News Highlights: Top Financial Services News of the Day

11/28/17 07:15 AM EST
Powell to Face Questions on Future Fed Policy at Senate Hearing 

Jerome Powell will face questions Tuesday about what direction he plans to take Federal Reserve policy in the years ahead, as the Senate Banking Committee holds a hearing on the Fed governor's nomination to be the next leader of the central bank.

Fed's Dudley Remains Confident Inflation Will Eventually Rise 

New York Federal Reserve President William Dudley said he still expects that a very strong employment sector will help push inflation up over time.

BOE Says British Banks Could Handle a 'Disorderly' Brexit 

The U.K.'s largest banks could withstand Britain crashing out of the EU, the Bank of England said, but it raised wider concerns over how trillions of dollars' worth of derivatives contracts will be treated after Brexit.

Barclays at the Back of the Class in U.K. Stress Tests 

Even though all seven banks passed, some will still face higher capital demands to counter a consumer credit boom in which they are systematically underestimating the risk of losses.

BOJ's Kuroda Dispels View That Policy Is Harming Lenders 

Bank of Japan chief Haruhiko Kuroda rejected the view that commercial banks' basic functions have been compromised by the central bank's aggressive easing, a comment that may cool recent speculation of a possible shift toward tighter policy in Japan.

Bank of Korea Poised to Lift Rates 

Korea is expected to become the first major Asian economy to raise interest rates since the Federal Reserve started two years ago, a reflection of global economic strength and Korea's role in the world's tech-supply chain.

Chinese Watchdog Renews Chase for Elusive Consumer Credit-Rating System 

China's online-finance regulator plans to set up a personal credit-rating system, reinvigorating a three-year-long mission to find a homegrown answer to U.S. FICO scores as Beijing moves to clean up the country's internet lending sector.

Judge in CFPB Leadership Lawsuit Says He Will Act Quickly 

The federal judge reviewing dueling claims over the interim leadership of the Consumer Financial Protection Bureau said Monday he would act quickly after the Trump administration responds to claims by an Obama-era official that she should be the one running the bureau.

Wells Fargo Bankers, Chasing Bonuses, Overcharged Clients 

Employees say lofty rewards tied to revenue pushed foreign-exchange staff to ignore agreed-upon fees. Years of whispers were confirmed in a conference call.

Powell Seeks to Support Economy, Defend Fed Independence 

Federal Reserve governor Jerome Powell would strive to support the economic recovery and defend the central bank's independence if confirmed as its next leader, he will tell a Senate panel Tuesday.


(END) Dow Jones Newswires

November 28, 2017 07:15 ET (12:15 GMT)

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