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SEC charges Canaccord Genuity; Repay Holdings buys TriSource Solutions

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SEC charges Canaccord Genuity; Repay Holdings buys TriSource Solutions

The U.S. Securities and Exchange Commission charged Canaccord Genuity LLC with allegedly enabling trading in multiple thinly traded securities without running a review required by federal securities laws.

Registered investment adviser Mercer Global Advisors Inc. acquired Woodbridge, Conn.-based Regent Wealth Management Group Inc. Regent Wealth serves about 110 high-net-worth households with assets under management of approximately $300 million.

Repay Holdings Corp. acquired TriSource Solutions LLC for up to $65 million, which comprised $60 million paid at closing and up to $5 million structured as a performance-based earn-out.

The Federal Housing Administration issued a final rule that would allow certain condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA-approved. The FHA said that while there are more than 150,000 condominium projects in the U.S., only 6.5% are approved to participate in the regulator's mortgage insurance programs. The rule will increase the number of condominium units eligible for FHA-insured financing by 20,000 to 60,000.

In a letter to Federal Trade Commission Inspector General Andrew Katsaros, Sen. Elizabeth Warren, D-Mass., called for an investigation into the agency's description of Equifax Inc.'s data breach settlement, saying it may have been misleading. The FTC informed the public in July that affected customers could either opt for free credit monitoring or a settlement payment of $125, but Warren said the FTC did not advise consumers who chose the payment option that the amount would likely be reduced.

Morgan Stanley no longer wants to be involved in the IPO of WeWork Cos. Inc. parent The We Co. after WeWork rejected its bid to be the top underwriter, Bloomberg News reports, citing people with knowledge of the matter. JPMorgan Chase & Co. now leads the IPO of the company, which plans to list shares on the NYSE under the symbol WE.

Nomura analysts say Goldman Sachs Group Inc. might stand to lose money in its credit card partnership with Apple Inc. when the next recession happens, CNBC reports. The analysts said the bank will start to break even on a customer after four years, considering the costs involved in acquiring a new card user, but a pending economic downturn might make things difficult for Goldman given recent signals pointing to increasing loan losses.

In other parts of the world

Asia-Pacific: StanChart to boost Asia private banking; Blackstone eyes Anbang property assets

Europe: Deutsche chair hunts for successor; Rabobank profit drops; Aegon, NN results up

Middle East & Africa: Q2 profits rise at Israel's Leumi, Discount Bank; Namibia, Mozambique cut rates

Now featured on S&P Global Market Intelligence

3 severe enforcement actions handed out to US banks in June: During the second quarter, six severe enforcement actions were handed out to U.S. banks and thrifts by federal banking regulators, compared to six in the year-ago quarter and nine in the first quarter. Three of the second quarter's actions were given in June.

US banks closed a net 40 branches in July: U.S. banks and thrifts closed 105 branches and opened 65 during July, according to S&P Global Market Intelligence data.

Stieven Capital bets on KeyCorp in Q2'19: According to the firm's most recent Form 13F filing, Stieven opened seven new financial stock positions in the second quarter worth a combined $65.3 million as of June 30. Stieven's largest initiation, a $15.9 million stake in KeyCorp, became its 10th-largest holding at the end of June.

The day ahead

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

In Asia, Hang Seng rose 0.76% to 25,495.46, while the Nikkei 225 fell 1.21% to 20,405.65.

In Europe, around midday, the FTSE 100 fell 1.54% to 7,037.60, and the Euronext 100 dropped 1.36% to 1,010.86.

On the macro front

The jobless claims report, the Philadelphia Fed Business Outlook survey, the retail sales report, the Empire State manufacturing survey, the productivity and costs report, the industrial production report, the business inventories report, the housing market index, the EIA natural gas report, the treasury international capital report, the Fed balance sheet and the money supply report are due out today.

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.

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