Sure, keep the bailout money coming
April 8, 2010 | alternatives, federal legislation, industry | Comments (0)Bank of America announces support for the CFPA. From the story:
Bank of America Corp. [BAC] is breaking ranks with other large banks and agreeing to support beefed up consumer-protection provisions in regulatory reform legislation, several sources said Wednesday.
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They said the new agency should focus on regulating by product, not company type, and cover nonbanks and banks alike. Executives also emphasized that states should not be empowered to impose federal or state standards against national banks.
“We support the idea of a consumer protection entity, consistent with the principles of federal preemption, and believe that any new regulations should focus on activities that would apply evenly to all, rather than be focused on particular entities,” a B of A spokesman said late Wednesday.
If I had a bank account with Bank of America, I’d be closing it today.
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