Despite $6.2 billion in profits last quarter, Bank of America worries publicly about how new regulations will affect its bottom line. The bank borrowed $45 billion from the government under the Troubled Asset Relief Program (which it subsequently paid back). But as the second largest bank in the US, Bank of America is a target of many protesters. Other banks such as JPMorgan Chase, Citigroup, Wells Fargo, and SunTrust also were bailed out and paid the money back.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in July 2010, has come under fire from conservatives as being bad for the economy in general and bad for the banking industry in particular. But apparently, it's not strong enough for some Occupy Wall Street protesters, who want a 1 percent "Robin Hood Tax" on financial transactions.
Protesters especially chafe at the fact that, after being the recipient of taxpayer money during the bailout, Bank of America will levee a "tax" on customers with a $5-a-month debit card fee. Bank officials say that they need the new fees (Wells Fargo is testing a $3 per month debit card fee) to offset the losses from the Dodd-Frank legislation. OWS protesters are planning a "Bank Transfer Day" on Nov. 5, wherein account holders at the megabanks will decamp to credit unions in order to protest what they deem unethical business practices such as the debit card fees.
