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The Tuesday Express: North American financials


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The Tuesday Express: North American financials

* Federal Reserve Bank of Cleveland President Loretta Mester,in an interview on Bloomberg Television, said that the case for an interest-ratehike in November remainscompelling.

* Sen. Sherrod Brown, D-Ohio, intendsto introduce a bill which would ban Wells Fargo's use of forced arbitrationclauses and make it easier for customers to file lawsuits against the scandal-strickenbank, The Wall Street Journal reports.

* North Carolina's Department of State Treasurer told the Charlotte Business Journal that it is closelymonitoring Wells Fargo's situation and plans to find out if the state's governmentaccounts are affected by the bank's past business practices. The Arizona Board ofInvestment is also assessingthe state's relationship with the bank, state Treasurer Jeff DeWit told the Phoenix Business Journal.

* According to Illinois State Treasurer Michael Frerichs, WellsFargo will likely lose "millionsof dollars" in revenue now that the state suspended its annual investmentactivity with the bank. Wells Fargo, however, rebuffed this claim saying that theamount in lost revenue is only approximately $50,000 annually, the Financial Times reports.

* The FDIC and Effingham, Ill.-based Midland States Bancorp their loss-share agreements.

* In Canada, Finance Minister Bill Morneau unveiled policymeasures aimed at cooling housing markets in the country's biggest cities, theJournal reports.

* First Foundation Bank is buying two branches from Pacific Western Bank.

* Alliant Insurance Services acquired Hecht Group, a provider of benefits, financial planningand insurance services.

* Dartmouth, Nova Scotia-based A.P. Reid Insurance is commercial lines insurancebrokerage Robinson Insurance Brokers of Edmonton.

* William Ready has been named executive vice president and COO of PayPal Holdings.

* Securities lending platform EquiLend Holdings named Ken DeGiglioits firstchief information officer, the Journalreports.

* Martin Thompson was named president and CEO of RSA Canada, a part of RSA InsuranceGroup.

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