News Highlights : Top Financial Services News of the Day

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04/17/2018 | 04:15 am

Bank of America's Profits Lifted by Tax Law

Bank of America reported higher first-quarter earnings, boosted by the U.S. tax law and continued rising interest rates. The results extended the string of better-than-expected results from the nation's biggest banks.

Trump to Nominate Clarida, Bowman to Fed Board

Donald Trump said he plans to nominate Columbia University economist Richard Clarida as Federal Reserve vice chairman and Kansas Bank Commissioner Michelle Bowman as a Fed governor.

Trump to Nominate Dan Berkovitz to CFTC

President Trump intends to nominate Dan Berkovitz, a former Commodity Futures Trading Commission general counsel, to fill the final open slot on the commission.

Fed's Quarles Weighs Letting Banks Comment on 'Stress Tests'

The Federal Reserve's regulatory czar wants to consider letting banks publicly comment on the scenarios in the Fed's annual "stress tests," a shift from previous leadership that could open up the crucial exams to more industry criticism.

ISS Says Five Equifax Directors Should Be Voted Out

Proxy advisory firm Institutional Shareholder Services is calling for Equifax investors to vote against the re-election of five Equifax board members after a massive cybersecurity breach last year.

Mastercard Hires Former Obama Trade Official to Promote Card Use

Mastercard Inc. has hired Michael Froman, a former Obama and Clinton administration official, as vice chairman and president of strategic growth.

Goldman Sachs Earnings: What to Watch

Goldman Sachs Inc. is expected to report its first-quarter results before the market opens on Tuesday.

Banks Get a Break on Accounting Rule

Banking regulators proposed softening the blow of a new accounting rule that will force banks to book losses on soured loans more quickly.

New York Fed's Dudley Says He Isn't Worried About Stock Market

New York Fed President William Dudley sounded unworried about recent stock-market moves in a CNBC interview, while reaffirming his belief that the U.S. central bank is on track for more rate rises this year.

Trump Breaches Precedent by Commenting on Currency Values

The Trump administration has veered away from a rule of thumb in place at the White House and U.S. Treasury for roughly a quarter-century: Avoid commenting on the dollar, the Federal Reserve or daily moves in stock markets.

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