News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

J.P. Morgan Chase Axes Popular Debit Card Feature

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J.P. Morgan Chase has quietly canceled a popular program that allowed customers to replace lost debit cards at many of its 5,300 branches, responding to factors including an uptick in fraud.

Online Lenders Clear a Low Bar-Higher Ones Lie Ahead

Online lenders On Deck and LendingClub both exceeded diminished expectations Monday but they are looking less special as competition increases.

Brighthouse Shares Stumble After MetLife Spinoff

Shares of Brighthouse Financial Inc. fell more than 5% at one point on Monday on the insurance company's first day of trading after splitting off from MetLife Inc.

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Japanese Bank Fined for 'Spoofing' U.S. Futures Markets

Bank of Tokyo-Mitsubishi UFJ agreed to pay $600,000 to settle civil charges by the Commodity Futures Trading Commission that one of its traders repeatedly disrupted trading in futures markets.

Under New European Rules, Vanguard Will Absorb Research Costs

Vanguard will stop charging its investors for analyst research ahead of new rules that are set to shake-up the European fund management business.

Hedge-Fund Manager's Bearish Bets Backfire Again

The rally in global stock markets has caught out Crispin Odey, among Europe's best-known hedge-fund managers, one of whose funds lost 10% last month.

Libor's Demise Creates a Mortgage Mystery

Many adjustable-rate mortgages are tied to Libor, which is being phased out over five years. What will replace it remains unclear.

Aurelius Capital Challenges Puerto Rico Oversight Board Structure

Aurelius Capital Managemen has asked a federal judge to bar Puerto Rico's financial oversight board from writing down the island's $73 billion in debt until the U.S. Senate confirms the boards' members.

Ackman's Pershing Square Nominates Three to ADP's Board

Pershing Square said it is nominating its founder William Ackman and two others to the board of Automatic Data Processing, backing off previous discussions ADP said were for half the board.

U.S. Consumer Credit Increased by $12.4 Billion in June

U.S. consumer borrowing decelerated in June, according to new data from the Federal Reserve.

(END) Dow Jones Newswires

August 08, 2017 07:15 ET (11:15 GMT)