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The Wednesday Express: North American financials


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The Wednesday Express: North American financials

* The Federal Reserve Board imposed a $41 million penalty and consent cease and desist order against Deutsche Bank for its U.S. operation's "unsafe and unsound practices" related to anti-money laundering law compliance.

* Julio Borges, head of Venezuela's opposition-led Congress, condemned Goldman Sachs' statement that it did not transact directly with the government when it purchased $2.8 billion of Venezuelan bonds for 31 cents on the dollar, saying that it is just an effort to "put lipstick on this pig of a deal for Venezuelans."

* Wells Fargo community banking head Mary Mack announced several new leaders of the community bank Bob Chlebowski was named branch distribution executive; Laurey Cosentino will lead the customer and branch experience team; Celeste Finley will lead the regional services group; and Jonathan Velline was named head of business strategy and administration.

* Kroll Bond Rating Agency placed the senior unsecured debt rating of BBB+ and subordinated debt rating of BBB for Bank of the Ozarks Inc. on watch upgrade.

* Freedom Health and related corporate entities will pay approximately $31.7 million to the U.S. government to resolve a whistleblower lawsuit accusing the managed care services provider of Medicare and Medicaid fraud.

* Bethlehem, Pa.-based Saucon Mutual Insurance a Pennsylvania insurer seeking to engineer a mutual-to-stock conversion had in April submitted a revised plan to the Pennsylvania Insurance Department that adds the option for eligible policyholders to participate in a subscription rights offering in lieu of receiving cash.

* Commercial property insurer FM Global secured a license to operate as an insurer in Luxembourg.

* BlackRock plans to raise up to $500 million for its first Asian private credit fund, named Asia-Pacific Private Credit Opportunities Fund I, DealStreetAsia reports, citing a Private Debt Investor report.

* Brookfield Asset Management seeks to raise $10 billion for its latest global property fund, named Brookfield Strategic Real Estate Partners III, sources told PERE News.

* SAC Capital Advisors founder Steven Cohen is reportedly eyeing a return to the hedge fund business, according to The Wall Street Journal.

* PennyMac Financial Services and JPMorgan Chase Bank amended a repurchase agreement allowing PennyMac Loan Services to sell newly originated mortgages to JPMorgan and later repurchase them.

* Discovery Equity Partners and Discovery Group I paid $10.9 million for a 5.6% ownership stake in Planet Payment.

* In Virginia, Fairfax-based Fairfax City Federal Credit Union members approved the institution's merger into Arlington-based Partnership Federal Credit Union.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.