Friday, September 21, 2012

Moynihan called the 'Charlie Brown of too-big-to-fail banking'

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

"Charlie Brown of too-big-to-fail banking." Lot of name-calling going around lately. A MarketWatch commentary today calls Bank of America CEO Brian Moynihan the "Charlie Brown of too-big-to-fail banking," since nothing he does seems to go right or be well-received. The writer cites the $5 debit card fee, job cuts, lawsuit settlements and revenue shrinkage as evidence.

Child actors sue BofA. Speaking of lawsuits, there's an unusual one now facing Bank of America. A few child actors have sued the Charlotte bank claiming it illegally charged them monthly fees on blocked trust accounts that the law requires managers to set up for child stars, ABC News reports.

Iran attacked BofA? Security sources told NBC News that it was actually Iran that attacked Bank of America's website earlier this week. The report says that the threats purporting to be from a group affiliated with militant Islam were just a front.

New verification rules for banks. The U.S. Treasury is thinking about setting up a new account information verification system to help combat money laundering, The Wall Street Journal reports. It would require banks to gather and verify more information on all accounts, not just those the bank deems "high risk."

Congressmen lobbying against Volcker Rule. More than 100 members of Congress and their staffs have been lobbying behind the scenes against the Volcker Rule, The New York Times says, citing emails released to a Democratic staff member. That's in addition to public statements and comment letters.


Anonymous said...

"Brian Moynihan, you blockhead!"