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In This List

Friday Express: PayPal sues CFPB; municipal bond sales may hit record in 2020

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Friday Express: PayPal sues CFPB; municipal bond sales may hit record in 2020

* PayPal filed a lawsuit against the Consumer Financial Protection Bureau seeking to block the latter's rule on prepaid cards, which went into effect in April. PayPal alleges that the rule ignores the differences between prepaid cards and digital wallets, which tends to confuse consumers.

* The sales of state and local government bonds is expected to hit a record in 2020 thanks to the Fed's decision to keep interest rates low, which in turn will boost banks' municipal bond underwriting business, Bloomberg News reports, citing forecasts from major underwriters in the municipal market. Loop Capital and Hilltop Securities expect bond sales to reach $450 billion, while Bank of America expects $430 billion of debt to be issued, according to the report.

* A proposal to redesign the Community Reinvestment Act to create an entirely new framework for banks to provide banking services to low-income neighborhoods and distressed communities was approved by Federal Deposit Insurance Corp. board through a 3-1 vote with the single dissent from former FDIC Chairman Martin Gruenberg. It also passed at the Office of the Comptroller of the Currency, which has only one director.

* The Federal Reserve Board on Dec. 5 terminated enforcement actions against JPMorgan, Spirit BankCorp and U.S. Bancorp, issued in January 2013, August 2012 and February 2018, respectively.

* In its newly released of repurchase agreement operations for the monthly period from Dec. 13 through Jan. 14, 2020, the Federal Reserve Bank of New York said it will increase the overnight repo offering to at least $150 billion from the current $120 billion on Dec. 31 and Jan. 2, 2020. The New York Fed will also offer a $75 billion repo on Dec. 30 that settles Dec. 31 and matures Jan. 2, 2020.

* A three-person Financial Industry Regulatory Authority arbitration panel ordered UBS Financial Services to pay more than $11 million to a former supervisor Mark Munizzi over claims that the company defamed him in describing his termination on his Form U5, InvestmentNews reports. UBS has reportedly denied the allegations and plans to fight the decision.

* Atlanta, Ga.-based banking technology firm NCR entered into a $245.2 million agreement to clean up and fund future response actions at a significant portion of the Allied Paper/Portage Creek/Kalamazoo River Superfund site. The cleanup work is expected to be performed over the next 20 years.

* Under Wells Fargo Advisors' 2020 compensation plan, which takes effect Jan. 1, 2020, advisers in the Advisor-Led group will see lower cash payouts for revenue from smaller households while Community Banking Advisors will receive a higher cash payout rate when they bring in new accounts on their own instead of getting via internal referrals, Barron's reports.

* Goldman Sachs will shift the offices of its senior leadership team from the 41st floor to the 12th to help them stay closer to employees, CEO David Solomon disclosed to Goldman's 38,000 employees in a memo, Business Insider reports.

* Gary Woods, chairman of Argo Group International Holdings' board, and four other board members of the insurer will retire amid pressure from activist investor Voce Capital Management.

* Richmond, Va.-based insurer Genworth Financial completed the sale of its majority stake in Genworth MI Canada to Bermuda-based Brookfield Business Partners for C$48.86 per share, or a total transaction value of approximately C$2.4 billion.

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.