Bank of America Near Credit Card Deal With
Regulator
By Reuters
on April 03 2014 7:38 PM
An ATM machine at a Bank of
America office is pictured in Burbank,
California Aug. 19, 2011.
Reuters/Fred Prouser
WASHINGTON (Reuters) - Bank of
America Corp is close to settling with a U.S. consumer regulator over the
sale of services sold as add-ons to credit cards, sources familiar with the
talks said.
The second-largest U.S. bank said
in an August securities filing that it had been in discussions with regulators
to address concerns over the sale and marketing of credit card debt
cancellation products and identity theft protection services that it offered
alongside its credit cards.
It added that it may be required
to repay or provide other relief to consumers and also pay penalties to one or
more
regulators.
News of the potential settlement
with the Consumer Financial Protection Bureau was first reported by the
Wall Street Journal, which also said Bank of America could pay more than $800
million to settle the allegations against it.
Spokesmen for Bank of America and
the CFPB declined to
comment.
In recent years, the CFPB has been
cracking down on credit-card companies offering payment protection, credit
score tracking and other add-on products. Since 2012, Capital One Financial
Corp, American Express Co, Discover Financial Services and JPMorgan
Chase & Co all have paid fines to resolve allegations of unfair
practices related to such
products.
The CFPB is continuing to look at
add-on products at other firms as well, one of the sources told Reuters.
Consumer
Financial Protection Bureau
Agency tasked with investigating
discrimination accused of discrimination (Past Research on the Consumer
Financial Protection Bureau)
Thursday, April 3, 2014
Note: Consumer
Financial Protection Bureau is a bureau for the Federal Reserve System.
Hollister
K. Petraeus helped establish the Consumer Financial Protection Bureau,
and is married to David H. Petraeus.
David H.
Petraeus is married to Hollister K. Petraeus, the KKR Global
Institute chairman for KKR & Co. LP, and a friend of John M.
Keane.
Kenneth
B. Mehlman is a managing director for KKR & Co. LP, and was a
partner at Akin, Gump, Strauss, Hauer & Feld, LLP.
Akin,
Gump, Strauss, Hauer & Feld, LLP is the lobby firm for KKR & Co.
LP.
Victor
H. Fazio Jr. is a senior adviser at Akin, Gump, Strauss, Hauer &
Feld, LLP, and a director at the Committee for a Responsible Federal
Budget.
Robert S.
Strauss was a partner at Akin, Gump, Strauss, Hauer & Feld, LLP,
and a senior adviser at the Committee for a Responsible Federal Budget.
Committee
for a Responsible Federal Budget was housed at the New America
Foundation, and is a paid for staff by the National Commission on Fiscal
Responsibility and Reform.
National
Commission on Fiscal Responsibility and Reform is a paid for staff by the Economic
Policy Institute.
Foundation
to Promote Open Society was a funder for the New America Foundation,
the Economic Policy Institute, and the Aspen Institute (think tank).
George Soros
was the chairman for the Foundation to Promote Open Society.
Andrew L.
Stern is a member of the National Commission on Fiscal Responsibility
and Reform, was a director at the Economic Policy Institute, and a
lifetime trustee at the Aspen Institute (think tank).
James S.
Crown is a trustee at the Aspen Institute (think tank), a member of
the Commercial Club of Chicago, and a director at the General
Dynamics Corporation.
Lester Crown
is a member of the Commercial Club of Chicago, was a lifetime trustee at
the Aspen Institute (think tank), and a director at the General
Dynamics Corporation.
John M. Keane
is a director at the General Dynamics Corporation, a friend of David
H. Petraeus, and was a senior adviser for KKR & Co. LP.
David H.
Petraeus is a friend of John M. Keane, married to Hollister K.
Petraeus, and the KKR Global Institute chairman for KKR & Co. LP.
Hollister
K. Petraeus is married to David H. Petraeus, and helped establish
the Consumer Financial Protection Bureau.
