News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Yellen Says She's Uncertain Weak Inflation Is Transitory

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The Federal Reserve is monitoring inflation closely given officials' uncertainty over whether the factors keeping it below their 2% target will prove endemic, Chairwoman Janet Yellen said.

Banks Mustn't Set Up Shells if They Want to Retain EU Access, Say Officials

European financial officials reiterated that banks and insurers shouldn't expect to set up letterbox firms in the European Union if they want to retain access to the bloc post-Brexit.

China Tries to Damp Microloan Explosion

In its latest attempt to restrain the fast-evolving fintech sector, Beijing directed local governments to stop licensing providers of online microloans and to prohibit their operating outside the province where they are registered.

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China's Online Lending Army Runs Into Beijing

What could go wrong betting on fintech companies catering to China's increasingly affluent consumers? Quite a lot, it turns out.

Citibank Agrees to $6.5 Million Settlement Over Student Loans

Citibank agreed to pay $6.5 million to settle accusations by the Consumer Financial Protection Bureau that it harmed people whose student loans it serviced, including by giving misinformation about a tax deduction.

FDIC: U.S. Banks Have 'Another Solid Quarter'

U.S. banks reported "another solid quarter" of revenue, profits, and loan growth for the three months ended Sept. 30, the Federal Deposit Insurance Corp. said.

Fed Changes Quorum Rules as It Deals With Vacancies

The Federal Reserve is planning for ways its seven-person board of governors can operate with multiple vacancies, as the Washington-based body could have as few as three members come February

Maybe Bitcoin Isn't Untouchable at J.P. Morgan After All

J.P. Morgan weighs helping clients trade bitcoin futures, despite CEO Jamie Dimon's criticism of the cryptocurrency.

Hong Kong Tribunal Rejects HSBC Appeal, Upholds Fine

A Hong Kong tribunal on Tuesday upheld the bulk of a fine imposed on a unit of HSBC Holdings PLC that would be the largest ever meted out by Hong Kong's securities regulator.

Firm Linked to Missing Tycoon Drops Bid for Chinese Insurer

A business backed by Chinese financier Xiao Jianhua, who went missing earlier this year, has dropped its plan to take control of Huaxia Life Insurance.

(END) Dow Jones Newswires

November 22, 2017 11:15 ET (16:15 GMT)