News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Yellen: 'Gradual' Rate Increases Will Be Needed to Sustain Economic Expansion

Continue Reading Below

The Federal Reserve will need to keep gradually raising its benchmark interest rate over the next few years, but that rate won't need to rise to levels seen in previous cycles, Fed Chairwoman Janet Yellen said in congressional testimony.

J.P. Morgan Names New Government Relations Head

J.P. Morgan Chase is naming a former chief of staff to two House majority leaders as its new head of government relations.

RBS to Pay $5.5 Billion to Settle Mortgage-Backed Securities Probe

Royal Bank of Scotland agreed to pay $5.5 billion to a U.S. agency to settle a probe into its sale of toxic mortgage-backed securities in the runup to the financial crisis.

Continue Reading Below

New York Fed's Potter Says Central Bank Is Reviewing FX Trading Policies

The Federal Reserve Bank of New York's head of markets said the central bank was revisiting its policies for trading in foreign-exchange markets to ensure they are aligned with global standards for currency trading released earlier this year.

Visa Takes War on Cash to Restaurants

Visa has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash.

Ex-Chief of Collapsed Bitcoin Exchange Mt. Gox on Trial

Prosecutors say Mark Karpelès, who faces charges of embezzlement, wrongfully spent $3 million of customers' money for personal use; he denies all wrongdoing.

Rates on Bank Deposits Stay Stubbornly Low

Banks have kept consumer deposit yields low through several Federal Reserve rate hikes-and some banks are wondering when consumers will start demanding more.

Chinese Banks Continued to Exceed Loan-Volume Expectations in June

Chinese banks extended higher-than-expected volume of loans last month even as growth in the money supply continued to slow amid Beijing's efforts to reduce leverage in its financial system.

Consumer Arbitration Rule Opponents Plan Repeal Effort

A day after an Obama-appointed regular removed a barrier for consumers to join class-action lawsuits against financial-services companies, opponents are gearing up to pursue several ways to thwart it.

The Favorites to Win in Bank Earnings

Following the recent rally in bank stocks, the coming earnings season offers an opportunity to sort out who can keep rising, and who is due for a pause. J.P. Morgan Chase, Citigroup, Wells Fargo and PNC Financial will kick off second-quarter earnings on Friday.

(END) Dow Jones Newswires

July 12, 2017 11:15 ET (15:15 GMT)