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Wednesday Express: Global regulators plan fintech sandbox; 2 NY CUs to merge


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Wednesday Express: Global regulators plan fintech sandbox; 2 NY CUs to merge

* The Consumer Financial Protection Bureau is working with 11 foreign financial regulators and organizations to launch a global fintech sandbox.

* Banks such as JPMorgan Chase, PNC Financial Services Group and SunTrust Banks are pushing for more representation by women and minorities on their external legal teams, American Banker reports.

* The investigation over the misappropriation of billions of dollars from 1Malaysia Development Berhad is now in the hands of federal prosecutors in Brooklyn and the scrutiny has shifted from a single banker to Goldman Sachs itself, sources told The New York Times.

* A Third Circuit panel ruled that J.P. Morgan Securities should arbitrate the claims of Reading Health System, now known as Tower Health, over pre-2008 auction rate securities offerings, Law360 reports.

* Hornell Erie FCU is merging into New York peer First Heritage FCU, effective Aug. 18.

* U.S.-based private equity firm Golden Gate Capital is buying a 23.4% stake in asset management firm Aperio Group for about $73 million.

* Cigna said activist investor Carl Icahn is making a "speculative financial bet" against the health service company's pending merger with pharmacy benefit manager Express Scripts Holding.

* Jay Benet is set to step down as CFO of property and casualty insurer Travelers Cos., effective Sept. 1.

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