In government and regulatory
Thirty-eight senators and 75 representatives — led by Senate Banking Committee Chair Mike Crapo, R-Idaho, and House Financial Services Committee Chairman Jeb Hensarling, R-Texas — filed an amicus brief in support of Mick Mulvaney's appointment as acting director of the Consumer Financial Protection Bureau and President Donald Trump's authority to designate an acting CFPB director under the Federal Vacancies Reform Act. The amicus brief was filed in support of Mulvaney and Trump as defendants in a lawsuit filed in November 2017 by Leandra English, who was appointed deputy director of the CFPB by Richard Cordray before he stepped down as director.
A study conducted by David Finer, a Ph.D. candidate at the University of Chicago Booth School of Business, found increased yellow taxi rides between the Federal Reserve Bank of New York and major Wall Street banks around Federal Open Market Committee meetings. The study suggests that informal meetings between Fed employees and individuals in the private sector were taking place, The Wall Street Journal reports. Finer told the publication that his research "does not say anything illegal is happening," but that "the pattern of interactions suggest these meetings are happening." A spokesman for the New York Fed told the Journal that many inferences in Finer's working paper are "flawed and misleading."
In Iowa, United Bank of Iowa is purchasing First Trust & Savings Bank in a deal expected to close in August, according to the Cherokee (Iowa) Chronicle Times.
Stark Bancshares Inc. is acquiring Bolivar, Mo.-based Farmers Financial Corp. in a stock deal, the Bolivar Herald-Free Press reports.
Asset management
And in credit union
In other parts of the world
Asia-Pacific: China plans economic supervision overhaul; Australian asset manager mulls M&A
Europe: Axa agrees to buy XL Group for $15.3B; Germany's Merkel secures 4th term
Middle East & Africa: Angola hikes capital requirements for banks; Netanyahu opposes early elections
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng declined 2.28% to 29,886.39. The Nikkei 225 slid 0.66% to 21,042.09.
In Europe as of midday, the FTSE 100 rose 0.20% to 7,083.92, and the Euronext 100 added 0.44% to 1,002.59.
On the macro front
The US Services Purchasing Managers' Index, the Institute For Supply Management non-manufacturing index, and the TD Ameritrade Investor Movement Index are due out today.
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