Your Daily Dose of Financial News

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Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations” – WSJ

Collective office-space purveyor WeWork is buying social network site Meetup (which focuses on bringing “fellow aficionados of some common interest” together). The terms of the deal haven’t yet been disclosed – NYTimes

In confirmation hearing testimony before the Senate yesterday, new Fed Chief nominee Jerome Powell confirmed an intent to continue with current Fed policy that would raise interest rates in December and begin shrinking the Fed’s bond holdings – WSJ and Bloomberg

Further thoughts on Bitcoin’s surge towards $10,000 and the push/pull of the cryptocurrency bubble that has investors fearing missing out as much as their worrying about a crash – NYTimes and Bloomberg

The UK and European Union have reached an “outline deal” that helps better define the terms of the Brexit divorce. The outline contains no hard numbers for what Britain would need to repay the EU, and it doesn’t yet solve the “thorny” Irish border issue – Bloomberg

Yet another major Japanese company—this time Toray Industries Inc., a key “supply chain link” and manufacturer of materials like carbon fiber—has admitted to falsifying quality data after internal tests showed it failing to meet customer manufacturing standards – NYTimes

Background on yesterday’s Supreme Court oral arguments in Cyan Inc. v. Beaver County Employees Retirement Fund, an opportunity for the high court to weigh in on whether state courts can hear “covered class actions” based on the federal Securities Act of 1933 – Law360

SEC Chair Jay Clayton confirmed that the impact of the EU’s new securities regs—in the form of MiFID II—won’t be limited to Europe – Law360

For those just a bit too preoccupied with life here in terra firma to keep track of events in the sky, you should know that we’ve detected for the first time an interstellar asteroid—the “only object we’ve ever seen that entered the solar system from beyond our little collection of planets” – Wired and NASA

MDR

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