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The Wednesday Express: North American financials


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The Wednesday Express: North American financials

* Federal Reserve Bank of Richmond President Jeffrey Lacker resigned, after admitting he was involved in the controversial leak of information to a Medley Global Advisors analyst back in 2012. Lacker's lawyer said no charges will be brought against him. The Federal Reserve said it appreciated "efforts made to bring this matter to its conclusion."

* Federal Reserve Board Governor Daniel Tarullo's final public speech criticized Dodd-Frank's failure to provide "structural solutions," but also described as a "substantial overreach" the claims that regulations severely hampered bank lending.

* The Federal Reserve Board is now accepting applications from potential Community Advisory Council members.

* President Donald Trump's NAFTA renegotiation plan includes getting other countries to refrain from imposing customs duties on financial services companies' digital products or refrain from requiring that data be locally stored or processed, according to a draft letter by acting U.S. Trade Representative Stephen Vaughn.

* Yesterday, Trump also re-emphasized his commitment to "absolutely destroying these horrible regulations," mentioning in particular how "folks from government ... [are] running the banks," while bank executives are "petrified of the regulators." JPMorgan CEO Jamie Dimon, at a separate meeting with business school students, remarked that he was "comfortable speaking [his] mind to anyone," but that "regulators get [him] scared."

* The Labor Department postponed the fiduciary rule's applicability date to June 9 from April 10.

* At the SEC's Equity Market Structure Advisory Committee meeting today, the Regulation NMS subcommittee will present on Rule 611, which restricts the execution of trades on one venue at prices inferior to publicly displayed quotations on another venue, while the Trading Venues Regulation subcommittee will present on self-regulatory organizations' limitations of liability and regulatory centralization.

* The House Financial Services Committee is holding a hearing on the Consumer Financial Protection Bureau's 2016 semi-annual reports.

* The CFPB released its 2016 consumer response report and noted a 7% year-over-year increase in complaints handled. Debt collection, credit reporting and mortgages comprised approximately 67% of complaints submitted.

* Credit Suisse Securities (USA) and former managing director Sanford Katz will together pay about $8 million to resolve the SEC's claims of improper investments, insufficient disclosures and clients' overpayment of fees.

* Citing Wells Fargo's fake-accounts scandal, Glass Lewis urged shareholders to vote against the re-election of six company board members, The Charlotte Observer reports.

* Park City Capital called for AdCare Health Systems Chairman and CEO William McBride's resignation, saying that McBride's claim of having an MBA could not be verified.

* A court has ruled that Prosiris Capital Management and Tilden Park Capital Management are entitled to a portion of Bank of America's $8.5 billion mortgage settlement. The Wall Street Journal covers the decision.

* Milwaukee-based Bank Mutual is selling five branches to Marine Credit Union of La Crosse, Wis.

* Kayne Anderson Acquisition completed its IPO of 35 million units, with gross proceeds pegged at $350 million.

* XL Group's Stephen Catlin will retire as executive deputy chairman in May 15, after which he will serve as a special adviser to CEO Mike McGavick until the end of the year.

* And Lee Meyrick, previously chief underwriting officer of global marine at XL Catlin, was appointed global marine specialty CEO at Aon Risk Solutions.

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