Banking
Top stories summarized by our editors
10/19/2017

The unbundling of research from other services is forcing money managers to assess the value of market analysis. Investors are expected to become more picky about research offerings when they come with a bill.

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other services
10/19/2017

President Donald Trump's nominee to serve as chairman of the Federal Trade Commission will be Joseph Simons, an antitrust lawyer with Washington law firm Paul, Weiss, Rifkind, Wharton & Garrison, the White House said. Simons worked in the FTC's Bureau of Competition from 2001 to 2003.

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Reuters
10/19/2017

Companies that collect financial data should prioritize security and inform consumers if information is accessible by an outside source, according to principles released by the Consumer Financial Protection Bureau. Data should be gathered only with the customer's consent and be kept only as long as needed, the CFPB said.

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Reuters
10/19/2017

Kenneth Chenault is stepping down as CEO and chairman of American Express. Vice Chairman Stephen Squeri will take the reins Feb. 1.

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Reuters
10/19/2017

Many of President Donald Trump's promised policy changes, including tax reform, have stalled. "These things are great -- if and when they happen -- but they're not embedded in any of our plans," said R. Martin Chavez, chief financial officer of Goldman Sachs.

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Reuters
10/19/2017

Rep. Warren Davidson, R-Ohio, is asking members of the House Financial Services Committee to sign a letter indicating opposition to the reappointment of Federal Reserve chief Janet Yellen. President Donald Trump has said he is considering five nominees, including Yellen.

10/18/2017

Banks and credit unions can issue real estate loans without a formal appraisal for properties in federally declared disaster areas, according to the Office of the Comptroller of the Currency, the Federal Reserve, the National Credit Union Administration and the Federal Deposit Insurance Corp. The rule relaxation aims to help hurricane victims in Texas, Florida, Georgia, the US Virgin Islands and Puerto Rico.

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Reuters
10/18/2017

Fifth Third Bank's newly launched Momentum app lets consumers pay off student debt more quickly. Consumers can round up debit card purchases to the next dollar and apply that money to their loan balance.

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Fifth Third Bank
10/18/2017

Negotiators working on the Basel III banking reforms will probably "split the difference" between a 70% and 80% capital floor to end a long-standing disagreement over how much capital banks must set aside to deal with risk, said William Coen, secretary-general of the Basel Committee on Banking Supervision.

10/18/2017

President Donald Trump has narrowed his list of potential nominees for Federal Reserve chief to five and will choose one before leaving for Asia on Nov. 3, a White House official says. The US dollar rallied as markets speculated Trump will choose a hawkish candidate.