Your Daily Dose of Financial News

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Juuust what the procrastinators needed on Tax Day: big-time troubles from the IRS’s online filing system, right on schedule – Bloomberg and MarketWatch and Law360

China announced yesterday that it was loosening its rules forcing foreign carmakers to link up with a local partner before building factories in China—a move that some see as a step to lowering tensions with the US – NYTimes and WSJ

Big Tuesday win for Wells Fargo in NY, with SDNY Judge Katherine Polk Failla rejecting Royal Park Investments’ bid for class certification in its suit accusing Wells of “mismanaging two residential mortgage-backed securities trusts.” The court adopted the magistrate’s R&R that found “too many differences in the proposed group of investors to warrant a class approach” – Law360

A quick check in with the Supremes after oral argument on the online sales tax hearing in South Dakota v. Wayfair that appears to be dividing the Court – NYTimes and WSJ

The Journal profiles the outsized benefits that the 4 biggest banks in the US are reaping as a result of the new tax overhaul. In monetary terms, we’re talking $2.5 billion – WSJ

The Senate is considering legislation that would overturn a CFPB guidance on discrimination in auto lending through “dealer markups” tacked on to third-party loans – Law360

Incoming NY Fed chief John Williams threw a bit of cold water on concerns over a flattening yield curve, arguing that while a “truly inverted yield is a powerful signal of recessions,” we’re not there yet – Bloomberg

More from the High Court this week, with SCOTUS announcing that it wouldn’t take up the issue of whether federal prosecutors can “force Microsoft to turn over digital data stored outside the United States.” The Court heard oral arguments on the dispute in February but is now declaring that a recently passed federal law had made the case moot – NYTimes

Still, Law360 suggests the fight is “far from over” – Law360

NY AG Eric Schneiderman has issued information requests from 13 exchanges specializing in bitcoin and other cryptocurrencies in a push for transparency in “an industry that prizes anonymity and lighter regulation than established securities and derivatives markets” – WSJ and Bloomberg and Law360

One of the authors of the controversial (and ill-fated) DOL fiduciary rule is warning that the SEC’s forthcoming rules for broker-dealer standards of conduct could “legitimize the worst abuses in current law and continue the losses and harms of the current system by allowing individuals to make conflicted sales pitches to unsuspecting consumers with impunity” – Forbes

Tesla’s Model 3 production line is, ahem, troubledBloomberg and MarketWatch

I’m not sure I’m buying a return to flip phones and bricks, but still, there’s undoubtedly a place for “slightly-smart phones,” and it’s kind of nice seeing Nokia back in the game (if in name only) – WSJ

Still reeling from Sarah Sellers’ incredible second-place performance in Boston on Monday – NYTimes

MDR