Bank of America will have to pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, said a federal agency in a statement Tuesday. Separately, Bank of America will have to pay some $90 million in penalties to its organization and $60 million in…
Federal Agency Forces Bank of America to Pay $100 Million to Customers
Woman Sentenced to 2 Years for Throwing Molotov Cocktail Inside Torrance Bank
June 27, 2023
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LOS ANGELES—A South Bay woman was sentenced on June 27 to two years behind bars for throwing a Molotov cocktail inside a Torrance bank after a dispute with the branch manager. Gardena resident Teranee Millet, 35, pleaded guilty in March to one federal count of unlawful possession of a firearm and destructive device. According to…
Bank of America Does the Unthinkable to Jan 6 Customers | Facts Matter
According to a whistleblower who provided testimony to the House Judiciary Committee, Bank of America handed over Jan. 6 banking records without informing its customers. Furthermore, the bank did this completely of its own volition; the FBI didn’t even ask it to do this. And, if you happened to have purchased a gun using a…
ANALYSIS: Politics, Finance Merge as Banks Become Fewer in Number, More Aligned With Government
May 26, 2023
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Bank of AmericaBusiness & MarketsCompaniesDodd-Frank Acteconomic policiesFirst Republic BankJPMorgan Chasepersonal financePoliticsSVB CollapseUS
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The absorption of First Republic Bank by JPMorgan Chase on May 1 was just the latest step in a relentless march of consolidation among U.S. banks, as America’s banking industry becomes both more concentrated and more closely entwined with the federal government. Since the “Great Financial Crisis” of 2008, federal regulators have become comfortable with…
Chinese Malware Hits Guam, Aiming for Taiwan?
Critical U.S. infrastructure has been infiltrated, all fingers pointing to state-sponsored Chinese hackers. Microsoft warns the attack singled out the U.S. island territory of Guam, raising national security concerns. But was Taiwan the intended target? Guam is the centerpiece of any U.S. military response to a Taiwan invasion. And it goes further: The United States…
House GOP Investigating Bank of America for ‘Voluntarily’ Giving Jan. 6 Bank Records to FBI
House Republicans are mounting an investigation into whistleblower findings revealing that Bank of America (BOA) had “voluntarily” handed over Jan. 6 bank records to the FBI “without any legal process.” In a 78-page whistleblower report released by the House Judiciary Committee on May 19, it was alleged that in the aftermath of the Jan. 6,…
Bank of America Gave FBI Access to Jan. 6 Bank Records Without Customers’ Knowledge: Whistleblowers
Whistleblowers told Republicans on the House Judiciary Committee that Bank of America gave Jan. 6 connected bank records to the FBI without customers’ knowledge or consent. In their testimony, whistleblowers claimed that the FBI had become “enveloped in politicization” and made several claims of “serious abuses” over an extended period of time. Among those abuses,…
Oklahoma Targets Wall Street ESG Activists
May 4, 2023
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Oklahoma became the latest state to take action against Wall Street firms that it claims are hurting companies that are essential to providing jobs and energy for the state. Oklahoma Treasurer Todd Russ announced on Wednesday that 13 financial institutions, which have been deemed to be discriminating against Oklahoma’s energy industry, will be banned from doing business with the state, losing…
‘Everything Points to Relatively Mild Recession’ in 2023: Bank of America CEO
April 19, 2023
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The chief executive of Bank of America (BofA) is expecting a recession to hit the United States this year, with GDP growth projected to fall for three consecutive quarters. U.S. GDP is estimated to contract by 0.5–1.0 percent for the upcoming three quarters before growth turns positive, BofA CEO Brian Moynihan said during the bank’s…
Bank of America First-Quarter Earnings Beat Expectations
April 18, 2023
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Bank of America’s first-quarter earnings and revenue beat expectations due to higher interest rates. The banking giant reported its best quarter in a decade, according to its latest quarterly earnings report from April 18. BofA said its net interest income (NII) saw its largest boost, surging 25 percent, to $14.4 billion from the year-ago quarter due…
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