News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Senators Rip Credit-Reporting Model in Wake of Equifax

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Senators questioning Equifax's former chief attacked the business model of the credit-reporting industry, asking why consumers shouldn't have power over the data that the companies collect on them.

Wells Fargo Details Refunds to Certain Mortgage Customers

Wells Fargo said it is refunding certain customers who may have wrongfully paid fees for mortgage lock extensions. The bank gave additional details on its plans after CEO Timothy Sloan mentioned the refunds during a congressional hearing Tuesday.

Yellen: Fed Working to Tailor Regulation to Bank Size

Federal Reserve Chairwoman Janet Yellen voiced support for making sure regulations aren't unduly burdensome for banks, in comments that come as the race heats up for the nomination of the next Fed chief.

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Key Lawmaker Calls for SEC to Delay Trading Database

The House's leading lawmaker on financial regulation urged the Securities and Exchange Commission to delay the launch of a vast database of stock-market trades that could become a target of hackers.

The Hand-to-Hand Combat to Save Payday Lending

After fierce letter-writing campaigns promoted by both payday lenders and consumer advocates, the Consumer Financial Protection Bureau is expected in coming days to introduce federal oversight of the $38.5 billion industry.

ECB Sets Out New Rules to Tackle Bad Loans

The European Central Bank published new rules to strengthen the buffer that banks use to cover bad loans, its latest move to tackle a major problem for the region's banking sector.

Fund Managers Put Their Money Where Their Mouths Are

Fidelity International, the overseas sister company of U.S.-based Fidelity Investments, said it will soon begin offering equity funds that charge a slightly higher fee when they outperform their benchmark, but less if they underperform.

PwC Reports Higher Global Revenue

PricewaterhouseCoopers recorded $37.7 billion in global revenue in its most recent fiscal year, up 5% from the previous year in U.S. dollar terms, the Big Four accounting firm said Wednesday.

Derek Jeter's Banker Joins Rockefellers in New Wall Street Venture

Rockefeller & Co. is expected to appoint Greg Fleming as CEO, part of a deal in which the firm will be acquired by hedge-fund firm Viking Global Investors and recast as an adviser and asset manager to the ultrawealthy.

Talking Taxes: The Sacred Cows of the Tax Code

GOP plans for a big tax overhaul hinge on how far the White House and Congress are willing to go in reining in popular tax breaks, sometimes known as the sacred cows of the tax code. WSJ's Richard Rubin explains...with real cows.

(END) Dow Jones Newswires

October 04, 2017 16:15 ET (20:15 GMT)