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Senators quiz Wells Fargo, National General; BofA to offer premium rewards card


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Senators quiz Wells Fargo, National General; BofA to offer premium rewards card

A group of four Senators — John Thune, R-S.D.; Jerry Moran, R-Kan.; Bill Nelson, D.-Fla.; and Richard Blumenthal, D-Conn. — wrote to Wells Fargo & Co. President and CEO Timothy Sloan and National General Holdings Corp. CEO Barry Karfunkel asking questions regarding the recently disclosed auto loan insurance scandal. The group also asked Sloan for copies of Wells Fargo's internal report that brought the problem to light.

Bank of America Corp. is set to enter the premium rewards card market in September, with the planned launch of Bank of America Premium Rewards, The Wall Street Journal reports. BofA's rewards card will have a $95 annual fee, lower than the $450 fee for JPMorgan Chase & Co.'s Sapphire Reserve card, and $550 fee for American Express Co.'s Platinum card, WSJ notes.

In other banking news, applicants vying for positions in Goldman Sachs Group Inc.'s banking, trading and finance, and risk divisions, would have to take a personality test in the future as part of the hiring process, Reuters reports. The pilot test will start in 2018 on U.S. candidates for summer internship, the report adds.

In Canada, the Ontario Securities Commission approved Home Capital Group Inc.'s C$12 million settlement related to claims of misleading disclosures.

In marketplace-related news, the Securities and Exchange Commission has further delayed a decision on a Chinese investor group's bid to acquire Chicago Stock Exchange Inc. According to a letter from SEC officials to the Chicago Stock Exchange, the SEC staff's recommendation to approve the approximate $22.0 million bid led by China-based Chongqing Casin Enterprise Group "is stayed" until the commission orders otherwise.

Private equity firm Catalyst Capital Group and its lending arm, Callidus Capital Corp., are facing whistleblower lawsuits filed by four individuals, accusing them of defrauding borrowers by artificially inflating the value of certain assets and deceiving them about loan terms, The Wall Street Journal reports, citing "people familiar with the matter and documents." The Ontario Securities Commission and the Toronto Police Service have initiated inquiries on the matter, sources told the Journal. Callidus Capital promptly released a statement claiming that the article's allegations are "completely false."

In fintech news, S&P Global Ratings placed all of Vantiv LLC's ratings on CreditWatch with negative implications, after Vantiv Inc. finalized its offer to acquire Worldpay Group plc and announced its plan to buy back part of Fifth Third Bancorp's shares in the company.

And Planet Payment Inc. lowered its full-year 2017 net revenue guidance to between $57.0 million and $59.0 million from the previous guidance of between $60.1 million and $61.5 million.

In other parts of the world

Asia Pacific: SEC delays Chicago Stock Exchange sale nod; AMP's H1 net profit declines 15%

Europe: Zurich's Q2 net income up 21%; AEGON swings to Q2 profit; KBC's Q2 profit rises

Middle East & Africa: Qatar-linked banks face Abu Dhabi boycott; Nigerian court junks case vs. banks

The day ahead

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

In Asia, the Hang Seng fell 1.13% to 27,444.00, while the Nikkei 225 was down 0.05% to 19,729.74.

In Europe, around midday, the FTSE 100 was down 1.15% to 7,411.83, and the Euronext 100 fell 0.43% to 999.12.

On the macro front

The jobless claims report, the PPI-FD report, the EIA Natural Gas report, the Treasury budget report, the Fed balance sheet and the money supply report are due out today.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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