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The Friday Express: Investor group buys St. Louis Bank; Farmer Mac fires CEO


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The Friday Express: Investor group buys St. Louis Bank; Farmer Mac fires CEO

* While European banks warned that the updated capital framework dubbed "Basel IV" could make financing and lending more difficult, U.S. banks are optimistic that domestic regulators will take a softer approach on implementing the new rules.

* The Federal Reserve Board is proposing to provide the nation's largest banks more information on how the agency conducts stress tests.

* A pending settlement between Wells Fargo and the Consumer Financial Protection Bureau over the company's mortgage rate lock extensions fees may be undone under Mick Mulvaney's review of pending CFPB investigations, sources told Reuters.

* Morgan Stanley fired former Congressman Harold Ford Jr. as a senior adviser, a source told The Wall Street Journal. The source said that Ford made "inappropriate forcible advances" toward a woman at the company several years ago.

* A group of investors agreed to acquire Missouri-based St. Louis Bank in a deal valued between $25 million to $34 million, the St. Louis Business Journal reports.

* In Virginia, Carter Bank & Trust is selling its Hot Springs branch to state peer Highlands Community Bank.

* Farmer Mac fired its president and CEO, Timothy Buzby, for violating company policies.

* Validus Holdings estimated a net impact of $30.0 million from California's October wildfires.

* CNA's newly bought financial institutions and management liability quota share cover will see it cede around 40% of a book of business, with subject premiums projected to be just below $100 million, sources told The Insurance Insider.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.