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The Monday Express: North American financials

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The Monday Express: North American financials

* The China Banking Regulatory Commission has ordered Citigroup to pay about $1.6 million for breaching mortgage lending rules and demonstrating insufficient care when issuing credit cards.

* The Securities and Exchange Commission is looking to hire a replacement for James Doty, chairman of the Public Company Accounting Oversight Board, The Wall Street Journal reports.

* Instead of passing the charges to clients, JP Morgan Asset Management will absorb the costs to be paid to brokers for investment research when the European Union's Markets in Financial Instruments Directive, or MiFID II, takes effect in January 2018, Reuters reports.

* S&P Global Ratings' outlook on UMB Financial and unit UMB Bank was revised to negative from stable, citing a higher credit risk profile driven by accelerated growth in commercial real estate and construction lending.

* In Florida, Winter Haven-based CenterState Banks is acquiring Fort Pierce-based HCBF Holding for $416.7 million and Plant City-based Sunshine Bancorp for $176.7 million.

* In the second quarter, Third Point, Dan Loeb's hedge fund, purchased 1.55 million shares in BlackRock, dissolved its stake in Snap and increased its stake in Facebook, according to regulatory filings and a Financial Times report.

* The House Freedom Caucus filed a discharge petition to force a vote on a bill to repeal the Affordable Care Act, or ACA, but not replace it for two years.

* Anthem will withdraw from the Virginia individual ACA exchange market in 2018.

* Health insurers that have retreated from ACA exchanges are seeing growth opportunity in the rising number of seniors and Medicare Advantage.

* MBIA recently named William Fallon as its CEO, and BTIG analyst Mark Palmer, in a research note, wrote that Fallon "is the natural choice to oversee the unwinding of National's insured portfolio."

* And the board of Safeway Credit Union has picked Servus Credit Union as a potential merger partner.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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