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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

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Bank of America : BofA to use NY state database to flag illegal payday loans

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06/16/2014 | 02:15pm EST

NEW YORK (Reuters) - Bank of America Corp has become the first big bank to agree to use a New York regulator's database to ensure it does not process illegal payments from payday lenders to state residents, Governor Andrew Cuomo said on Monday.

New York outlaws payday lending, or short-term consumer loans that mature the day the borrower receives his or her paycheck. New York's Department of Financial Services began clamping down on such lenders in 2013 because the interest rates they charge can be high enough to be considered predatory.

Some lenders have tried to sidestep the prohibition by offering the loans over the Internet and using electronic payment and debit networks to collect on them.

To clamp down on this practice, the Department of Financial Services developed a database that identifies companies that may run afoul of the state's ban on payday lending.

Bank of America plans to use this database to determine whether its merchant customers are using their bank accounts to make or collect on payday loans.

Benjamin Lawsky, New York's Superintendent of Financial Services, said in a news release that the regulator would be looking to craft similar agreements with other banks in the coming weeks.

(Reporting by Peter Rudegeair; Editing by Lisa Von Ahn)

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Financials (USD)
Sales 2019 91 770 M
EBIT 2019 36 629 M
Net income 2019 25 582 M
Debt 2019 -
Yield 2019 1,96%
P/E ratio 2019 12,5x
P/E ratio 2020 11,3x
Capi. / Sales2019 3,30x
Capi. / Sales2020 3,31x
Capitalization 303 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 33,76  $
Last Close Price 33,67  $
Spread / Highest target 33,7%
Spread / Average Target 0,27%
Spread / Lowest Target -16,8%
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Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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