Bank of America

A federal appeals court on Monday overturned a $1.27 billion fine against Bank of America over loans by mortgage giant Countrywide Financial, which B of A acquired in 2008.

The appeals court said in a 30 page opinion that prosecutors failed to prove that Countrywide committed fraud when it made loans through its "Hustle" mortgage program.

Charlotte-based Bank of America is one of more than 80 companies now calling on the General Assembly to repeal the law passed by a special session last week.

Bank of America is reporting higher fourth quarter profits than the same period a year ago. The bank says its  profit was $3.01 billion, or 28 cents per share, for the three month period ending in December. That’s nearly 10 percent higher than the same period a year earlier. The results beat analysts’ expectations of 27 cents a share on average. Bank of America says the increased earnings were spurred by lower expenses and continued improvement in its consumer banking division. The bank’s revenue in the quarter was $19.53 billion compared with $18.73 billion the year before.

Bank of America and Wells Fargo both reported strong third-quarter profits Wednesday. 


Shareholders Vote To Keep Moynihan As Chairman

Sep 22, 2015
Courtesy: Bank of America

Bank of America shareholders have voted to allow Brian Moynihan to continue as both board chairman and chief executive officer. Shareholders voted to separate the two roles in 2009. Then last year, BofA’s board reversed that decision and named Moynihan chairman in addition to CEO. The move sparked controversy and protests by some shareholders.

Courtesy: Bank of America

Bank of America shareholders will vote Tuesday on whether chief executive Brian Moynihan should continue to also serve as the company’s chairman.   The issue has been brewing for several years. 

Shareholders voted back in 2009 to separate the CEO and chairman roles.   But in a controversial move last year, the Bank of America board changed the company’s by-laws to allow one person to hold both titles.   

North Carolina is giving $5 million in grants to a television pilot, an HGTV show and an independent film under the state incentives program.  On Friday, Commerce Secretary John Skvarla announced the grants, which were chosen from 17 applications. 

Two of the largest public pension funds in America are calling for Bank of America to strip Brian Moynihan of his joint title of Chairman and CEO.

Last October the Bank of America board of directors changed the company bylaws and combined the positions of Chairman and CEO. It was a controversial move. In a response to criticism, the Board allowed for a shareholder vote on the move which scheduled for later this month. 

Bank of America is one of six financial institutions hit with a total of nearly $1.8 billion in fines Wednesday by the Federal Reserve. The fines stem from foreign currency trade violations. 

Bank of America shareholders Wednesday re-elected the bank’s board of directors at its annual meeting despite intense opposition from two shareholder advisory firms. The opposition stemmed from the bank’s decision last fall to also make CEO Brian Moynihan the bank’s chairman. Shareholders also affirmed the board’s decision to give a $13 million compensation package to Moynihan.

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