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The article highlights allegations against title-insurance companies for engaging in collusive practices that inflate home-buying costs. Topics discussed include the District of Columbia's settlement with four title companies over illegal kickback schemes involving real estate agents, the broader national scrutiny of title insurance practices, and recent regulatory changes aimed at reducing mortgage-related fees.

Banking regulators are investigating whether BlackRock, Vanguard, and State Street are adhering to their passive roles in their investments in U.S. banks. The three firms manage over $23 trillion, with a significant portion in funds that passively track indexes like the S&P 500. Regulators are concerned about who owns and controls banks due to their economic significance. The Federal Deposit Insurance Corp (FDIC) is considering enhancing its monitoring of these firms and potentially pausing their investments in FDIC-regulated banks above the 10% threshold. This issue reflects broader concerns about the power and influence of index-fund managers over corporate America. [Extracted from the article]

Millions of Americans are experiencing higher electricity bills due to a decision made by Bloomberg to reclassify certain utility bonds. The reclassification changed the placement of these bonds in Bloomberg's bond indexes, limiting the pool of potential buyers and causing utility companies to pay more interest on new issuances of this debt. While the impact on individual households may be small, collectively the pricing changes will result in approximately $3 billion in additional costs over the life of the bonds. Some state electricity regulators argue that this decision forces customers to overpay for safer and less complex debt. [Extracted from the article]

Federal Reserve Chair Jerome Powell stated that the central bank wants more evidence that inflation is slowing sustainably before cutting interest rates this year. Powell emphasized that rate cuts will only be warranted once officials have gained greater confidence in the slowdown of inflation. The recent strength of the economy and labor market allows for a careful and thoughtful approach to rate cuts. The Federal Reserve is trying to balance the risks of moving too slowly or too quickly in easing policy, as both scenarios could have negative consequences. Powell also mentioned that the central bank is focused on supporting economic conditions that would bring inflation down while maintaining solid growth and a healthy labor market. Despite the recent inflation data, Powell characterized the recent slowdown in inflation as notable and widespread, indicating that the rise in January prices did not change the Fed's outlook for inflation to continue slowing this year. Additionally, Powell mentioned that the central bank will make significant changes to a plan to make big banks raise more capital, and the final plan will have broad support from the Fed board. [Extracted from the article]

A-hed, North America, United States, Washington DC, wsjwashington, Southern U.S., Art, Arts/Entertainment, Political/General News, SYND Keywords: a-hed; wsjwashington; North America; United States; Washington DC; Southern U.S.; Art; Political/General News; Arts/Entertainment; SYND EN a-hed wsjwashington North America United States Washington DC Southern U.S. Art Political/General News Arts/Entertainment SYND N.PAG N.PAG 1 08/10/23 20230809 NES 230809 Two federal agencies claim to be the rightful owners of a painting of the now-obscure Hugh McCulloch WASHINGTON - Do you know who Hugh McCulloch was? Yet here in America's hidebound capital, where power sometimes takes the shape of a rectangular gilded frame, two federal agencies are squabbling over the 143-year-old portrait of a long-dead public servant so obscure he's more like Who McCulloch to Americans today. [Extracted from the article]

Wsjfinance-ws, Banking, Commercial Banking, Financial Investment Services, Banking/Credit, International Banks, Financial Services, Investing/Securities, Private Banking/Wealth Management, Regulation/Government Policy Keywords: wsjfinance-ws; Banking; Commercial Banking; Financial Investment Services; Banking/Credit; Financial Services; International Banks; Investing/Securities; Private Banking/Wealth Management; Regulation/Government Policy EN wsjfinance-ws Banking Commercial Banking Financial Investment Services Banking/Credit Financial Services International Banks Investing/Securities Private Banking/Wealth Management Regulation/Government Policy N.PAG N.PAG 1 05/05/23 20230503 NES 230503 The biggest U.S. lender beat out bids from at least three smaller peers WSJ's Ben Eisen explains what led to the bank's failure and what it means for customers, investors and the industry. [Extracted from the article]

Most of the overruns are for gutting and refurbishing two buildings: the Fed's headquarters, finished in 1937 and named for then-Fed Chairman Marriner S. Eccles, and a neighboring building known as "FRB-East" for now. Amid rising inflation in 1969, it delayed plans to construct what eventually became the Martin building, then at an estimated cost of more than $30 million, and asked other regional Fed banks across the country to consider doing their part to combat high prices by deferring planned construction activity. A-hed, wsjwashington, Building Construction, Building Refurbishment, Construction, Real Estate/Construction, Regulation/Government Policy, Corporate/Industrial News, Economic Performance/Indicators, Inflation Figures/Price Indices. [Extracted from the article]