR to a consumer-loan product.
