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In This List

Wednesday Express: JPMorgan to earn record deal fee; Ohio CUs to merge

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Wednesday Express: JPMorgan to earn record deal fee; Ohio CUs to merge

* JPMorgan Chase is set to earn the highest disclosed fee of $123 million for advising in a deal, the Financial Times reports. The investment bank is assisting on the planned $63 billion sale of Dublin-based Allergan to pharmaceutical group AbbVie.

* Columbus, Ohio-based Whitehall CU will merge with Pathways Financial CU in a deal that will take effect on Sept.28. The Whitehall branch will reopen on Sept. 30 as a Pathways Financial branch.

* Toano, Va.-based C&F Financial has agreed to acquire Montross, Va.-based Peoples Bankshares and unit Peoples Community Bank in a $21.4 million stock-and-cash deal that is expected to close in early 2020.

* Rockford, Ill.-based Illinois Bank & Trust has agreed to substantially acquire all assets and assume substantially all the deposits and certain liabilities of QCR Holdings unit Rockford Bank and Trust.

* The U.S. Securities and Exchange Commission will hold a meeting in the coming week and consider publishing new guidelines on investor use of proxy advisers, Reuters reports. The move could result in disagreements between the regulator and investors, who may think the SEC is partial to companies.

* The Federal Housing Finance Agency published its final rule on approving and validating third-party credit score models, which would be used by Fannie Mae and Freddie Mac. The rule is to take effect 60 days from its publication in the Federal Register.

* House Financial Services Committee Chairwoman Maxine Waters, D.-Calif., and Rep. Joyce Beatty, D.-Ohio, called out some of the largest banks on their lack of diversity despite having a large population of women and minorities. Waters and Beatty requested JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and State Street to disclose their diversity and inclusion data and policies from 2015 to present.

* The group of regulators responsible for the Dodd-Frank Act's Volcker Rule will be approving revisions next week that would relax proprietary trading restrictions on banks investing their own money in private equity and hedge funds, sources told Bloomberg News.

* The Federal Reserve is expected to cut interest rates again next month as the trade spat between the U.S. and China intensifies, Reuters reports. The Labor Department's recent report, however, hinted at a lower chance that the central bank will cut the rates by half a percentage point.

* Former Social Finance CEO Mike Cagney is raising over $100 million for his new startup, Bloomberg News reports, citing people familiar with the matter. The startup, named Figure Technologies, is valued at $1 billion after being founded less than two years ago.

* The Florida Office of Insurance Regulation and the Louisiana Department of Insurance approved P&C insurer FedNat Holding's acquisition of 1347 Property Insurance Holdings' homeowners operations.

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.