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The Tuesday Express: North American financials

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The Tuesday Express: North American financials

* President Barack Obama named NCUA Vice Chairman RickMetsger chairman ofthe agency's board, succeeding Debbie Matz, whose tenure ended April 30.

* The U.S. Federal Reserve Board unanimously approveda joint agency notice of proposed rulemaking to implement the incentivecompensation provisions of section 956 of the Dodd-Frank Act.

* Results of the Federal Reserve Board's April seniorloan officer opinion survey on bank lending practices indicatethat, on balance, banks tightened their standards on commercial and industrialloans and commercial real estate loans over the first quarter.

* Effective May 2, the Bank of Canada designatedthe Automated Clearing and Settlement System for oversight under the PaymentClearing and Settlement Act as a clearing and settlement system that has thepotential to pose payments system risk.

* Citigroup Inc. disclosed a number of in its latest Form10-Q, including a new investor lawsuit alleging mismanagement in the collapseof the residential MBS market that triggered the 2008 recession, and a newlawsuit related to a fraud investigation into the bank's Banamex unit.

* CLSA analyst Mike Mayo said that Goldman Sachs GroupInc. could benefit from buyingE*TRADE Financial Corp., Reuters reports, citing a client note. Suchtransaction, the analyst added, would expand Goldman's traditional banking andprovide increased deposits that would make excess capital available.

* Hennessy Advisors Inc. signed a definitive agreementwith Westport Advisers LLC to purchase the assets related to the management of TheWestport Funds.

* Social Finance Inc. is trying to get more securesources of funds by offering equity inexchange for commitments to purchase loans, Financial Times reports. Unlike its previous equity round whichtargeted venture firms, online lending group SoFi is now tapping pension funds,insurers and sovereign wealth funds in Europe and Asia, according to the report.

* San Francisco-based blockchain technology providerChain Inc. unveiledChain Open Standard 1, an open source blockchain protocol for high-scalefinancial applications. The protocol was developed in collaboration with globalfinancial services firms.

* Arthur J. Gallagher & Co. Hagan Newkirk FinancialServices, a retail insurance broker based in Little Rock, Ark.

* QBE North America announced that Russell Johnstonwill join QBE on May 31 as CEO of North American operations.

TheDaily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external linksmay require a subscription.