News Highlights: Top Financial Services News of the Day

 
FINANCIAL SERVICES TOP STORIES 
 
BIG BANKS TEAM UP TO FIGHT CYBER CRIME 
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Eight of the largest U.S. lenders, including J.P. Morgan Chase, Bank of America and Goldman Sachs, are forming a group that seeks to tackle the growing threat from cybercriminals.

MUNICH RE PROFIT FALLS AS NATURAL-DISASTER PAYOUTS JUMP 
 

Munich Re said profit fell 9% in the second quarter on higher costs related to payouts for natural disasters that were partly cushioned by the reinsurer’s improved income from investments, positive currency-translation effects and the release of reserves.

NEW YORK FED: CREDIT-CARD USE INCREASING AMONG PEOPLE WITH LOW CREDIT SCORES 
 

Total household debt increased by $35 billion to $12.3 trillion in the second quarter, according to the New York Fed’s latest quarterly report on household debt.

ALIBABA'S ANT FINANCIAL STRIKES DEAL WITH INGENICO FOR EUROPEAN PAYMENTS PUSH 
 

Ant Financial, the financial-services affiliate of Alibaba, is joining with France’s Ingenico to push its mobile-payment system into Europe.

APPEALS COURT UPHOLDS SEC'S IN-HOUSE COURT AS CONSTITUTIONAL 
 

A federal appeals court said the Securities and Exchange Commission’s in-house court proceedings meet constitutional requirements.

BANKING INDUSTRY LAMBASTES REGULATORS' LONG-TERM LIQUIDITY RULE 
 

The banking industry harshly criticized a rule proposal targeted at banks’ readiness to meet their long-term liabilities, invoking a possible lawsuit and arguing that federal regulators provided “neither analytical support nor underlying data” to support key aspects of the proposal.

NEW RULES AND FRESH HEADACHES FOR SHORT-TERM BORROWERS 
 

A move by the SEC to make money-market funds safer is putting stress on a crucial funding source for cities, counties and foreign banks.

LENDINGCLUB FINANCE CHIEF RESIGNS; LOSS WIDENS 
 

Online lender LendingClub said its finance chief resigned to pursue a new opportunity, a management shake-up that comes three months after the company ousted its founder and CEO.

TRUMP PLEDGES TAX CRACKDOWN ON HEDGE-FUND MANAGERS 
 

Donald Trump pledged anew to eliminate a lucrative tax break for investment managers and to end regulations he says hobble economic growth as part of his broader plan for the U.S. economy.

BARCLAYS SETTLES LIBOR PROBES FOR $100 MILLION 
 

Barclays agreed to pay $100 million to end investigations by 43 states and the District of Columbia into its alleged manipulation of the London interbank offered rate benchmark in the mid-2000s.

MUNICH RE PROFIT FALLS AS NATURAL-DISASTER PAYOUTS JUMP 
 

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Jet.com’s decision to scrap its ambitious plan to challenge Amazon in favor of a $3.3 billion sale to Wal-Mart marks the third time in recent weeks a cash-guzzling startup has chosen to sell.

MUNICH RE PROFIT FALLS AS NATURAL-DISASTER PAYOUTS JUMP 
 

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The SEC barred two auditors at KPMG over their role in auditing TierOne Bank, which failed in 2010 and cost the FDIC’s deposit insurance fund about $300 million, delivering a punishment that went beyond what its own staff sought.

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