Daily News Digest

 

May 25, 2018


The Wall Street Journal

  • President Trump signed into law S.2155, the long-sought bank deregulation bill, saying the new law “goes a long way toward fixing the Dodd-Frank disaster.” The banking regulators will now see to the law’s 15 provisions requiring new rules and changes to existing rules.
  • Retailers are meeting with regulators to try to stop a new initiative of VISA and MasterCard, one-click ordering, that changes the way consumers checkout online. The card networks have developed a method that would essentially block the merchant from being able to steer the transaction toward a lower-fee option. 
  • Sales of existing homes fell 2.5% in April, and fell for the second consecutive month. Rising prices and dwindling inventory were major contributors to the fall.
  • The Congressional Budget Office (CBO) is disputing the White House’s rosy budget picture. The CBO says the government will raise $1.9 trillion less in revenue and spend $300 billion more over the next decade.
  • Deutsche Bank confirmed plans to cut roughly one in ten employees, as the bank seeks to balance out trading revenues by building other businesses, such as asset and wealth management.


Politico

  • The Senate on Thursday voted 69-24 to confirm Jelena McWilliams as chairwoman of the FDIC, installing the final major player of President Donald Trump's team of industry-friendly bank regulators.
  • Morgan Stanley’s chief economist, Ellen Zentner, says that roughly one-third of the average U.S. household’s tax reform benefit will be erased if gas prices continue to rise.


The New York Times

  • If your inbox has been flooded lately with privacy policies, the reason is Europe’s new data privacy law, the General Data Protection Regulation, which takes effect today. The regulation is said to be the world’s strongest protection of digital privacy rights.
  • Homeownership among Americans in their 20’s and 30’s is at a 30-year low. The factors restraining millennial homeownership are student loan debt, stronger mortgage underwriting standards, and a preference to live in more expensive cities.


New York Post

  • The Justice Department has launched an investigation into crypto-currency traders who are allegedly manipulating prices and causing extreme volatility in values.
  • Median home values rose 8.7% nationwide to $215,600 over the past year. This is the fastest rise since June 2006.


American Banker

  • The Office of the Comptroller of the Currency expects to release its new guidance on special purpose charters for fintech companies in July. Comptroller Otting says officials still have not decided how to handle the issue.




Questions?

Karen Armstrong, Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com