Regulation

WASHINGTON — Regulators slammed Bank of America on Wednesday with their toughest enforcement action to date on shady marketing and billing practices for add-on products like identity protection, forcing it to pay $772 million in restitution and fines.

The White House is considering two community bankers to fill an open seat on the Federal Reserve's Board of Governors, according to two people with knowledge of the process.

A study released by the Federal Deposit Insurance Corp. says statistical trends suggest that community banks have been resilient and will remain relevant, despite the rapid decline in charters.

Regulators slammed Bank of America on Wednesday with their toughest enforcement action to date on shady marketing and billing practices for add-on products like identity protection, forcing it to pay $772 million in restitution and fines. But Consumer Financial Protection Bureau officials indicated more actions are on their way.

CertusBank has terminated its top executive team, effective immediately, the $1.7 billion-asset bank announced Wednesday.

If regulators really want banks to invest more heavily in their communities then they should consider giving banks some reward, such as reduced deposit insurance premiums, for achieving a top CRA rating.

WASHINGTON — Bank of America will pay $772 million to settle allegations by two regulators that it engaged in unfair fee collection and marketing related to credit card add-on products.

WASHINGTON — Bank of America will pay $772 million to settle allegations by two regulators that it engaged in unfair fee collection and marketing related to credit card add-on products.

More than a century ago, the nation's leading bankers applied their considerable political leverage to creating a central bank that would act as their backstop in times of crisis. In so doing, they institutionalized "too big to fail," created a "reckless co-dependency" and a Fed-first mantra within the banks that gives ordinary borrowers short shrift in times of financial stress. So says Nomi Prins, author of All the Presidents' Bankers.

There's drama to come as regulators finalize a proposal requiring banks to self-assess their track records on diversity.