Banking
Top stories summarized by our editors
6/17/2019

Conflicting signals in stock and bond markets suggest that investors are having a hard time anticipating where the US-Chinese trade conflict will take the US economy. Bond yields and stocks typically fall in parallel when investors believe the economy is headed into a downturn, yet bond yields have been falling while stock prices have been rising.

6/17/2019

Regulators must learn more about how nonbanks would respond to a financial crisis, particularly their capacity and willingness to absorb credit losses, says Agustin Carstens, head of the Bank for International Settlements. "If an event triggers a reassessment of risks, these investors could join a selling spree and amplify destabilizing market dynamics," Carstens says.

6/17/2019

The pace of US retail sales picked up in May, suggesting that fears of a sharp economic downturn this year might be overblown. The Commerce Department reported that retail sales rose 0.5% last month and upgraded April's figure to a 0.3% gain from a 0.2% decline.

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Reuters, MarketWatch
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Commerce Department
6/17/2019

Discover is waiving fees for its checking and savings accounts including those for insufficient funds, replacement debit cards and stop-payment requests. Discover is the first large bank to offer the free services, a move that is a reaction to how customers view fees, bank officials said.

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USA Today
6/17/2019

TD Bank will pay $43 million to consumers allegedly overcharged for overdraft fees and cancel $27 million of overdraft charges, according to court documents. The settlement is awaiting court approval.

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Reuters
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TD Bank
6/17/2019

The lender for now-closed for-profit college ITT Tech reached a settlement with the Consumer Financial Protection Bureau that will forgive $168 million in student loans to more than 18,000 who attended the college. The CFPB accused the lender, Student CU Connect CUSO LLC, of making loans to students who did not fully understand the terms and to some who could not afford to pay them back.

6/17/2019

Google and PayPal have abandoned plans to pursue a fintech charter under the Office of the Comptroller of the Currency's plan after having meetings with the agency. The OCC began offering the charter almost a year ago, but so far no company has filed an official application.

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Google, PayPal, OCC
6/17/2019

Fifty-nine percent of consumers considered "mass affluent" that responded to a Bank of America survey said money issues affected their mental health, while 56% said it affected their physical health. Top concerns included improving credit scores, paying down debt and creating an emergency fund.

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Bank of America
6/17/2019

A design revealed for a $20 Harriet Tubman bill features her in a dark coat with a white collar, but it may be years before the bill is released. Treasury Secretary Steven Mnuchin delayed the currency's release, citing counterfeiting concerns.

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The Hill
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Harriet Tubman, Steven Mnuchin
6/17/2019

US economic growth would be about a point and a half higher if Federal Reserve Chairman Jerome Powell had not raised interest rates so much, President Donald Trump said. Trump's criticism came a few days before the Fed's meeting to discuss its latest decision on interest rates.