BofA backs away from proposed change

Bank of America made some waves recently for its efforts to roll back a law that prevents a bank from controlling more than 10 percent of the nation's deposits. The bank now holds about 9 percent. The notion was that the bank needed the law changed to make domestic acquisitions. But Ken Davis, CEO of Bank of America, has backed away from that effort. Congress was lukewarm about the proposed change, and other large banks, further away from the cap, were not willing to help BofA out. Meanwhile, smaller banks were gearing up to fight its effort. Bank of America may be testing the waters. But it does seem like it has hit its retail banking maximum if there is not a reprieve. We'll see how this plays out.

For more:
- here's a New York Times article
- Bank of America on top. Article