Friday, February 17, 2012

Morning roundup: BofA seeks to stop Moynihan deposition

Here's a look at what's news in banking and finance this morning:

  • Bank of America has filed a motion in federal court to block a scheduled deposition of CEO Brian Moynihan in a lawsuit that alleges Countrywide misled investors as to the quality of its loans, Bloomberg reports.
  • Nearly 130 banks in 35 states have banded together to take on the country's biggest banks, pooling money for advertising, marketing and product offerings under a brand called Kasasa, CNN says.
  • Fed Chairman Ben Bernanke addressed the growing tension between regulators and community banks at a speech Thursday in Virginia, Bloomberg reports. Nearly one-third of small banks are under some type of order from federal regulators, up from 3 or 4 percent historically, and some banks say standards are applied inconsistently.
  • You are not a Wells Fargo employee. You are a team member, CEO John Stumpf consistently says, emphasizing it again in an interview with CNBC this morning, the Wall Street Journal relates. Stumpf also apologized for mistakes banks have made and says he reads letters from customers every day that "tears my heart out," he said.
  • The $25 billion settlement is done, but foreclosure abuse is still "rampant" across the country, experts tell Reuters -- including the register of deeds in Guilford County, N.C. (Reuters misspells the name of the county, but we'll cut them slack).