Bank of America Corp. Chief Executive Officer Brian T. Moynihan won permission last month for the firm’s first dividend increase since the financial crisis. Now he’s under pressure to salvage the payout after the company mistakenly inflated capital levels by about $4 billion.
Federal Reserve Board spokeswoman Barbara Hagenbaugh said the central bank is working with prosecutors and the U.S. Treasury’s Office of Foreign Assets Control “on matters involving Iran and other sanctioned entities.”
U.S. regulators seeking to stem loosening underwriting standards in the market for junk loans are giving banks flexibility when they restructure existing loans that lessen their own risk, according to a person with knowledge of the guidance.
With Credit Suisse Group AG poised to become the first bank in more than a decade to admit to a crime in the U.S., regulators have been reaching out to some of the firm’s biggest business partners to avert a panic, according to a person briefed on those communications.
The Community Financial Services Association of America, the main payday lending trade group, sued U.S. banking regulators, accusing them of applying “back room pressure” on banks to stop serving the group’s members.