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More tweaks on Dodd-Frank rewrite bill; Goldman Sachs begins Brexit move

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More tweaks on Dodd-Frank rewrite bill; Goldman Sachs begins Brexit move

The Senate added provisions on the Dodd-Frank revision bill concerning consumer protections and a clarification on how the Federal Reserve would regulate foreign banks. Sen. Mike Crapo, R-Idaho, released a substitute amendment adding at least three consumer protection provisions for student borrowers, victims of identity fraud and service members dealing with foreclosure. A provision also clarified that the Fed's protocol for applying extra scrutiny on foreign banks operating in the U.S. would not be subject to the proposed increase on the regulatory threshold for enhanced prudential supervision from $50 billion to $250 billion.

In preparation for Brexit, Goldman Sachs Group Inc. has started building infrastructure and moving senior people to Frankfurt, Reuters reports, citing the investment bank's Germany co-chief Joerg Kukies. Goldman Sachs told more than a dozen London-based banking, sales and trading employees to prepare for a move to Frankfurt within weeks, Reuters earlier reported, citing "two sources with knowledge of the matter."

Wells Fargo & Co., which has a long-standing financial relationship with the National Rifle Association, tops the list of banks arranging funding for gunmakers, according to data compiled by Bloomberg. The bank has helped two big U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the Sandy Hook shooting occurred, according to the report. Bloomberg also found that Morgan Stanley and TD Securities Inc. helped arrange debt for gunmakers at $350 million and $332.5 million, respectively, since December 2012. Bank of America Corp. JPMorgan Chase & Co., and U.S. Bancorp arranged $273.6 million debt each.

In a memo, Wells Fargo President and CEO Timothy Sloan said that the bank conducts "strict due diligence" before accepting gun manufacturers as customers, The Wall Street Journal reports. Sloan added that the company is reaching out to its customers in the firearms industry to discuss ways to promote better gun safety.

Researchers from the Federal Reserve and the University of California warned that U.S. nonbank mortgage lenders are not properly equipped to withstand financial shocks and pose systemic risks to taxpayers, the Financial Times reports.

In other parts of the world

Asia-Pacific: Japan to punish cryptocurrency exchanges; State Bank of India penalized

Europe: Aviva FY'17 profit jumps YOY; EU rules out special treatment for UK

Middle East & Africa: Ghana's ADB, uniBank deny takeover; Saudi prince seeks end to bank tax dispute

The day ahead

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

In Asia, the Hang Seng rose 1.52% to 30,654.52, and the Nikkei 225 gained 0.54% to 21,368.07.

In Europe, around midday, the FTSE 100 rose 0.07% to 7,162.67, and the Euronext 100 gained 0.51% to 1,017.82.

On the macro front

The EIA natural gas report, the Fed balance sheet, the quarterly services survey, the jobless claims report and the money supply report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.