Bank of America

Business
10:49 am
Thu May 21, 2015

Bank Of America Hit With Big Fine

Federal Reserve hits Charlotte-based Bank of America with $205 million fine

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. 

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Business
10:10 am
Thu May 7, 2015

BOA Shareholders Demand Improvement, But Re-Elect Board Members

Bank of America CEO and Chairman Brian Moynihan faced barrage of questions from shareholders about the bank's lackluster performance.

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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Business
3:56 pm
Wed May 6, 2015

BofA Board Members Retain Positions In Shareholder Vote

Shareholders re-elected Bank of America’s board of directors at today’s 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. Many shareholders argued that should have been put up for a vote.

Shareholders also approved the board’s recent decision to drop Moynihan’s compensation package by a $1 million, to $13 million. All but $1.5 million of that is in company stock.

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Local News
4:58 pm
Fri December 19, 2014

Top Charlotte Execs Discuss Economy At Chamber Luncheon

Credit Ben Bradford / WFAE

Leaders of some of the region’s largest companies have high hopes for the coming year. At the Charlotte Chamber of Commerce’s annual Economic Outlook luncheon, CEOs of Bank of America and Duke Energy, among others, discussed the state of the economy, gas prices, health care, and regulation.


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Local News
1:47 pm
Tue December 16, 2014

Headline Roundup: Tillis Gets Committee Assignments; BofA Fails Two Tests; More

North Carolina’s U.S. Senator-elect Thom Tillis will serve on two military-related committees when he’s sworn in next month. Senate Republicans announced committee assignments  for the 114th Congress yesterday. Tillis will be on the Armed Services and Veterans’ Affairs Committees as well as agriculture and judiciary panels and a special committee on aging.

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Local News
4:59 pm
Wed October 15, 2014

Bank of America Breaks Almost Even Despite Big Settlement

Credit Mike Mozart/Flickr

Bank of America broke roughly even in its third quarter earnings, despite paying part of the massive, more than $16 billion settlement with the federal government over mortgage fraud that helped spur the financial crisis.


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Politics
3:57 pm
Wed September 24, 2014

Corporate Money And Politics: Which Companies Are Most Transparent?

Cover art from the "2014 Corporate Accountability and Disclosure Index."
Credit Courtesy of the the Center for Political Accountability and the Zicklin Center for Business Ethics Research

The amount of corporate money pumped into politics has surged in the four years since the U.S. Supreme Court decided the Citizens United case.

A new report, released Wednesday, examines how transparent the 300 largest public companies in America are about how much they give to political groups and where that money goes.

And some Charlotte area companies are ranked on the list.

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Business
10:11 am
Thu August 21, 2014

Bank Of America Reaches $17 Billion Deal With Feds

Credit Jennifer Lang / WFAE

The U.S. Justice Department and Bank of America have finalized a record settlement of nearly $17 billion. The Charlotte-based bank will pay the government nearly $10 billion and provide an additional $7 billion in consumer relief.

Bank of America has had countless settlements related to its mortgage lending practices that contributed to the financial crisis, but this is far and away the largest. In fact, it's the biggest settlement ever reached between the U.S. Justice Department and a single company.

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Business
2:53 pm
Wed August 20, 2014

Bank Of America Reaches $17 Billion Deal In Mortgage-Backed Securities Case

WASHINGTON Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

The officials say the bank will pay $10 billion in cash and provide consumer relief valued at $7 billion.

They spoke with The Associated Press on condition of anonymity because the deal isn't scheduled to be announed until Thursday at the earliest.

The bank declined comment. 

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Local News
11:57 am
Wed August 6, 2014

Lawmakers Could Return To Raleigh Next Week

A key General Assembly leader says North Carolina lawmakers are looking to return to Raleigh next week to take up some pending legislation. But House and Senate Republicans have agreed to nothing so far. 

Republican Paul Stam is the House's second highest-ranking member. He presided today over a skeleton meeting of the chamber to keep this year's work session going in keeping with the state constitution. 

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