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Wells Fargo, TD Bank hand over Trump's records; FDIC, payday lenders settle suit


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Wells Fargo, TD Bank hand over Trump's records; FDIC, payday lenders settle suit

Wells Fargo & Co. and Toronto-Dominion Bank have handed over President Donald Trump's financial records to the House Committee on Financial Services, sources for NBC News say. Wells Fargo turned over "a few thousand documents" to the committee, while Toronto-Dominion Bank provided "a handful of documents," according to the report. In April, the committee had sent subpoenas to nine companies including Citigroup Inc., Morgan Stanley, Royal Bank of Canada, Bank of America Corp. and JPMorgan Chase & Co. with a May 6 deadline. While the other banks have missed the deadline, Royal Bank of Canada is in the process of conforming.

Also, U.S. District Judge Edgardo Ramos junked Trump's preliminary injunction request to bar McLean, Va.-based Capital One Financial Corp. and Germany-based Deutsche Bank AG from handing over financial records to lawmakers probing his businesses, saying that Congress has the legal authority to access the files, Reuters reports. On April 29, Trump sued Capital One Financial and Deutsche Bank to prevent them from releasing his records after the House of Representatives' intelligence and financial services committees issued subpoenas to the two companies, claiming that the subpoenas were baseless and intended to harass him.

Minutes of the Federal Open Market Committee meeting held April 30 and May 1 reveal that there is a split among Federal Reserve officials regarding how concerned they should be about inflation falling below their 2% goal. Many Fed officials agree that the dip in inflation will likely prove temporary, but others are concerned that long-term inflation expectations may have dipped below the 2% goal or are "at risk of falling below that level."

The Federal Deposit Insurance Corp. settled a lawsuit with payday lenders Advance America Cash Advance Centers Inc., Check Into Cash Inc. and Northstate Check Exchange that alleged that an FDIC program called Operation Choke Point forced banks to terminate ties with certain categories of businesses, including payday lenders. As part of the settlement, the FDIC will issue policies and guidance regarding the circumstances in which a financial institution should terminate a customer's deposit account.

Dallas Tonsager, who has been chairman of the Farm Credit Administration since 2016, died May 21 of lymphoma. Board member Jeff Hall, who was named acting CEO on May 20, will also take over as chairman until a replacement is announced. The next chairman will be named by Trump.

In other parts of the world

Asia Pacific: ICBC gets nod to set up unit; 5 face charges for Bangladesh Bank heist

Europe: Generali eyes MetLife assets; N26 told to boost AML controls; Deutsche in focus

Middle East & Africa: Zambia central bank hikes key rate; Kenyan banks post Q1 results

Now featured on S&P Global Market Intelligence

Senate Republicans introduce bill to 'stop and study' CECL: Five senators, led by Thom Tillis, R-N.C., introduced a bill that would require the Securities and Exchange Commission and seven other financial regulators to delay the current expected credit loss, or CECL, accounting standard until they complete a study of its economic effects.

Community bankers tell regulators they want more access to brokered deposits: The Federal Deposit Insurance Corp. is reviewing brokered deposits, and in comment letters community bankers asked the agency to make the funding source more accessible.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng fell 1.58% to 27,267.13, while the Nikkei 225 was down 0.62% to 21,151.14.

In Europe, around midday, the FTSE 100 was down 1.35% to 7,235.19, and the Euronext 100 decreased 1.45% to 1,033.16.

On the macro front

The jobless claims report, the PMI Composite FLASH index, the new home sales report, the EIA natural gas report, the Kansas City Fed Manufacturing index, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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