Tag Archives: Big Banks

On Wednesday Congresswoman Maxine Waters (D-California) issued a warning to big banks in the form of a new bill that if made into law would allow regulators to break up mega banks that have a record of repeated customer complaints.

An update on the progress of the nation's largest servicers that are party to the 2012 National Mortgage Settlement.

Clinton said that as president, she would veto any attempt to weaken financial reform and fight for “tough new rules, stronger enforcement, and more accountability.”

Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, has written a letter to more than a dozen big banks and investment banking firms requesting more information on settlement they have entered into with 15 government enforcement agencies since January 1, 2005.

Bank of America's number of 60-plus days delinquent first mortgage loans serviced by Legacy Assets and Servicing fell to 132,000 in Q2, a year-over-year decline of 50 percent, while adjusted net charge-offs also declined year-over-year by 26 percent down to $929 million

Another key effort is the Fed's launch of the Comprehensive Liquidity Assessment and Review (CLAR) in 2012 as an annual assessment to give supervisors of financial firms a regular opportunity to respond to evolving liquidity risks. The Fed also enhanced the rules creating enhanced risk management standards for larger U.S. banks in addition to the rules in place for capital planning, liquidity risk management, and stress testing.

Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to $3.4 billion for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153,000.