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CFPB says Equifax probe ongoing; Fed's C&D won't hurt Wells Fargo: Bove

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CFPB says Equifax probe ongoing; Fed's C&D won't hurt Wells Fargo: Bove

SEC Chair Jay Clayton and Commodity Futures Trading Commission Chair J. Christopher Giancarlo will testify before the Senate Committee on Banking, Housing and Urban Affairs at 10 a.m. ET today during a hearing about the agencies' oversight roles on virtual currencies. The duo are expected to call attention to gaps in the rules for trading digital currencies, Bloomberg News reports.

Also, at 10 a.m. ET today, U.S. Treasury Secretary Steven Mnuchin will face the House Financial Services Committee at a hearing titled, "The Annual Report of the Financial Stability Oversight Council."

In other regulatory news, a spokesperson for the Consumer Financial Protection Bureau denied reports that the regulator has put a freeze on its probe into a massive cyber breach at Equifax Inc. last year. In an emailed statement, the spokesperson said that the CFPB's investigation was continuing and that the regulator "cannot comment further at this time."

Canada's Fairfax Financial Holdings Ltd. and U.S.-based asset managers Warburg Pincus LLC and General Atlantic LLC are among the companies looking to acquire a 26% stake in IndiaFirst Life Insurance Co. Ltd., sources for Mint report.

For bank analyst Dick Bove, the Federal Reserve's move to sanction Wells Fargo & Co. over its string of wrongdoings is "1,000% political." Bove told CNBC that the drop in the company's stock following the enforcement action is an "incorrect sell-off" and that the imposed cap on its asset size will not curtail the company's ability "to lend money, take in deposits or operate the way they have historically." Bove has a "buy" rating on the company. On the other hand, analysts at Keefe Bruyette & Woods, J.P. Morgan Securities and Morgan Stanley have downgraded Wells Fargo's stock.

In credit union news, California-based Allied CU and UNCLE CU are merging. In Maine, York County FCU and Atlantic Regional FCU agreed to a merger of equals.

And the Federal Reserve Bank of Kansas City granted Fourth Corner CU conditional approval to serve marijuana-related businesses, but not state-licensed marijuana dispensaries, The Wall Street Journal reports. Fourth Corner CU was established specifically to serve the marijuana industry in Colorado.

In other parts of the world

Asia Pacific: Great Eastern in Malaysian M&A talks; Macquarie ups FY'18 profit guidance

Europe: Lloyds to cut 1,000 jobs; Munich Re FY'17 net profit drops

Middle East & Africa: First Abu Dhabi gets Saudi securities license; Investec selling Irish unit

The day ahead

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

In Asia, the Hang Seng fell 5.12% to 30,595.42, while the Nikkei 225 shed 4.73% to 21,610.24.

In Europe, around midday, the FTSE 100 dropped 2.38% to 7,160.28 and the Euronext 100 fell 2.32% to 1,003.85.

On the macro front

The international trade report, the Redbook and the JOLTS report are due out today.

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