Consumer
Financial Protection Bureau is a bureau for the Federal Reserve System.
Federal
Reserve Bank of New York is a bank for the Federal Reserve System.
James Dimon
was a director at the Federal Reserve Bank of New York, and is the
chairman & CEO for JPMorgan Chase & Co. (Bailout Company).
David M. Cote
is a director at the Federal Reserve Bank of New York, a senior adviser
for KKR & Co. LP, a member of the National Commission on Fiscal
Responsibility and Reform, and was a director at the JPMorgan Chase
& Co. (Bailout Company).
Jeb
Hensarling is a member of the National Commission on Fiscal
Responsibility and Reform, and a member of the House Financial Services
Committee.
Maxine
Waters is a member of the House Financial Services Committee, and a
member of the Congressional Progressive Caucus.
Xavier
Becerra is a member of the Congressional Progressive Caucus, and a
member of the National Commission on Fiscal Responsibility and Reform.
National
Commission on Fiscal Responsibility and Reform is a paid for staff by the Economic
Policy Institute.
Committee
for a Responsible Federal Budget is a paid for staff by the National Commission
on Fiscal Responsibility and Reform, and was housed at the New America
Foundation.
William H. Gray
III was a director at the Committee
for a Responsible Federal Budget, and a director at JPMorgan Chase & Co. (Bailout Company).
Foundation
to Promote Open Society was a funder for the Economic Policy Institute,
the New America Foundation, and the Brookings Institution (think
tank).
George Soros
was the chairman for the Foundation to Promote Open Society.
A.W. Clausen
was an honorary trustee at the Brookings Institution (think tank), and
the chairman & CEO for the Bank of America Corp. (Bailout
Company).
Mayer Brown
was the lobby firm for the Bank of America Corp. (Bailout Company).
Robert A.
Helman is a partner at Mayer Brown, a member of the Commercial
Club of Chicago, and was an honorary trustee at the Brookings
Institution (think tank).
Geoffrey
T. Boisi is an honorary trustee at the Brookings Institution (think
tank), and was the vice chairman for JPMorgan Chase & Co.
(Bailout Company).
Ellen V.
Futter is a trustee at the Brookings Institution (think tank), and
was a director at JPMorgan Chase & Co. (Bailout Company).
James
D. Robinson III is an honorary trustee at the Brookings Institution
(think tank), and was the chairman & CEO for the American Express
Company (Bailout Company).
Joan E. Spero
was an honorary trustee at the Brookings Institution (think tank), and
the EVP for the American Express Company (Bailout Company).
Vernon
E. Jordan Jr. is an honorary trustee at the Brookings
Institution (think tank), Valerie B. Jarrett’s great uncle, a director at
the American Friends of Bilderberg (think tank), a senior counsel for Akin,
Gump, Strauss, Hauer & Feld, LLP, was a director at the American
Express Company (Bailout Company), and a 2008 Bilderberg conference
participant (think tank).
Cyrus
F. Freidheim Jr. is an honorary trustee at the Brookings Institution
(think tank), a member of the Commercial Club of Chicago, and was a
managing director for Booz Allen Hamilton.
Commercial Club of Chicago, Members Directory
A-Z (Past Research)
Tuesday, December 17, 2013
Joan L.
Amble is a director at Booz Allen Hamilton, and was the EVP for the American
Express Company (Bailout Company).
Charles
O. Rossotti is a director at Booz Allen Hamilton, and was a director
at the Bank of America Corp. (Bailout Company).
Robert
S. Osborne is the EVP & general counsel for Booz Allen Hamilton,
and a member of the Commercial Club of Chicago.
Valerie
B. Jarrett is a member of the Commercial Club of Chicago, the senior
adviser for the Barack Obama administration, and her great uncle is Vernon E. Jordan
Jr.
Akin,
Gump, Strauss, Hauer & Feld, LLP is the lobby firm for the American
Express Company (Bailout Company), and KKR & Co. LP.
KKR
Management LLC is a general partner with KKR & Co. LP.
