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Trump names special adviser on regulations; NY DFS delays cybersecurity rules

In government news:

President-elect Donald Trump appointed Peter Navarro to head the newly formed White House National Trade Council, which will work collaboratively with the National Security Council, National Economic Council and the Domestic Policy Council. Meanwhile, billionaire investor Carl Icahn agreed to serve as a special adviser on issues relating to regulatory reform.

Senate democrats are taking aim at Trump's pick for Treasury Secretary, Steven Mnuchin, and raising questions about his financial industry experience, The Wall Street Journal reports. They have already launched a website asking people to submit complaints about Mnuchin. Sen. Sherrod Brown, D-Ohio, wrote to Mnuchin yesterday asking questions regarding his Wall Street background and how it will affect his policy positions at Treasury.

On the regulatory front:

The SEC lodged fraud charges against Navnoor Kang, former director of fixed income for the New York State Common Retirement Fund, over alleged orchestration of a pay-to-play scheme that also involved brokers Gregg Schonhorn and Deborah Kelley.

A source for Reuters says that the New York State Department of Financial Services is set to introduce a revised version of its cyber security rules for banks and insurers doing business in the state on Dec. 28. Following a public review period, the new deadline will be March. 1, 2017. The rules were initially set to take effect Jan. 1, 2017.

The Federal Reserve assessed a civil money penalty of $27 million against Banco Bilbao Vizcaya Argentaria SA and unit BBVA Securities Inc. for exceeding limits on the latter's securities underwriting and dealing activities previously imposed by the Fed board.

In banking, Wausau, Wis.-based River Valley Bancorp. Inc. is buying Integrity First Bank.

Following the termination of Astoria Financial Corp.'s deal with New York Community Bancorp Inc., Fitch Ratings affirmed a number of ratings for the Lake Success, N.Y.-based company, removed them from rating watch positive and assigned a stable outlook.

Lafayette, La.-based IBERIABANK Corp. has inked an agreement with the FDIC for an early termination of its 12 loss-share agreements with the agency. The FDIC made a $6.5 million net payment to the company as consideration.

The U.S. District Court for the District of Delaware approved Dec. 15 the terms of the settlement agreement that The Bancorp Inc. and all other individually named defendants agreed upon on July 27 with respect to a consolidated class-action securities lawsuit.

Hu Liang, senior managing director of the Emerging Technologies Center at State Street Corp., told Reuters that the company has tested a blockchain system for securities lending, which could be implemented next year. "The system would reduce manual intervention involved with the process, make it faster, and create a better record for regulatory reporting purposes," Liang said.

Elsewhere, Birmingham, Ala.-based Compass Bank named Onur Genç CEO, effective during the first quarter of 2017. He will replace Manuel Sánchez-Rodriguez.

Chris Henson, the current COO of Winston-Salem, N.C.-based BB&T Corp., was appointed president of the company and its unit Branch Banking and Trust Co., effective immediately. Henson will hold the new appointment in addition to his COO post.

In credit union news, Southbridge Credit Union is searching for a new CEO after Jeff Davenport left the Southbridge, Mass.-based credit union, the Worcester (Mass.) Business Journal reports. Chief Sales and Retail Officer Kate Alexander will serve as CEO in the interim.

At Siebert Financial Corp., Joseph Ramos Jr. resigned as executive vice president, COO, CFO and secretary. The broker-dealer has appointed Andrew Reich CEO, COO, CFO and secretary.

In the asset management sphere, Bloomberg News reports that former BlackRock Inc. fund manager Mark Lyttleton was sentenced to one year in prison after he pleaded guilty in London to insider trading charges related to information he obtained involving two energy companies over a three-month period in 2011.

And Avalon Advisors LLC acquired San Antonio-based Matterhorn Capital Management LLC, with the combined entity managing more than $6 billion in assets.

In other parts of the world

Asia-Pacific: India fines foreign banks; China, Iceland extend currency swap deal

Europe: MPS poised for state bailout; EU banks exceeding liquidity rules

Middle East & Africa: Top Israeli bank set for international exit; Nigeria takes to the Internet

The day ahead

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

In Asia, the Hang Seng fell 0.80% to 21,636.20, and the Nikkei 225 was down 0.09% to 19,427.67.

In Europe as of midday, the FTSE 100 was down 0.11% to 7,033.66, and the Euronext 100 fell 0.08% to 928.63.

On the macro front

The durable goods orders, the GDP report, the jobless claims report, the Chicago Fed national activity index, the FHFA house price index, the leading indicators , the EIA natural gas report, the Kansas City Fed Manufacturing Index, the Fed balance sheet 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.