Bank of America to pay $108 million in Countrywide mortgage case
The FTC announced a $108 million settlement with Bank of America over Countrywide Financial practices that charged borrowers facing foreclosure excessive fees for services like inspections and landscaping. About 200,000 borrowers stand to be refunded. Countrywide executives faced civil fraud charges earlier.
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Debit card fees spark congressionally charged clash
Banks led by JPMorgan Chase and Bank of America along with Visa and MasterCard press for higher swipe fees while retailers led by Wal Mart and Target push for limits. Lawmakers negotiate a broader financial reform bill with potential Fed fee controls on debit card payments, a split between House and Senate proposals.
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Roundup Consumer borrowing rises in April with revisions
The Federal Reserve reports consumer borrowing up 954.8 million in April signaling hesitant recovery progress. March figures were revised to show a 5.44 billion drop instead of a gain, matching a rare second April increase in 15 months.
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