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Hours after being announced as President-elect Donald Trump’s nominee for Treasury secretary, Steven Mnuchin sent shares of Fannie Mae and Freddie Mac way up after he said government control of the companies should end.
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House lawmakers approved a bill Thursday that would change the way federal regulators designate banks as being systemically important and thus subject to tougher oversight.
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Pacific Investment Management Co. agreed to pay $20 million to resolve U.S. claims it misled investors and mismarked securities, ending a multiyear investigation into a fund formerly managed by Pimco co-founder Bill Gross.
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Wells Fargo will continue to allow retirement savers who work with its brokerage arm to pay a commission for trades to comply with new conflict-of-interest rules on retirement accounts.
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Financial-technology firms will soon have the chance to apply for new banking charters, under a plan from a top U.S. regulator designed to let thousands of upstarts expand under federal oversight.
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Sizing Up the Government's New Fintech Plan
A proposal from a top U.S. banking regulator to allow financial-technology companies to apply for bank charters drew a range of reactions on Friday from industry executives, policy makers, attorneys and advocacy groups. Here are a few of the early takes on the proposal:
Investors See a More Aggressive Fed in 2017
With the jobs report Friday sealing the near-unanimous consensus that the Federal Reserve will lift rates this month, investors are turning their sights to 2017, where they are expecting more-aggressive increases.
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Heard on the Street is conducting an experiment to see how retailers’ claim that low inventory will mean less discounting is playing out.
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