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Friday Express: Md. banks in deal; fintech to lend; JPMorgan warns on stablecoin

* Baltimore-based BV Financial agreed to acquire Forest Hill, Md.-based MB Bancorp and unit, Madison Bank of Maryland, for about $31.0 million in cash.

* Winston-Salem, N.C.-based credit unions Members CU and Hanesbrands CU have merged, with the former being the surviving entity.

* San Franciso-based financial technology startup Stripe is venturing into the lending business with the launch of its Stripe Capital service that will offer loans to existing Stripe customers and merchants using Stripe to process payments. Stripe Capital will initially focus on loans of about $10,000 to $20,000, Bloomberg News reports, citing Stripe Co-Founder John Collison.

* Charles Schwab is set to shut down its Singapore unit, Charles Schwab Singapore, which began operations in November 2017. The Singapore unit will no longer offer services and open new accounts for prospective clients in the city-state.

* The New York State Department of Financial Services authorized Paxos Trust Co. to offer a gold-backed virtual currency and BUSD, a virtual currency pegged to the U.S. dollar.

* The Treasury Department and the Department of Housing and Urban Development released separate proposals to recapitalize government-sponsored enterprises Freddie Mac and Fannie Mae before ending their conservatorships.

* The Financial Accounting Standards Board is proposing a temporary guidance to help firms transition easily from the London Interbank Offered Rate and other interbank offered rates. The proposed guidance will become effective upon issuance of a final update and through December 31, 2022.

* Stablecoins, which are cryptocurrencies designed to minimized volatility of Bitcoin and Ether, may not function properly during stress periods since they lack the liquidity facilities that are common in other payments systems, according to JPMorgan analysts led by Joshua Younger, Bloomberg News reports.

* Several analysts view life insurer Prudential Financial's acquisition of insurance technology startup Assurance IQ for approximately $2.35 billion as a "wise use" of corporate cash.

* North Carolina residential property insurers' efforts to achieve rate adequacy in the region have encountered regulatory delays and resistance. And now the state is preparing for Hurricane Dorian.

* Starting in January 2020, property and casualty insurer American International Group plans to either cover or exclude cyber exposures in "virtually all" of its commercial P&C policies.

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