New Support for Glass-Steagall; Brexit Maneuvers

Receiving Wide Coverage ...

Strange bedfellows: Somehow, this year's presidential race just got even more baffling. Republicans have included a provision to bring back the Glass-Steagall Act in their platform, putting the party in line with those on the left, including Sens. Elizabeth Warren and Bernie Sanders. Donald Trump campaign aide Paul Manafort highlighted the issue during a press conference on Monday, noting that Hillary Clinton's husband, former President Bill Clinton, oversaw the repeal of the law during his time in the White House. "We believe the Obama-Clinton years have passed legislation that has been favorable to the big banks," Manafort said. Wall Street Journal, Financial Times

Brexit pivot: Wells Fargo has signaled that it's staying put in London despite the U.K.'s surprising vote to leave the European Union. The bank agreed on Monday to purchase a building, which it will use as its city headquarters, for nearly $400 million. Wall Street Journal, Financial Times

Meanwhile, JPMorgan is examining its options in Europe – five years after CEO Jamie Dimon ordered an analysis to see whether it was worth moving some London employees elsewhere in the region in the wake of stricter regulations. At the time, he found the shift wouldn't be cost-effective, which "underscores how difficult and potentially costly any moves may be for banks if they are forced by Brexit to relocate some of their businesses," according to the Journal.

Tough times: Bank of America's large holdings of mortgage-backed securities make it the "low-rate loser" among the big banks in the current economic climate. Wall Street Journal, Financial Times

Wall Street Journal

Upping the ante: Walmart has stopped accepting Visa cards at three Canadian stores in an ongoing battle over swipe fees.

New York Times

Redlining: A report by the National Community Reinvestment Coalition finds that mortgage lending in St. Louis and elsewhere in Missouri shows signs of racial disparities. The report comes about two years after the police shooting of Michael Brown in Ferguson, which sparked protests and contributed to a broader conversation about race across the country. "This finding, as well as other data in the report, supports the view that banks avoid depressed minority neighborhoods over time, which in turn makes it harder for residents of these communities to take out loans that could be used to buy and improve properties," the paper says.