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SEC halts trading of 2 securities; LendingClub to not settle FTC suit

Banking Essentials Newsletter - November Edition

Online Brokerage Space Should Remain Rich Source Of M&A

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


SEC halts trading of 2 securities; LendingClub to not settle FTC suit

The SEC has suspended trading of Bitcoin Tracker One and Ether Tracker One until at least Sept. 20. In its order, the regulator said there is "a lack of current, consistent and accurate information" on these products. The broker-dealer application materials submitted to the regulator and certain trading websites characterized them as exchange-traded funds.

In banking news, one Fifth Third Bancorp banker died, while another was injured during a shooting incident at the bank's headquarters in downtown Cincinnati, American Banker reports, citing a company spokeswoman. The killed banker was identified as Luis Calderon, a finance manager for the company's commercial line of business, while Whitney Austin, a digital lending product manager, was injured but is in stable condition.

Rockefeller Capital Management L.P. is in talks to acquire assets from wealth manager CTC myCFO LLC, an anonymous source told Bloomberg News. With plans of expansion, the asset manager is looking at wealth management firms on the West Coast. CTC myCFO, a subsidiary of Bank of Montreal, manages funds for ultra-affluent families.

And LendingClub Corp. chose not to settle with the Federal Trade Commission, according to an FTC official, in a lawsuit alleging the digital lender of falsely promoting loans with "no hidden fees." The FTC had charged the company with falsely promising consumers they would receive a loan with "no hidden fees," when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans. LendingClub is also facing a class action lawsuit over allegedly misleading or false statements. When reached for comment, a LendingClub spokesperson said the company filed a motion to dismiss the case in June that the court has not yet heard.

In other parts of the world

Asia-Pacific: ICBC gets nod for Austrian unit; India fines 3 lenders; Axis Bank names CEO

Europe: Lloyd's confirms Neal as CEO; probe looking into $150B of Danske transactions

Middle East & Africa: Bahrain's Al Baraka eyes 2019 share offering; Zimbabwe names new finance chief

Now featured on S&P Global Market Intelligence

449 US banks concentrated in CRE in Q2'18: Commercial real estate loans kept increasing at U.S. banks and thrifts in the second quarter, but the number of banks concentrated in CRE lending fell from the previous quarter, according to an S&P Global Market Intelligence analysis.

Yield curve recession signals get a new reading: Yield curves are again signaling a possible recession as soon as next year depending on which data are being analyzed, economists say. But new findings from the Federal Reserve Bank of San Francisco — and the behavior of investors themselves — suggest that betting on a slowdown in the next several quarters would be premature.

The day ahead

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

In Asia, the Hang Seng was down 1.33% to 26,613.42. The Nikkei 225 rose 0.30% to 22,373.09.

In Europe as of midday, the FTSE 100 was up 0.36% to 7,304.01, and the Euronext 100 was up 0.48% to 1,034.28.

On the macro front

The consumer credit report and the TD Ameritrade Investor Movement Index 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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