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News Highlights: Top Financial Services News of the Day10-5-17 4:15 PM EDT
New Federal Rule Clamps Down on Payday Loans 
 

Payday lenders will have to assess whether borrowers are able to repay their loans, among other steps, under a rule unveiled Thursday that brings federal oversight to a $38.5 billion industry previously governed by states.

 
Judge Orders Bank of America to Redo Settlement in Mortgage Dispute 
 

The bankruptcy judge handling a dispute between Bank of America Corp. and a California couple who were mistakenly foreclosed on refused to approve a settlement that would end their lawsuit on Wednesday.

 
Wall Street Regulator Is Also an Investor-With Meager Returns 
 

Finra is more than just a Wall Street regulator. Rare among regulators and little known to many industry participants, Finra is also an investor-and one whose subpar returns are compounding its members' financial challenges, say some of the brokerages that pay its fees.

 
Big Catalan Bank to Relocate From Region Amid Separatist Drive 
 

Banco de Sabadell is moving to Alicante, Spain, as another Catalan bank, CaixaBank, weighs a relocation following a referendum to form an independent nation apart from Spain.

 
Lawmakers Grill Former Equifax CEO Over Timing of Hack Disclosure 
 

Lawmakers pressed Equifax's former chief executive over the length of time it took the credit-reporting company to inform regulators, shareholders and the general public about its massive breach.

 
Forget Bitcoin. Have You Heard of IMFCoin? 
 

The head of the International Monetary Fund has been musing about the future of money, and thinks there is a decent chance it will come from the guardian of the world's monetary system.

 
Randal Quarles, Trump's First Fed Nominee, Wins Senate Approval 
 

The Senate approved Randal Quarles for a key banking oversight post on the Federal Reserve Board, marking President Donald Trump's first imprint on the central bank and his first full-time appointment of a banking regulator.

 
Koch Group Pressures Democrats to Back Tax Plan 
 

A group backed by billionaire industrialists Charles and David Koch on Thursday launched a $4.5 million advertising campaign urging three vulnerable Democratic senators to support the Republican effort to overhaul the U.S. tax code.

 
GAM Joins Quant Fund Rush to Sunflower Seeds, Cheese 
 

Switzerland's GAM Holding is the latest fund manager to expand in one of the hottest areas of computer-driven investing-niche markets such as sunflower seeds and cheese.

 
Certificate Program Graduates Struggle to Pay Back Student Loans 
 

Certificates programs generally take one to two years to complete. But their default rate is on par with college dropouts, new data show.

 
 

(END) Dow Jones Newswires

October 05, 2017 16:15 ET (20:15 GMT)

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