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Wednesday Express: Morningstar buying DBRS; Citi pulled out of Apple Card deal


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Wednesday Express: Morningstar buying DBRS; Citi pulled out of Apple Card deal

* Independent investment research provider Morningstar agreed to acquire credit ratings agency DBRS for $669 million.

* In California, Lighthouse Bank will merge into Santa Cruz County Bank in a $68.9 million all-stock deal that is expected to close in the third quarter.

* Citigroup withdrew from its advance talks with Apple for the launch of a new credit card after doubting the profitability of the product, CNBC reports. Apple in March announced the launch of the Apple Card in partnership with Goldman Sachs.

* The Securities and Exchange Commission charged Stephen Anderson, the owner of River Source Wealth Management, with defrauding clients by overcharging advisory fees and making material misstatements in reports filed with the regulator.

* The Office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corp. proposed a rule that would establish a revised framework for determining requirements under the regulatory capital rule, the liquidity coverage ratio rule, and the proposed net stable funding ratio rule for large foreign banking organizations with respect to certain U.S. operations based on their risk profile.

* The U.S. Department of the Treasury's Office of Foreign Assets Control found that State Street Bank & Trust Co. had violated U.S. Iranian sanctions regulations by processing payments on behalf of a U.S. citizen with a U.S. bank account, but who lives in Iran. However, it did not penalize the bank after it self-disclosed the violations and improved its compliance program.