Bank of America Corp. and Deutsche Bank AG agreed to a $65.5 million settlement with investors who sued the banks over alleged manipulation of government bond markets. The banks did not admit to wrongdoing as part of the settlement.
House Ways and Means Committee Chairman Kevin Brady said Republican tax writers are “open” to passing a tax overhaul package that would increase the deficit for the first few years of its implementation. Brady and other Republicans believe that the economic benefits of changing the tax code would eventually erase the early deficits.
Congressional Democrats said they were hoping that the administration of President Donald Trump will negotiate a revised North American Free Trade Agreement deal that lines up with their priorities on issues like currency manipulation, government procurement and labor rights. NAFTA renegotiation talks with Canada and Mexico begin Wednesday in Washington.
Goldman Sachs Group Chief Executive Officer Lloyd Blankfein implicitly criticized President Donald Trump over his response to the violence during a white supremacist rally in Charlottesville, Va., with a tweet quoting Abraham Lincoln’s adage that “a house divided against itself cannot stand.”
President Donald Trump is set to briefly return to Washington on Monday to sign an order requesting an investigation of Chinese trade practices, which could culminate in the seeking of remedial action on imports of major products from China. The investigation Trump is requesting could last a year.
California Insurance Commissioner Dave Jones said the state will investigate whether or not Wells Fargo harmed hundreds of thousands of customers by selling them car insurance they didn’t need. The probe follows subpoenas issued by New York state’s banking and insurance regulator to two Wells Fargo units last week.
The White House is planning to release a blueprint for changes to the tax code in September. The paper won’t be accompanied by legislation, but could reflect agreements between President Donald Trump, the Senate, the House of Representatives and any Democrats the Republicans have courted during the August recess.
The Labor Department said in a court filing that it was seeking an 18-month delay on the fiduciary rule, which requires financial advisers to act in retirement savers’ best interests. The agency filed the document as part of a lawsuit in the U.S. District Court for the District of Minnesota, in which it said that it was proposing to push the compliance date to July 1, 2019, and loosening some of the rule’s restrictions.
Vantiv Inc., the largest U.S. merchant acquirer, will buy e-commerce payments company Worldpay Group for about $10.4 billion. The payments industry is seeing a wave of consolidation as consumers increasingly turn to online shopping and electronic payments.
Federal Reserve Bank of San Francisco officials are taking a closer look Wells Fargo’s practices related to guaranteed auto protection insurance, or GAP, refunds. The bank admitted to a “lack of oversight and controls” in the program that is supposed to issue refunds to some borrowers when they pay off car loans early.