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The Wednesday Express: Citibank fined over CFPB student loan probe

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The Wednesday Express: Citibank fined over CFPB student loan probe

* Federal Reserve Chair Janet Yellen said inflation should pick back up to the Fed's 2% target in the next year or two, but she is "very uncertain" about that forecast.

* The Fed, the FDIC and the OCC finalized the extension of certain capital requirements, following an August plan to freeze the phasing in of Basel III capital rules and a September proposal regarding the treatment of mortgage servicing assets.

* The Consumer Financial Protection Bureau ordered Citibank to pay a $2.8 million civil money penalty for allegedly misleading student loan borrowers.

* Wells Fargo is facing another lawsuit over its 401(k) plan.

* In a legal share ownership dispute, an Indonesian court ruled that Goldman Sachs should return shares in PT Hanson International to the property developer's president director, Benny Tjokrosaputro.

* Payment processor iPayment is acquiring Leaders Merchant Services, a California-based independent sales organization.

* Commercial insurance rates were down in the third quarter, according to the Marsh Global Insurance Market Index.

* Preliminary results show that the U.S. property/casualty industry recorded a net underwriting loss of $20.0 billion for the first nine months of 2017, according to an A.M. Best special report.

* Data provider Property Claims Service released an updated estimate for insured industry losses from August's Hurricane Harvey, suggesting a figure of about $15.9 billion, The Insurance Insider reports, citing sources. This is $15 million less than the initial estimate PCS released two months ago.

* And a separate report from The Insurance Insider says that American International Group is leading the MGM Resorts International excess casualty tower.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.