Daily News Digest

 

November 1, 2019


The Wall Street Journal

  • Third quarter earnings generally exceeded expectations across several industry sectors, adding fuel to the stock market rally this week.
  • The Treasury Department is working to roll back some Obama-era corporate tax regulations, saying they are no longer necessary in the aftermath of the 2017 tax reforms. The first regulation to be addressed is the corporate inversion provision related to the merger of foreign and U.S. companies.
  • President Trump announced he is changing his official residence from New York, NY to Palm Beach, FL in an effort to reduce his tax burden. The Trump’s filed the paperwork in September.
  • U.S. households increased consumer spending in the fourth quarter, continuing to prop up economic growth.
  • OP/ED: Former Fed Vice Chairman Dr. Alan Blinder writes that the 2017 tax reforms worsened economic inequality in the U.S. and that the trend is driving the vilification of the corporation in the 2020 Presidential campaign.


New York Post

  • Facebook’s Whatsapp was the victim of a large-scale global hack which targeted senior government and military officials from the U.S. and five other countries.


Politico

  • The Basel Committee on Banking Supervision is beginning to scrutinize cryptocurrencies and expects to publish a discussion paper on the prudential treatment of crypto-assets.


American Banker

  • In efforts to bring high-tech convenience to small business customers, many banks have boosted their investment on mobile offerings for businesses. In return, banks are seeing a boost to their customer satisfaction scores.


From the NYS State Department of Financial Services

  • Superintendent of Financial Services Linda A. Lacewell today announced the New York State Department of Financial Services (DFS) has joined the Global Financial Innovation Network (GFIN). Launched by the U.K.’s Financial Conduct Authority (FCA), GFIN is a network of 50 international organizations committed to supporting financial innovation in the best interests of consumers.







Questions?

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


Duncan McCausland
Marketing and Communications
dmccausland@nyba.com