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Regulators release updated versions of living wills by 8 large banks; CFPB issues new prepaid card rules

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Regulators release updated versions of living wills by 8 large banks; CFPB issues new prepaid card rules

The Federal Reserve and the FDIC jointly released public portionsof the "targeted submissions"related to the 2015 resolution plansof eight large banks. — the not to have "deficiencies"in its 2015 resolution plan — still had to defend the issues identified by regulatorsin order to have its plan passed as "credible." Citi responded to the"shortcomings,"assuring the regulators that it was committed to becoming a "simpler, smaller"company that would be able to unwindsuccessfully.

Goldman Sachs GroupInc. outlined six actionsit took to address the weaknesses identified, including an enhanced liquidity model.Morgan Stanley also outlineda new liquidity model to estimate and maintain sufficient liquidity for its subsidiaries,saying that it is "fundamentally changing" how it manages cash to reduceor even eliminate the amount of cash that might not be available to subsidiariesif the parent company fails.

Among companies whose plans were previously deemed , Bank of New York Mellon Corp. switched to a resolution plan, insteadof a bridge bank. State Street Corp.developed a service taxonomyand identified all critical services and mapped those services to core businesslines, critical operations and material entities. JPMorgan Chase & Co. said it developed "" in itsresolution planning, which would address regulatory concerns over separability.Bank of America Corp. alsoestablished triggers forliquidity and capital actions that would allow its businesses to operate in thewake of a bankruptcy filing, in addition to creating a "comprehensive set ofplaybooks" outlining steps needed if the bank nears a resolution scenario.Additionally, Wells Fargo & Co.disclosed plans to enhance executive and senior management oversight of resolutionplanning. It created a formal committeeto better document resolution plan procedures and expanded its internal audit committeeto better gauge the company's adherence to regulatory guidelines.

Speaking of Wells, Minnesota Attorney General Lori Swansonhas called its use of compulsory arbitration clauses in its customer agreements"absurdand unfair." She wrote to Chairman and CEO John Stumpf demanding him toend this practice, the (Minneapolis) StarTribunereports.

Fitch's bank peer review saw the rating agency's outlooks forFifth Third Bancorp andWells Fargo fall to negativefrom stable.

Elsewhere in banking,Pittsfield, Mass.-based BerkshireBank is seeking to buycertain assets and assume certain liabilities of Rutland, Vt.-based firm RonaldN. Lazzaro PC.

In Indiana, HorizonBank NA is acquiring approximately $5.0 million in loans and assume about $15 million in depositsof a First Farmers Bank & Trustbranch, located in Bargersville.

Doylestown, Pa.-based MonumentBank is forming a bank holding company, Monument Bancorp Inc.

Two credit unionshave agreed to merge in California. MendoLake Credit Union and CommunityFirst Credit Union are combining to form a not-for-profit financialcooperative with assets of $423 millionand a membership of almost 48,000.

In people news, GoldmanSachs co-chairman of global mergers and acquisitions John Vaske is departingfrom the company, The Wall Street Journalreports, citing a memo.

Colony BankcorpInc. disclosed the retirementof Henry Brown Jr. as executive vice president and chief credit officer of the companyand unit Colony Bank,effective immediately.

MidWestOne FinancialGroup Inc. named KevinKramer COOof the company and unit MidWestOneBank, effective Oct. 25. In Louisiana, BOM promoted Ronald Roy to COO, the Natchitoches(La.) Parish Journal reports.

And, EZCORP Inc.named Joseph Rotunda COO,effective Oct. 4.

In the asset managerscene, the New Jersey Investment Council is pulling out $190 million from OZ Domestic Partners, a hedge fund managedby Och-Ziff Capital Management GroupLLC, Bloomberg News reports, citing materials from the council's Sept.28 meeting.

New York-based investment manager Kortright Capital Partners LP is suing Investcorp Investment Advisors, Reuters reports.

On the regulatory front,the CFPB finalized strong federalconsumer protections for prepaid account users, including disclosure requirementsabout fees and limit on losses consumers can face when a prepaid card is stolenor lost.

And the Fed may see an overhaulwhether Donald Trump or Hillary Clinton wins the presidential election, BloombergNews reports.

In other parts of theworld

Asia-Pacific: SompoHoldings to acquire Endurance Specialty; India cuts policy rates

Europe: Bradford& Bingley loan sale resumed; Bankia-BMN merger likely in 2017

Middle East & Africa: Attijariwafa to buy Barclays Egypt; South Africa's FSB backs new exchange

The day ahead

Early morning futures indicators pointed to a lower opening forthe U.S. market.

In Asia, the Hang Seng was up 0.42% to 23,788.31. The Nikkei225 climbed 0.50% to 16,819.24.

In Europe as of midday, the FTSE 100 dropped 0.63% to 7,029.75,and the Euronext 100 fell 0.77% to 884.16.

On the macro front

The ADP employment report, the international trade report, theGallup U.S. job creation index, the PMI services index, the factory orders reportand the ISM non-manufacturing index are due out today.

The Daily Dose isupdated as of 7:30 a.m. ET. Some external links may require a subscription.