Robert W.
Scully is a director at KKR Management LLC, and was a director at the Bank
of America Corp. (Bailout Company).
Edwin L.
Artzt was a senior adviser for KKR & Co. LP, and a director at
the American Express Company (Bailout Company).
David H.
Petraeus is the KKR Global Institute chairman for KKR & Co. LP,
a friend of John M. Keane, and married to Hollister K. Petraeus.
John M. Keane
was a senior adviser for KKR & Co. LP, is a friend of David H.
Petraeus, and a director at the General Dynamics Corporation.
James S.
Crown is a director at the General Dynamics Corporation, a trustee
at the Aspen Institute (think tank), a member of the Commercial Club
of Chicago, and a director at JPMorgan Chase & Co. (Bailout
Company).
Patrick W.
Gross is a trustee at the Aspen Institute (think tank), and a
director at the Capital One Financial Corporation.
Jeffrey
S. Aronin was a fellow at the Aspen Institute (think tank), and is a
director at the Discover Financial Services (Bailout Company).
Lester Crown
is a member of the Commercial Club of Chicago, was a lifetime trustee at
the Aspen Institute (think tank), and a director at the General
Dynamics Corporation.
James A. Bell
is a member of the Commercial Club of Chicago, and a director at
JPMorgan Chase & Co. (Bailout Company).
Richard M.
Daley is a member of the Commercial Club of Chicago, and a senior
adviser at JPMorgan Chase & Co. (Bailout Company).
William M.
Daley is a member of the Commercial Club of Chicago, was the chief
of staff for the Barack Obama administration, and the chairman for the Midwest region for JPMorgan Chase & Co.
(Bailout Company).
Glenn F.
Tilton is a member of the Commercial Club of Chicago, and the
chairman for the Midwest region for JPMorgan
Chase & Co. (Bailout Company).
Walter E.
Massey is a member of the Commercial Club of Chicago, and was the
chairman for the Bank of America Corp. (Bailout Company).
Gregory C.
Case is a member of the Commercial Club of Chicago, and a director
at the Discover Financial Services (Bailout Company).
Michael
H. Moskow is a member of the Commercial Club of Chicago, a director
at the Discover Financial Services (Bailout Company), and was the
president & CEO for the Federal Reserve Bank of Chicago.
Federal
Reserve Bank of Chicago is a bank in the Federal Reserve System.
Consumer
Financial Protection Bureau is a bureau for the Federal Reserve System.
Federal
Reserve Board is a board of governors for the Federal Reserve System.
Federal
Advisory Council to the Federal Reserve Board is an advisory board for the Federal
Reserve Board.
David W.
Nelms is a member of the Federal Advisory Council to the Federal Reserve
Board, a member of the Commercial Club of Chicago, and the chairman
& CEO for the Discover Financial Services (Bailout Company).
Hollister
K. Petraeus helped establish the Consumer Financial Protection Bureau,
and is married to David H. Petraeus.
Elizabeth
Warren oversaw the creation of the Consumer Financial Protection Bureau,
and the assistant to the president for the Barack Obama administration.
Rahm I.
Emanuel was the White House chief of staff for the Barack Obama
administration, is a member of the Commercial Club of Chicago, the Chicago
(IL) mayor, and is Ari Emanuel’s brother.
Ari Emanuel
is Rahm I. Emanuel’s brother, and the co-CEO
& director for William Morris Endeavor Entertainment.
Tina Fey is
a William Morris Endeavor Entertainment client, and was the spokesperson
for the American Express Company (Bailout Company).
Mellody
L. Hobson is a member of the Commercial Club of Chicago, and the
chairman for DreamWorks Animation SKG Inc.
Lewis W.
Coleman is the president & CFO & director for DreamWorks
Animation SKG Inc., and was the CFO for the Bank of America Corp.
(Bailout Company).
Walter E.
Massey was the chairman for the Bank of America Corp. (Bailout Company),
and is a member of the Commercial Club of Chicago.
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