At a House Financial Services Committee hearing, Comptroller of the Currency Joseph Otting said the OCC found around 20,000 accounts with compliance issues during a review of retail banks' sales practices. The review, which covered between 500 million to 600 million accounts from more than 40 national banks, found no "pervasive or systemic issues" regarding improper account openings. "We did find the need for banks to improve their policies, procedures and controls," Otting said.
In other bank regulation
Brazilian regulator Cade fined Morgan Stanley 30.3 million Brazilian reais and Royal Bank of Canada 12.6 million reais for foreign exchange manipulation, Reuters reports.
On the M&A
Macon, Ga.-based MidCountry Financial Corp. is selling its subsidiary, Minneapolis-based MidCountry Bank, to MidCountry Acquisition Corp., a corporation organized by investors in Minnesota.
Martins Ferry, Ohio-based United Bancorp Inc. is acquiring in-state peer Powhatan Point Community Bancshares Inc. in a stock and cash deal valued at around $6.8 million.
In fintech
Asset management
And HomeStreet Inc. is streamlining its mortgage banking
In other parts of the world
Asia Pacific: Woori Bank eyes Kyobo Securities; 2 Indian banks' HK branches under scrutiny
Europe: All eyes on ECB after Fed lifts rates; serious breach found at Swiss Raiffeisen
Middle East & Africa: Saudi Arabia, Bahrain raise rates after Fed hike; Oberbank withdraws from Iran
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was down 0.93% to 30,440.17, and the Nikkei 225 fell 0.99% to 22,738.61.
In Europe, around midday, the FTSE 100 fell 0.47% to 7,667.60, and the Euronext 100 was down 0.45% to 1,058.74.
On the macro front
The jobless claims report, the retail sales report, the import and export prices report, the business inventories report, the Energy Information Administration natural gas report, the Federal Reserve balance sheet and the money supply report are due out today.
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