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Tuesday Express: Fed helped Goldman Sachs, Morgan Stanley to pass stress test

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Tuesday Express: Fed helped Goldman Sachs, Morgan Stanley to pass stress test

* The Federal Reserve on June 21 called executives at Goldman Sachs and Morgan Stanley and offered them a "conditional, non-objection" grade and avoid failing the annual bank stress tests if they agreed to freeze their payouts at recent levels, according to The Wall Street Journal's sources.

* Charles Schwab is set to pay a civil fine of $2.8 million to settle the SEC's charges alleging the brokerage of failing to file reports on suspicious transactions made by independent investment advisers, Reuters reports.

* In Roanoke Rapids, N.C., Roanoke Valley Savings Bank and Roanoke Rapids Savings Bank are set to merge in a deal expected to close in the first quarter of 2019, rrspin.com reports.

* NRT Technologies, which designs and develops enterprise platforms for the gaming industry, acquired the gaming ATM assets of Minneapolis-based US Bank.

* Statesville, N.C.-based de novo Spirit Community Bank launched an initial public offering of up to 3 million common shares.

* Canada's Sun Life Financial is considering increasing its ownership stake in Chinese joint venture Sun Life Everbright Life Insurance to between 49% and 51% from the current 25%, the South China Morning Post reports.

* AXIS Capital Holdings raised the target for its Northshore Re II Ltd. series 2018-1 catastrophe bond to $200 million from $150 million, Artemis reports.

* Vespoint a private insurance-focused investment, management and technology company — bought a controlling interest in Midwest Holding.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.