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Friday Express: FDIC's McWilliams says banking system not under threat

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Friday Express: FDIC's McWilliams says banking system not under threat

* Federal Reserve Bank of Dallas President Robert Kaplan told Bloomberg that the U.S. central bank should hold off on taking action on its interest rates for the first couple of quarters until greater clarity emerges on macro uncertainties.

* Federal Deposit Insurance Corp. Chair Jelena McWilliams told Reuters that the ongoing market volatility would not threaten the banking system because banks enjoy strong capital levels. McWilliams also said banking regulators are reviewing the CAMELS rating system, which evaluates a bank's overall condition.

* The Consumer Financial Protection Bureau ordered San Antonio-based USAA Federal Savings Bank to pay $12 million in restitution and $3.5 million in civil monetary penalty for violating the Electronic Fund Transfer Act and Regulation E.

* A St. Louis Fed study found that checkless bank accounts, or safe-transaction accounts, developed for low-income customers, are increasingly becoming more popular, The Wall Street Journal reports.

* Financial services provider Mr. Cooper Group is buying the servicing rights for government-sponsored enterprise mortgages worth $24 billion and the Seterus mortgage servicing platform from information technology company IBM.

* Registered investment adviser Mercer Advisors has acquired Dragon Financial.

* Payment processor Square appointed Amrita Ahuja CFO to replace Sarah Friar, who is resigning to become CEO of private social network platform Nextdoor.com.

* Insurance company Nationwide Mutual has acquired privately held program manager E-Risk Services.

* Reinsurer Maiden Holdings agreed to return about $700 million in gross unearned premium to AmTrust Financial as part of a partial termination amendment to its in-force quota share agreement with the latter.

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.