While small and regional banks are pushing for a rollback of the Dodd-Frank Act, big banks are largely supportive of the 2010 financial reform law, Bank of America CEO Brian Moynihan said Thursday.
Former Minnesota Gov. Tim Pawlenty said Tuesday he is resigning as CEO of the Financial Services Roundtable as speculation grows that he plans to run for governor again.
Some bankers spread the religion of this year's feel-good World Economic Forum, but others were more circumspect. The list of potential threats remains lengthy — including trade wars and the bursting of the bitcoin bubble — and all pose risks to banks and the economy.
Reps. Elijah Cummings and Jimmy Gomez, both Democrats, questioned why B of A would stop offering accounts that are popular with low-income consumers when it stands to reap huge financial benefits from recently passed tax cuts.
Bank of America Chief Executive Officer Brian Moynihan said when he's ready to give up the job, the odds are split on whether his successor will be a woman.
As customers become more tech-savvy, the bank said it no longer needs to prod them to use its digital products by offering discounts. Account holders can avoid fees by enrolling in direct deposit.
Executives at U.S. Bancorp and Bank of America plan to use their tax savings to ramp up spending on new technology to stay competitive — but they sought to reassure investors that they would not abandon cost control.
Maria Zuber, who oversees research administration and policy at MIT, has been appointed to the board's enterprise risk and corporate governance committees.
The Office of Financial Research said the failure of a large financial institution could still ignite a crisis; hotel chain plans to use both issuers for its credit cards.
