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US tax reform bill could hit foreign-owned banks; Banc of California sued

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US tax reform bill could hit foreign-owned banks; Banc of California sued

The Institute of International Bankers, in a letter, made an "urgent" request to U.S. lawmakers to amend a provision in the fast-advancing U.S. tax reform legislation, the Financial Times reports. The IIB has warned that major international banks with U.S. units will be penalized on the way they have structured their global operations, and also would force them to cut down on lending or restructure their operations in the U.S., under the corporate tax reform bill in its current form.

Following reports that the Consumer Financial Protection Bureau's temporary head Mick Mulvaney may let Wells Fargo & Co. off the hook for penalties related to its mortgage lending practices, President Donald Trump tweeted that the government will continue to pursue fines and penalties against the company. "Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!" President Donald Trump tweeted Dec. 8.

A wrongful termination lawsuit has been filed against Banc of California Inc., accusing the company of illegally inflating its profits, that it had a culture of sexual harassment and that corporate money was spent in strip clubs. The complaint, filed Dec. 7 in L.A. Superior Court, was filed by Heather Endresen, who was a managing director for Small Business Administration lending before she was fired in May.

MFB Acquisition Corp. is buying Towson-based Maryland Financial Bank.

In Minnesota, Park State Bank and Pioneer National Bank of Duluth are merging.

And Goldman Sachs Group Inc. plans to clear bitcoin futures contracts for some clients when the derivatives go live, a source told Bloomberg News. Bitcoin futures went live at Cboe Global Markets Inc. on Dec. 10, while bitcoin futures are expected to go live at CME Group Inc. on Dec. 18.

In other parts of the world

Asia Pacific: China Guangfa Bank fined over lending violations; ICICI unit picks banks for IPO

Europe: PKO Bank Polski, Bank Pekao deny merger reports; 2 French insurers to merge

Middle East & Africa: Angolan bank BFA to launch IPO; Moody's revises DR Congo outlook

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was up 1.14% to 28,965.29. The Nikkei 225 added 0.56% to 22,938.73.

In Europe as of midday, the FTSE 100 climbed 0.41% to 7,424.24, and the Euronext 100 slid 0.12% to 1,044.22.

On the macro front

The U.S. Department of Labor's JOLTS report is due out today.

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