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PHH faces 2nd suit against Ocwen deal; New S.C. bank raises $34M

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PHH faces 2nd suit against Ocwen deal; New S.C. bank raises $34M

The Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing today on Richard Clarida's nomination to be a member and vice chairman of the Federal Reserve Board. Former Federal Reserve Chairman Ben Bernanke and other former top economic officials expressed their support of Clarida, who is a managing director at Pacific Investment Management Co. LLC and an economics professor at Columbia University, citing his expertise in monetary issues, thoughtfulness and good judgment.

At CoinDesk's Consensus conference, Federal Reserve Bank of St. Louis President James Bullard said the U.S. dollar will remain as the dominant currency despite the rise of cryptocurrencies. Bullard also said that if cryptocurrencies end up being viewed as actual currencies, their rise in popularity could create a drift toward nonuniform currency in the U.S.

The Boston Retirement System filed a lawsuit against 50 global financial institutions — including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Banco Santander SA, Credit Suisse AG and Deutsche Bank AG — accusing them of conspiring to fix Mexican government bond prices between Jan. 1, 2006, and April 18, 2017.

Specialty lender PHH Corp. and its directors are facing another shareholder lawsuit seeking to block the company' pending acquisition of Ocwen Financial Corp. Adam Franchi, who claims to be a shareholder of PHH, is accusing the company and its directors of publishing false statements on the merger's terms and conditions.

In people news, National Bank of Canada hired Manuel Morales as chief scientist of artificial intelligence. The Montreal-based company is also recruiting a team of AI scientists to help design and implement AI solutions across the company.

Charleston, S.C.-based Beacon Community Bank, which began operating in January, raised $34.1 million in a private placement, American Banker reports.

In other parts of the world

Asia Pacific: JPMorgan Chase names new China CEO; AMP to face more lawsuits

Europe: Allianz, Crédit Agricole post Q1 profits; SIX Group, Worldline in €2B deal

Middle East & Africa: Qatar forex manipulation probe intensifies; ex-Moza Banco execs fined

The day ahead

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

In Asia, the Hang Seng fell 1.23% to 31,152.03, and the Nikkei 225 dropped 0.21% to 22,818.02.

In Europe, around midday, the FTSE 100 climbed 0.28% to 7,732.60, while the Euronext 100 shed 0.04% to 1,070.77.

On the macro front

The retail sales report, the Empire State manufacturing survey, the Redbook, the business inventories report, the National Association of Home Builders housing market index and the Treasury International Capital report are due out today.

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