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Tuesday Express: SEC settles with 79 advisers; Citi eyes cannabis market

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Tuesday Express: SEC settles with 79 advisers; Citi eyes cannabis market

* The Securities and Exchange Commission announced that 79 investment advisers agreed to pay more than $125 million to clients for failing to report conflicts of interest related to the sale of higher-cost mutual fund share classes.

* Citigroup is having discussions about how it should work with cannabis companies or clients from other industries looking to invest in the cannabis sector that is estimated to become a $75 billion market in the U.S. by 2030, sources told Business Insider.

* Wells Fargo President and CEO Timothy Sloan is set to appear today before the U.S. House Committee on Financial Services for a hearing in connection with the company's consumer abuse scandals. In a prepared opening statement, Sloan said the bank is committed to compensating every customer who suffered because of the sales practices issue, and that it has "transformed" its approach to risk management.

* JPMorgan Asset Management will offer its new exchange-traded fund, JPMorgan BetaBuilders U.S. Equity ETF, at a fee of 2 basis points, making it the lowest-fee broad U.S. equity ETF, undercutting similar ETFs from Vanguard Group, BlackRock's iShares and Charles Schwab, CNBC reports.

* Insurance broker Arthur J. Gallagher purchased Merit Insurance, a Shelton Conn.-based retail property and casualty broker and employee benefits consultant.

* And the Senate Committee on Banking, Housing and Urban Affairs will meet in an executive session to conduct a hearing titled "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress," at 10 a.m. today.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.