Facebook Inc. will delay the launch of its Libra cryptocurrency
Raleigh, N.C.-based First-Citizens Bank & Trust Co. agreed to acquire Duluth, Ga.-based Community Financial Holding Co. Inc. for $2.3 million in cash. Community Financial unit Gwinnett Community Bank will become part of First-Citizens Bank upon deal completion, expected to occur in the first quarter of 2020.
Elsewhere, a proposed merger between Moline, Ill.-based Vibrant CU and Westbrook, Maine-based Infinity FCU has been terminated. Infinity FCU President and CEO Elizabeth Hayes informed the credit union
The Federal Reserve should cut its benchmark interest rate
Top officials of the U.S. Securities and Exchange Commission are split over whether the regulator needs to develop a uniform framework for corporate America to follow when making environmental, social and governance
Freddie Mac has lately been testing an underwriting software from financial technology startup ZestFinance Inc. that looks at data beyond the traditional credit score and purports to evaluate it differently, to potentially make mortgages more available for certain applicants, including first-time homebuyers and minorities, sources told The Wall Street Journal. The Los Angeles-based startup develops artificial intelligence software that reportedly enables financial firms to access thousands of additional data sources and use an infinite number of variables to better gauge the risk that an applicant will not repay a loan.
Sandy Spring Bancorp Inc.'s buying in-market competitor Revere Bank for $460.7 million in a 100% stock deal has revealed that the new accounting standard called the current expected credit loss, or CECL,
Demand for short-term loans by banks exceeded the supply offered by the Federal Reserve Bank of New York on Sept. 24, The Wall Street Journal reports. To quell short-term lending markets, the Fed offered $30 billion of two-week cash loans
Removing Fannie Mae and Freddie Mac from government conservatorship will at least help banks keep, if not regain, their share of the $15.4 trillion U.S. residential mortgage lending market, according to an American Banker report.
The Democratic-controlled House is expected to pass today the Secure And Fair Enforcement Banking Act, or SAFE Banking Act of 2019, that would exempt depositories that offer banking services to cannabis-related businesses from a slew of regulatory requirements, MarketWatch reports. House Financial Services Committee Chairwoman Maxine Waters, D-Calif., said she is pleased that the bill is up for a House vote, noting that it will ensure that state-authorized and regulated cannabis businesses are not forced to operate with just cash.
JPMorgan Chase & Co. is committing $25 million to the Financial Health Network's Financial Solutions Lab which will focus on creating fintech tools to help people increase savings, reduce debt and meet their long-term goals.
The U.S. Senate Committee on Banking, Housing, and Urban Affairs will hold a full-committee hearing at 10 a.m. today on "Facilitating Faster Payments in the U.S."
In other parts of the world
Asia-Pacific: Alibaba closes Ant Financial stake purchase; Australia hints at further rate cut
Europe: UK court loss; Santander sees €1.5B charge; HSBC fine junked
Middle East & Africa: Bank of Israel to grant license to 1st new bank in 40 years; Morocco holds rate
Now featured on S&P Global Market Intelligence
New fintech firm is challenging legacy core bank system providers: A new fintech firm, Neocova Corp., is looking to chip away at the dominant market share of core system providers for banks.
Banks should implement real-time payments solutions ahead of Fed's entry: The Federal Reserve's proposed real-time payments system will not be a reality for at least several more years, but banks should not wait to upgrade their payments infrastructure, Ulrike Guigui, managing director of Deloitte's payments practice, said at the PayThink 2019 conference in Los Angeles.
Midwest bankers keeping 'a close eye' on manufacturing woes: Banks that operate in America's manufacturing heartland may start to feel the squeeze as tariffs and the United Automobile Workers' strike against General Motors drag on.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng declined 1.28% to 25,945.35, and the Nikkei 225 was down 0.36% to 22,020.15.
In Europe, around midday, the FTSE 100 fell 0.86% to 7,227.91, and the Euronext 100 slid 1.32% to 1,074.14.
On the macro front
The new home sales report, the State Street Investor Confidence Index, the U.S. Energy Information Administration Petroleum Status Report and the U.S. survey of business uncertainty are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
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