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Illinois banks in deal; Wells Fargo settles Navajo Nation lawsuit for $6.5M

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Illinois banks in deal; Wells Fargo settles Navajo Nation lawsuit for $6.5M

Forreston, Ill.-based High Point Financial Services Inc. agreed to acquire Poplar Grove, Ill.-based Poplar Grove State Bank in a deal expected to close in the fourth quarter.

South Texas Money Management Ltd. agreed to join independent wealth management firm CAPTRUST Financial Advisors. The deal is expected to close in early September.

The team of financial planning startup Grove will join Wealthfront Inc. The tie-up is expected to help Wealthfront boost its efforts to deliver its Self-Driving Money offering.

Wells Fargo & Co. agreed to settle a lawsuit filed against it by the Navajo Nation, Reuters reports. The complaint, which was filed in federal and tribal courts in 2017, accused the bank of opening unauthorized accounts for vulnerable members of the tribe. The bank will pay a settlement fee of $6.5 million.

Philadelphia Fed chief Patrick Harker and Dallas Fed President Robert Kaplan remain hesitant toward further rate cuts during the Federal Reserve's upcoming September meeting, Bloomberg News reports. Kansas City Fed President Esther George and Boston Fed President Eric Rosengren, who voted against the rate cut in July, voiced similar opinions, saying the economy has not shown signs of a slowdown.

A Federal Reserve Bank of New York survey of primary dealer banks found that majority of the respondents thought communication from the central bank shortly before the July Federal Open Market Committee meeting was ineffective, The Wall Street Journal reports. The survey found the central bank's communication to be confusing and inconsistent.

The U.S. Securities and Exchange Commission approved Long-Term Stock Exchange Inc.'s first set of listing requirements, providing critical clearance for the bourse to launch. Backed by some of Silicon Valley's most prominent investors, the exchange venture plans to launch a stock trading and listing venue that will be specifically designed to promote long-term thinking among the companies listed there.

Additionally, the SEC fined Deutsche Bank AG more than $16 million in relation to its alleged unlawful hiring process. The regulator alleged that the German lender hired relatives foreign government officials in Russia and Asia-Pacific to clinch or maintain business relationships, breaching a law on books and records and internal accounting controls.

Service CU and former CEO Gordon Simmons have settled their lawsuits against each other, which had claimed breach of contract and sexual and financial misconduct, CUtoday reports. Simmons had first filed a lawsuit against the credit union in March 2016, alleging that it breached its contract related to a lifetime health and insurance coverage it was supposed to provide Simmons and his wife. In response, Service CU also sued Simmons, alleging he used the credit union's money to support his extra-marital affair with his administrative assistant as well as forgiving the assistant's $38,000 loan without notice to the board. Simmons also allegedly had an employee fired for questioning the affair and lied about the relationship to the board.

In other parts of the world

Asia-Pacific: AIA value of new business rises YOY; CBA revises life insurance deal

Europe: ECB bad loan extension; EU €100B sov wealth fund; Deutsche prime brokerage move

Middle East & Africa: Old Mutual fires ex-CEO again; Egypt cuts rates; Sudan's new prime minister

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Delinquencies, charge-offs mixed at card issuers in July : Major U.S. credit card issuers posted mixed results month over month in July. Average delinquencies among master trust portfolios at six large card issuers — American Express, Bank of America, Capital One Financial, Citigroup, Discover Financial Services and JPMorgan Chase — rose 2 basis points month over month to 1.44% in July.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.50% to 26,179.33, and the Nikkei 225 increased 0.40% to 20,710.91.
In Europe, around midday, the FTSE 100 was up 0.57% to 7,169.09, and the Euronext 100 was up 0.42% to 1,049.99.

On the macro front

The new home sales report and the Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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