News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Wall Street Regulator Is Also an Investor-With Meager Returns

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Finra's $1.6 billion portfolio has returned 3.4% annually, versus 6% for a half-stock, half-bond portfolio

Yellen: Fed Should Make Sure Bank Rules Aren't Too Burdensome

Fed chief Janet Yellen voiced support for making sure bank rules aren't unduly burdensome, underscoring her potential flexibility on postcrisis financial regulation as Donald Trump weighs whether to nominate her for a second term.

Draghi Invokes ECB Building's Nazi Past in Fight Against Populism

European Central Bank President Mario Draghi Wednesday invoked a dark chapter in the history of his institution's home building to condemn rising populist trends both in Europe and beyond

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Treasury to Withdraw Proposed Tax Rules on 'Valuation Discounts'

The U.S. Treasury Department said Wednesday it will withdraw proposed Obama-era regulations that would have made it harder for business owners to avoid estate and gift taxes.

Blacklisted Payment Processor Ceases Operations, U.S. Says

PacNet Group, a Canadian payment processor the U.S. has accused of ripping off the elderly, ended business operations and has begun to wind down, according to a U.S. Treasury Department official.

Navient to Buy Fintech Firm Earnest for $155 Million

Navient, one of the largest U.S. companies that collects payments on student debt, jumped into the lending business by agreeing to acquire financial-technology startup Earnest Inc.

Senators Rip Credit-Reporting Model in Wake of Equifax

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.

Key Lawmaker Calls for SEC to Delay Trading Database

One of Congress's leading overseers of Wall Street urged regulators to delay the launch of a vast database of stock-market trades that is increasingly seen as a major target for 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.

(END) Dow Jones Newswires

October 05, 2017 07:15 ET (11:15 GMT)