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.
In a blow to the Consumer Financial Protection Bureau, a federal judge rejected the agency's request for over $280 million in penalties against the California lender CashCall, ruling that the lender's violations did not justify such a large fine.
Three nominees for financial regulatory posts, including the administration's choice to run the FDIC, will face questions by the Senate Banking Committee.
Weak profits and the threat of false claims charges are keeping banks out of the market for loans guaranteed by the Federal Housing Administration and the Department of Veterans Affairs.
Look for banks to boost dividend payouts, expand into new markets, increase their tech spending and, eventually, ramp up their C&I lending. But don't expect much in the way of M&A.
The wave of sexual harassment claims have forced a very public reckoning in certain industries, but financial services firms had largely escaped the spotlight. The departure of a Bank of America executive could signal that the industry has problems lurking behind the scenes.
