News Highlights: Top Financial Services News of the Day
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
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.