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The Wednesday Express: North American financials

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The Wednesday Express: North American financials

* On the earnings front, U.S. Bancorp's third-quarter EPS rose to 88 cents from 84 cents a year-ago and M&T Bank's EPS rose to $2.21 from $2.10. Northern Trust is also scheduled to report quarterly results before markets open today.

* The U.S. Securities and Exchange Commission is expected to issue no-action letters that will ensure that the agency will not sue companies — which will be affected by the European Union's revised Markets in Financial Instruments Directive, or MiFID II — that will separately charge their European clients for investment research services, instead of bundling them together with other services. The EU directive is set to take effect in January 2018.

* JPMorgan Chase is buying payments firm WePay. A source told The Wall Street Journal that JPMorgan agreed to pay more than WePay's $220 million valuation as of 2015.

* Wisconsin-based State Bank Financial is selling its branch in La Crescent, Minn., to Minnesota-based ESB Bank.

* American International Group is reportedly considering bidding for Australia-based Suncorp Group's life insurance operations, The Australian Financial Review's Street Talk blog reports, citing sources.

* Shares of companies tied to Affordable Care Act exchange markets rose modestly following news that Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., are striking a deal to fund cost-sharing subsidies for insurers.

* Private equity firm Siris Capital Group is buying fintech firm IntraLinks Holdings for approximately $1 billion.

* Insurers are facing an increasingly rigorous regulatory process in executing M&A given the heightened presence of private equity-backed acquirers and other forms of nontraditional buyers. Insurtech companies are also not spared from risks on the regulatory front.

* According to a Politico report quoting two unnamed White House officials, President Donald Trump was "leaning" toward naming Alex Azar a former executive at healthcare company Eli Lilly and Co. as secretary of Health and Human Services.

* And in Canada, the Office of the Superintendent of Financial Institutions released its final version of the residential mortgage underwriting practices and procedures. The revisions take effect Jan. 1, 2018.

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