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Credit Unions
Latest Headlines
Latest Headlines
Bank of America: Small customers don't contribute to bottom line
There was a day when Bank of America prided itself on being a massive consumer bank. It truly was the bank of America.
But CEO Brian Moynihan was pretty frank at a recent conference about something we all knew: Many of the bank's smallest-account customers no longer contribute to the bottom li
Banks ratchet up consumer fees
The debit card fee fiasco at Bank of America has only intensified the pressure to generate more fee revenue, to offset the effects of the Durbin Amendment and other reform measures.
We're already seeing banks impose more fees that may or may not be all that transparent. We're getting to the po
Too little too late for BofA?
We suggested recently that Bank Transfer Day--a brainchild of people protesting Bank of America's $5 debit card fee--looms as an important litmus test of just how willing consumers are to transfer accounts.
The loads of publicity that the movement was attracting, not to mention the heavy marke
Credit unions in tough spot on debit card fees
We've noted before that credit unions and community banks are licking their chops over the marketing opportunity presented by Bank of America's new debit card fee. Some are even running edgy TV spots. The public backlash against the fee has been stronger than expected, and more customers seemed pr
Will Bank of America experience a "Netflix" moment?
We've noticed a lot of media outlets reporting that customers of big banks are moving their accounts to institutions perceived as more fee friendly.
Some have suggested that a "Netflix moment" is at hand for Bank of America and other banks that institute debit card fees. But as of right now, t
Bank Transfer Day could see populist groundswell
The Occupy Wall Street movement started small but eventually captured the public imagination. Are we in for the same story with Bank Transfer Day?
The idea originated with an art dealer in Los Angeles and has since built a large following that has designated Saturday, November 5, as the big da
Durbin Amendment winners, losers
The new lower interchange fees are scheduled to go into effect Oct. 1, and in the final days of the old order, we are seeing some interesting moves. Bank of America generated big headlines for its announcement that it would be imposing a new $5 monthly debit card transactions fee, which will l
Bank of America in talks to sell correspondent mortgage unit
Bank of America is in talks with alternative investment company Fortress Investment Group. More specifically, the acquirer would be the Fortress-owned Nationstar Mortgage Holdings, which has apparently been conducting due diligence. Texas-based Nationstar ranks as the 35 th largest mortgage l
Super-regionals to rise as big banks stumble
As Bank of America and other large consumer banks grapple with a surge in litigation, settlement woes, declining rates and regulatory changes, super-regional banks may be poised to make great gains.
Already we're seeing the rise of new challengers with enough heft to be considered a near-Big F
Bank of America seeks to exit correspondent lending
In these leans times, Bank of America would like to pare its retail mortgage business down to a direct-to-consumer model and jettison everything else. To that end, it has exited the reverse mortgage business and the wholesale consumer mortgage lending.
Now, Bank of America has said it would li
