The Independent Community Bankers of America, which represents 5700 institutions, has filed a lawsuit against Equifax for its recent breach of 145.5 million consumer records and 209,000 payment cards, reports Finextra. The lobby group is taking action to require Equifax to compensate all community banks harmed by the breach and to improve its security. Equifax continues to deal with fallout from the hack, which exploited a known vulnerability in its system. In its third quarter filing earlier this month, the credit rating agency reported that more than 240 class-action lawsuits from consumers have been instigated over the theft of records, in addition to suits from shareholders and financial institutions. As China's banking watchdog prepares new rules to rein in the chaotic online lending industry, a local industry body, the Beijing Internet Finance Industry Association, is telling its members to cap the total interest rate and fees they charge on unsecured short-term loans below 36 per cent, reports caixinglobal.com. The organization represents some 63 companies with operations in the capital, and has also asked members to submit a report by December 8 detailing any products that charge an annual percentage rate of more than 36 per cent and to disclose how many borrowers are rolling over their debts with new loans from another lender. Xavier Rolet is stepping down immediately as chief executive officer of London Stock Exchange Group Plc, reports Bloomberg. Rolet resigned following a request from the board. TCI Fund Management had said he would leave the LSE, one of the world's leading exchanges and the number-one derivatives clearing house, in 2018. The fund manager, which holds five per cent of LSE shares, has claimed Rolet was pushed out against his will and demanded he stay in the role, asking chairman Donald Brydon to go instead. The board stood its ground, and reportedly planned to release a potentially negative dossier on Rolet to defend against TCI's accusation. Rolet will be replaced in the interim by chief financial officer David Warren. Lloyds Banking Group has formulated plans to close another 49 branches with the loss of 99 jobs, reports Finextra. While Lloyds is investing in a small group of flagship sites, the bank is also in the midst of a three-year programme to shut 400 branches and shrink hundreds more, ditching tellers in favour of tablet-wielding wandering staffers Finextra observed. Lloyds said the programme is a response to increasing online interactions and reduced footfall in high street outlets. The move has been criticised by labour union Unite, which is pressing the bank to guarantee there are no compulsory redundancies as a result of its actions.