News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

A Social Network Credit Union? Regulator Asks, 'Why Not?'

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Congress should consider allowing credit unions to serve communities that exist only online, the industry's top regulator said-remarks that could stir ire in the banking industry.

Your Favorite Tax Break Isn't as Great as You Think

The income-tax benefits Americans love most are actually some of the least effective given their cost in forgone revenue.

AmEx Chief's Mission: Get Millennials, Keep the Rich

Incoming American Express CEO Stephen Squeri is looking regain the cachet of the AmEx brand, both for millennials who don't view it the same way as their parents and for established customers who have been wooed by banks offering better services and more perks.

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How High Could Rates Go if John Taylor Becomes Fed Chairman?

The Federal Reserve's benchmark interest rate would be significantly higher if the 1993 "Taylor rule," named for the Fed chairman contender, were applied.

Canceling Puerto Rico Debt 'Impractical,' Baupost's Klarman Says

Billionaire hedge-fund manager Seth Klarman questioned the wisdom of expunging Puerto Rico's financial obligations in a Wednesday letter to his investors.

PayPal Posts Stronger-Than-Expected Results on Mobile Growth

PayPal Holdings said Thursday that third-quarter profit rose 18% from a year earlier and executives projected strong growth for 2018 thanks in part to payments platform Venmo finally contributing to revenue.

Blackstone's Profit Rises

Blackstone's third-quarter profit rose to $384.6 million as strong markets boosted the value of its portfolio and new capital flowed into its funds.

Auditor's Decision Deals Blow to U.S. Crackdown on Leveraged Loans

U.S. regulators' crackdown on a risky form of lending to indebted companies was dealt a blow when a government auditor's ruling raised questions about its future.

SEC Approves Chicago Stock Exchange's 'Speed Bump'

The SEC has approved a plan by the tiny Chicago Stock Exchange to introduce a new "speed bump," a person familiar with the situation said.

Travelers Earnings Fall After Active Hurricane Season

Travelers earnings fell in the third quarter as results were battered by a severe hurricane season. Catastrophe losses, net of reinsurance, totaled $455 million, compared with $89 million a year earlier.

(END) Dow Jones Newswires

October 20, 2017 07:15 ET (11:15 GMT)