Author Archives: Olivia Parker

Bank of America imposed the fee because the “Durbin Amendment” to the Dodd-Frank financial reform law went into effect Sunday. The new regulation caps at about 21 cents the fee banks can charge merchants for processing debit card purchases. Other big banks are expected to add fees to make up for an estimated $6 billion loss in revenue. Bank of America competes across each of its three main business segments, and is the largest company in the U.S.-focused Global Consumer and Small Business Banking segment. The company continues to be the leading issuer of credit cards through endorsed marketing and largest holder of deposits nationwide. However, Bank of America has relatively little market share internationally. Bank of America is one of the largest investors in the coal sector and has lent billions of dollars to companies seeking to build new coal-fired power plants. The company’s clients include the major players in the power and utility industry. Bank of America has also financed billions of dollars to companies that practice mountaintop removal coal mining, a technique that blasts off the tops of mountains to reach the underlying coal deposits. Continue reading →