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The Thursday Express: North American financials


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The Thursday Express: North American financials

* Citing consumer abuses at Wells Fargo, Rep. Maxine Waters, D-Calif., said that she was teaming up with other House Democrats to introduce a bill that would pressure banking regulators to break up a megabank for repeated violations of consumer protection law.

* After facing the Senate yesterday, former Equifax Chairman and CEO Richard Smith will field questions from the House Financial Services Committee at 9:15 a.m. ET today.

* The SEC is planning to hire a chief risk officer after a breach of the public filing system at the agency.

* In Indiana, MutualFirst Financial is buying Universal Bancorp in a cash-and-stock deal valued at approximately $65.6 million.

* Navient is acquiring financial technology and education finance company Earnest for $155 million in cash.

* Goldman Sachs will lease space at the Marienturm tower in Frankfurt as it prepares for the U.K.'s European Union exit, according to Bloomberg News.

* Bank of Montreal, along with other international banks, joined an initiative by UBS Group and IBM that aims to build blockchain-based technology to support trade financing, Reuters reports.

* The North Carolina Department of Insurance approved China Oceanwide Holdings' pending acquisition of Genworth Financial's North Carolina-domiciled insurance companies.

* A New Orleans law firm filed dozens of federal breach of contract suits stemming from the Baton Rouge, La., floods of August 2016 and has pledged to file hundreds more, claiming that National Flood Insurance Program carriers allegedly failed to provide adequate compensation for losses sustained by their insureds.

* State Auto Financial projected $32.5 million in pretax losses from the impact of Hurricane Harvey and $23.0 million from Hurricane Irma; Third Point Reinsurance estimated initial net losses of less than $10 million from third-quarter catastrophes; RenaissanceRe Holdings anticipated an initial net negative impact of $625 million from the hurricanes in the U.S. and an earthquake in Mexico City; and W. R. Berkley initially estimates pretax catastrophe losses of less than $110 million from the catastrophes.

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