News Topic: Morning scan

Investors blame Washington gridlock, lowered expectations for price drop; Wells Fargo looks to narrow its focus as it jettisons some units. ... Read full article

JPMorgan Chase, Citigroup and Wells Fargo release earnings Friday; Cordray says acting comptroller’s claim that new consumer agency’s rule endangers banks has “no basis.” ... Read full article

British bank to pay $5.5 billion to settle mortgage issues, but faces Justice Department fine; Payments company offers restaurants $10,000 to stop accepting cash. ... Read full article

Trump’s nominee for head of bank supervision at the Fed may tackle Volcker Rule revision; rising home prices and improved job market give borrowers more options as lines of credit reset. ... Read full article

Agency rule would make it easier to sue banks, but Congressional Republicans likely to fight it; Trump nominates Randal Quarles as Fed’s vice chair for supervision. ... Read full article

The OCC says banks face growing “strategic risks” from trying to compete and team up with fintech startups; U.K. investor group wants banks to provide more nonfinancial information about their conduct and culture. ... Read full article

Jerome Powell says it's “now or never” to cut the government’s role in mortgage finance; Justice Department is monitoring eight banks for suspected money laundering. ... Read full article

The merger of the U.K. and U.S. payments processors carries both benefits and risks; Duperreault taps Marsh & McLennan veteran. ... Read full article

American card processor has a deal for its British counterpart; after passing Fed tests, banks still stressed by weak lending, low interest rates. ... Read full article

Wells Fargo beats out other banks — and by a wide margin — in BrandZ’s ranking of most valuable brands; American bank CEOs make much more than their foreign counterparts. ... Read full article

Investors drive up bank stocks on the promise of fatter dividends; Capital One bucks the trend on concerns over credit cards and auto loans. ... Read full article

Six biggest banks set to return nearly $100 billion to shareholders; Capital One’s plan approved by Federal Reserve, but with conditions. ... Read full article

Fed chair says post-crisis rules have made financial system safer and shouldn’t be rolled back; Atlanta bank rolls out internal program to other corporations. ... Read full article

Cash machine makers are working to make them work with, not against, smartphones; prices of digital currencies crashed on Monday, possibly sparked by a hoax that an Ethereum co-founder had died. ... Read full article

The financial press opines on the Federal Reserve’s bank stress tests; the FT argues the Financial Choice Act is a “blatant attack” on shareholder rights and reduces bank corporate governance. ... Read full article

All 34 big banks demonstrate they could survive a severe recession; credit cards emerge as the biggest vulnerability, with a projected $100 billion in losses. ... Read full article

Regional banks with big commercial property portfolios may have a tough time passing stress tests; Fed governor, comptroller of the currency discuss easing bank regulation. ... Read full article

The Wall Street Journal enumerates the reasons why President Trump needs to fire the CFPB director; the bitcoin market is sharply divided over whether it’s a currency or a store of value. ... Read full article