The board of the American Banking Association will vote tomorrow on a plan to create a nonprofit to donate to super-PACs and funnel funds into Senate races, according to Bloomberg. The funds could be used to support candidates who favor the repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Business activity in the euro zone slowed at a faster rate in August, data show, in what The Wall Street Journal describes as one of the strongest signs yet that the region is heading into recession.

Also from The Journal, on the new math in Spain's education system: “We are mortgaging the future of generations of youth that now more than ever need education,” José Campos Trujillo, the secretary-general of the teacher federation of Spain’s largest union, wrote recently. “All the supposed savings in education are going to delay our exit from this crisis.”

The U.S. slipped to seventh place in the World Economic Forum's Global Competitiveness Index.

Residential Capital, the mortgage unit of government-owned Ally Financial, will unload assets at auction next month as part of the home-lender's Chapter 11 process. Fortress Investment Group and Warren Buffett's Berkshire Hathaway are among the expected bidders.

Dutch financial firm ING Group plans to sell its stake in Capital One in a deal that may be worth $3 billion, The New York Times reports. ING acquired its 9 percent stake in the lender when Capital One bought ING's U.S. unit in February.

Deutsche Bank is said to cut 85 equities positions in Honk Kong and Tokyo, Bloomberg reports.

In spite of the billions in recent trading losses, JPMorganremains the best investment bank to work for, according to 3,500 executives surveyed by Vault.com.