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OCC finds improper sales practices at more banks; Invesco buys UK's IntelliFlo

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OCC finds improper sales practices at more banks; Invesco buys UK's IntelliFlo

The OCC, in December 2017, completed a review of sales practices at more than 40 banks disclosing several instances of unauthorized account openings, American Banker reports, citing OCC spokesman Bryan Hubbard. The probe comes after Wells Fargo & Co. was fined $185 million for opening fraudulent savings and checking accounts on behalf of the company's clients without their consent. The OCC has not publicly released the findings of its review and does not plan to do so, Hubbard said. Dan Ryan, who leads the banking practice at PricewaterhouseCoopers and was briefed on the OCC's findings, told the publication that the regulator issued a total of 252 Matters Requiring Attention notices to banks that were under scrutiny for sales practices.

Investment manager Invesco Ltd. has acquired IntelliFlo Ltd., a provider of web-based business management software solution for small and large financial services businesses in the U.K.

OppenheimerFunds Inc. has teamed up with Carlyle Group LP to launch a private debt interval fund, according to Reuters. The fund, called OFI Carlyle Private Credit Fund, invests in several private debt securities, including direct lending first- and second-lien loans.

Calgary, Alberta-based Olympia Financial Group Inc. unit Olympia ATM Inc. is selling its automated teller machine business to Tarman Inc. for about $1.4 million. Olympia Financial President, CEO and Chairman Rick Skauge owns and controls Tarman. Skauge also beneficially owns, or directly or indirectly controls, approximately 29.14% of Olympia's issued and outstanding common shares.

And the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled, "Improving Transparency and Accountability at the Bureau of Consumer Financial Protection" at 2 p.m. ET today.

In other parts of the world

Asia Pacific: PICC Group's Shanghai IPO gets nod; StanChart eyes Asian ops consolidation

Europe: BoE wants banks to draw resolution plans; US funds bid for Banco BPM loans

Middle East & Africa: Fitch lifts Qatar outlook; Mashreqbank seeks Saudi banking license

The day ahead

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

In Asia, the Hang Seng was up 0.53% to 31,259.10, while the Nikkei 225 rose 0.38% to 22,625.73.

In Europe, around midday, the FTSE 100 rose 0.37% to 7,716.06, and the Euronext 100 shed 0.14% to 1,061.64.

On the macro front

The bank reserve settlement report, the MBA mortgage applications report, the international trade report, the productivity and costs report, the EIA petroleum status report and Treasury STRIPS are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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