Federal Reserve Bank of San Francisco President John Williams said he would support three or four interest rate
In banking
Bank of America Corp. is the latest financial institution to address clients who are gunmakers following a school shooting in Florida that left 17 dead. BofA plans to ask clients that manufacture assault weapons for non-military use what the bank can do to help end gun violence, Reuters reports. BlackRock Inc. had also disclosed a similar plan last week, while First National Bank of Omaha said it will drop its Visa credit card co-branded with the National Rifle Association.
Citigroup Inc. will refund approximately $335 million to certain credit card customers, after it identified "methodological issues" with how it determined annual percentage rates for certain credit card accounts. The issues were tied to provisions of the Credit Card Accountability Responsibility and Disclosure Act and Regulation Z.
New York-based Carver Federal Savings Bank sold its branch at 75 W. 125th Street to a real estate firm for about $19.5 million.
Following an internal probe into the Stilwell group's allegations against HopFed Bancorp Inc. CEO John Peck over his real estate ownership, a special litigation committee at the Hopkinsville, Ky.-based company found no basis for the company to sue Peck for breaches of fiduciary duty.
BB&T Corp. experienced an outage late afternoon on Feb. 22 that affected its systems, including online and mobile banking platforms, and its automated teller machines. In a statement posted on the bank's website, Chairman and CEO Kelly King apologized to customers for the "major inconvenience" and explained that the outage was caused by an equipment malfunction in one of the company's data centers. "At this time, we have no reason to believe this issue is related to cybersecurity," he noted. King also said that the company's systems have substantially recovered.
And brokerage firm
In other parts of the world
Asia Pacific: QBE to divest LatAm ops; Indonesian president nominates new central bank chief
Europe: Deutsche Bank to float DWS unit; NIBC confirms IPO plans; SEB CFO to leave
Middle East & Africa: First Abu Dhabi Bank eyes Saudi branch; Kenyan rate-cap law set for reform
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng was up 0.74% to 31498.6. The Nikkei 225 climbed 1.19% to 22,153.63.
In Europe as of midday, the FTSE 100 rose 0.51% to 7,281.51, and the Euronext 100 added 0.67% to 1,033.57.
On the macro front
The Chicago Fed national activity index, the Dallas Fed manufacturing survey and the new home sales report are due out today.
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