News Highlights : Top Financial Services News of the Day
Summary
Commodity Futures Trading Commission enforcers intend to push for heavier fines, particularly on repeat offenders, and will increasingly eschew settlements that allow firms to avoid admitting fault, the financial regulators enforcement unit said Tuesday.The bank is pinning much of its hopes on its asset and wealth-management unit. Quarterly revenue in that business fell 20%.U.S. Bancorp no longer has to meet Category II banking requirements after its December acquisition of MUFG Union Bank.The move would reduce the fees that banks receive when consumers shop with debit cards.A 2021 computer testing error allegedly resulted in ACIs payment-processing platform mistakenly withdrawing more than $2 billion from the accounts of mortgage holders.Nations second-biggest bank by market capitalization adds accounts and clients "across all lines of business," but consumer-spending growth is slowing down.Richmond Fed President Tom Barkin said Tuesday that the economy may be softer than the data suggests and may be helping to bring inflation down.Bank of New York Mellon reported earnings of $1.22 a share on revenue of $4.4 billion in the third quarter.Fixed-rate bonds that lost value as interest rates rose can even help out in some ways.KKR has acquired a minority stake in Catalio Capital Management, a firm that manages venture-capital and other medical-investment funds, adding to a trend of private-equity firms moving upstream in life sciences through deals with earlier-stage investors.