Financial Regulatory Forum

By Jonathan Stempel and Grant McCool
NEW YORK, Sept 14 (Reuters) – A federal judge rejected Bank of America Corp’s $33 million settlement with the U.S. Securities and Exchange Commission over Merrill Lynch & Co bonuses as a contrivance, and New York’s top legal officer prepared to sue senior bank executives.

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   WASHINGTON, Sept 10 (Reuters) – Bank of America <BAC.N> Chief Executive Ken Lewis said his company is still in talks with U.S. officials on how to compensate the government for a prior loss-sharing agreement, according to a letter released by a watchdog lawmaker on Thursday. (more…)

NEW YORK, Sept 8 (Reuters) – New York Attorney General Andrew Cuomo threatened on Tuesday to file charges accusing top Bank of America Corp  executives of failing to disclose essential details about its takeover of Merrill Lynch & Co.

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By Kevin Drawbaugh

WASHINGTON, Sept 9 (Reuters) – Banking is supposed to be boring.

That’s the quip that lobbyists and congressional aides use, only half-jokingly, to explain what’s in store for the banking industry as governments crack down with tighter regulation.

From higher capital standards and tighter oversight, to slimmer profits and smaller bonuses, global banking promises to be a duller and less lucrative business in years ahead. (more…)

By Steve Eder

MARTHA’S VINEYARD, MASSACHUSETTS (Reuters) – Kenneth Feinberg, the Obama administration’s pay czar, said on Sunday he has broad and “binding” authority over executive compensation, including the ability to “claw back” money already paid, and he is weighing how and whether to use that power. (more…)

By Grant McCool
NEW YORK, Aug 3 (Reuters) – Bank of America Corp has agreed to pay $33 million to settle charges by the U.S. Securities and Exchange Commission that it made false and misleading statements to investors about bonuses when it took over Merrill Lynch & Co. (more…)

By Grant McCool

NEW YORK (Reuters) – Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.

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    July 16 (Reuters) – Bank of America Corp is operating under a secret U.S. regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, The Wall Street Journal reported, citing people familiar with the situation.
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