Bank Watch roundup: Bank of America settlement could be coming soon

05/13/2014 7:00 AM

05/12/2014 10:26 PM

BANK OF AMERICA SETTLEMENT COULD BE COMING SOON: The U.S. Justice Department is appears to be increasing its pace as it moves toward a multi-billion settlement with Bank of America and criminal pleas from two European banks, the Wall Street Journal reports. Justice officials met with BofA last week to hammer out details.

WATT, DEMARCO BOTH SPEAKING THIS MORNING: Former Charlotte representative and current Federal Housing Finance Agency director will be speaking at a Brookings Institute event on the future of Fannie Mae and Freddie Mac. A half hour later, former FHFA head Ed DeMarco will be in Charlotte speaking at the Federal Reserve building, likely on the same topic. In the meantime, The Wall Street Journal argues that the two should be combined.

BOFA WAS A 'FINANCIAL DEATH STAR' IN 2009: Former Treasury Secretary Tim Geithner's new book unveils some new information about how the government viewed Charlotte's hometown banks during the financial crisis. For one, Bank of America was one of five "bombs" to be defused when Geithner took over, with the Charlotte bank being labeled a "financial death star." Wachovia was "doomed" after WaMu fell, and Geithner was livid by Sheila Bair's support of breaking up the Citigroup-Wachovia deal.

YADKIN-VANTAGESOUTH MERGER ON TRACK: Executives at the two banks are making their pitch to investors in New Orleans, and report that the integration of their operations is on track. They say Yadkin's credit quality is improving and loan book growing, and VantageSouth's is improving efficiency.

BOFA MENTORING WOMEN IN IRELAND: Charlotte's Katy Knox and Susan Thrasher are among the team working with an international group of women at a major conference.

ANNUAL MEETINGS ARE CHEAP WAY TO TELL OFF CEOS: In case you can't get enough coverage of Bank of America's annual meeting last week, The New York Times writes about the gadflies that made it memorable.

BANK OF AMERICA CUTTING MORE MORTGAGE JOBS IN TEXAS: About 60 Legacy Asset Servicing workers are being laid off in Fort Worth, the Star-Telegram reports.

WALMART'S BANKS ARE TOP FEE COLLECTORS: About four in 10 Walmart stores have bank branches inside them, and the institutions that make their home there are among the banks with the highest percentage of their income coming from fees in the country, the Wall Street Journal finds. The largest fee category: overdrafts.

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