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Monday Express: Neb. banks in deal; Goldman eyes GreenSky; SEC fines 2 BMO units

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Monday Express: Neb. banks in deal; Goldman eyes GreenSky; SEC fines 2 BMO units

* In Nebraska, Cornerstone Bank is acquiring Security Home Bank and Malmo Insurance Agency in a deal expected to close during the fourth quarter, the York News-Times reports.

* Elsewhere in Ohio, Warsaw Federal Savings and Loan Association agreed to affiliate with First Mutual Holding. Warsaw Federal will continue to be a 100% mutual bank and operate under the Warsaw Federal name and charter, with the same management team and employees following the deal.

* And in Iowa, South Ottumwa Savings Bank applied to acquire Peoples State Bank.

* Goldman Sachs' consumer bank, Marcus, launched in 2016 without a collections team that could contact delinquent borrowers for recovery and this, in part, has contributed to the $1.3 billion of losses it suffered since it started, The Wall Street Journal reports. Goldman is now looking to offer banking services through acquiring or partnering with other established brands. The company is eyeing the purchase of online lender, GreenSky, according to the report.

* The Securities and Exchange Commission fined Bank of Montreal units BMO Harris Financial Advisors and BMO Asset Management more than $37 million for their alleged failure to inform clients some aspects of the investment selection process for its retail investment advisory program.

* Malaysia will apply to transfer the 1Malaysia Development Berhad scandal-related case against Goldman Sachs Group to the High Court from a magistrate court on Oct. 22, Bloomberg News reports.

* Morgan Stanley and Bank of America are looking to expand their employee-benefit services offerings in a bid to boost revenues and gain clients through these businesses, Reuters reports.

* Nasdaq is tightening restrictions on initial public offerings of small Chinese companies as they tend to raise most of the capital from Chinese investors resulting in low liquidity for U.S. institutional investors that the exchange caters to, Reuters reports, citing regulatory filings, corporate executives and investment bankers.

* The Federal Housing Finance Agency ordered the 11 Federal Home Loan Banks to cease purchasing investments in assets, which are bound to the London interbank offered rate, from Dec. 31.

* The Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp. passed a final rule raising the appraisal exemption threshold for residential real estate transactions needing an appraisal to $400,000 from $250,000.

* The National Credit Union Administration is expected to weigh in on the matter of credit union purchasing banks as the number of such deals continue to rise, the Credit Union Journal reports. Earlier this month, NCUA Chairman Rodney Hood said the regulator is considering to introduce rules on the subject to add greater transparency to the process. The move is expected to give banks a chance to shed light on their grievance and potentially influence the rulemaking process.

* Blue Cross and Blue Shield of North Carolina and Cambia Health Solutions mutually decided to withdraw the regulatory approval request for their proposed merger.

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