News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

First Data to Buy BluePay for $760 Million

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First Data said it has reached a deal to buy payments-processing firm BluePay Holdings.

Japan's SoftBank Plans Second Giant Tech Fund

SoftBank Group Corp., which runs what is already the world's biggest technology investment fund, is planning to create a second fund that could be even larger, according to people close to the Japanese telecommunications and investment giant.

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

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.

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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 to 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.

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.

Switzerland's Old-Money Problem: One Billion in Expiring Francs

One of the world's most coveted currency notes, the Swiss franc, includes a feature that runs at odds with its reputation as a safe store of value: It has an expiration date-and for some notes, that is fast approaching.

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.

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.

Talk of Retirement-Savings Cap Rattles Financial Industry

Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry.

(END) Dow Jones Newswires

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