trending Market Intelligence /marketintelligence/en/news-insights/trending/j8rk0blw8pfzxqyyhszzsw2 content esgSubNav
In This List

Mulvaney axes CFPB's advisory board; Dimon, Buffett urge against 'short-termism'

Blog

Using ESG Analysis to Support a Sustainable Future

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook


Mulvaney axes CFPB's advisory board; Dimon, Buffett urge against 'short-termism'

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, has emptied the watchdog's advisory board, citing efforts to improve external engagement and high costs of maintaining it. The current advisory board members were also told that they will not be allowed to reapply. Ann Baddour, the board's chair, expressed concerns that the board's new members will have "skewed and focused" perspectives. Judith Fox, who also serves on the board, said Mulvaney's move was "just an excuse to get rid of us."

In other regulatory news, the CFPB has filed a joint motion to push back the implementation of its small-dollar lending rule until after it resolves a lawsuit with Community Financial Services Association of America, a payday lending industry group. The rule, finalized in October 2017 by then-CFPB Director Richard Cordray, would impose new protections on payday loans, auto title loans, deposit-advance products and certain high-cost installment and open-end loans.

JPMorgan Chase & Co. Chairman and CEO Jamie Dimon and Berkshire Hathaway Inc. Chairman, President and CEO Warren Buffett, in a joint editorial on The Wall Street Journal, urged public companies to end the practice of disclosing quarterly earnings guidance because the practice is harming the economy. "In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability," the two executives wrote.

Goldman Sachs Group Inc. tapped U.K.-based cybersecurity startup Immersive Labs to hone its employees skills in dealing with cyber threats through virtual war games. The deal will give 8,000 technology employees of Goldman Sachs access to Immersive Labs' platform, where they can pit their skills against their colleagues, the Financial Times reports.

Digital currency exchange Coinbase Inc. is buying Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. Through the purchases, Coinbase will gain a broker/dealer license, an alternative trading system license and a registered investment adviser license, according to a post on The Coinbase Blog.

Private equity firm Summer Street Capital Partners LLC has sold portfolio company Dwellworks LLC, which provides solutions for relocation management companies. The name of the buyer was not disclosed.

In fintech news, Broadridge Financial Solutions Inc. has acquired MackayWilliams, a specialist European fund market and research firm. Terms of the transaction were not disclosed.

And in Canada, Bank of Nova Scotia is pulling back from metals financing as it restructures its ScotiaMocatta business, Reuters reports, citing sources familiar with the matter. The pullback follows Scotiabank's failed attempt to sell the whole metals trading arm. A source told Reuters that the bank is "going to carve up some pockets of the business and try to sell those."

In other parts of the world

Asia Pacific: UK fines Canara Bank; Malaysia may replace bourse CEO; Aussie lender defers IPO

Europe: UK suspends work on Solvency II fix; Italy to review coop banking reform

Middle East & Africa: Equity Group chairman retires; Kuwaiti creditor rejects Abraaj debt settlement

The day ahead

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

In Asia, the Hang Seng was up 0.81% to 31,512.63, and the Nikkei 225 rose 0.87% to 22,823.26.

In Europe, around midday, the FTSE 100 fell 0.09% to 7,705.22, while the Euronext 100 rose 0.18% to 1,061.99.

On the macro front

The jobless claims report, the quarterly services survey, the Energy Information Administration natural gas report, the consumer credit report, the Federal Reserve balance sheet and the money supply report are due out today.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

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.