As major financial institutions have received guidance from the federal government pertaining to mortgage regulations, Bank of America is hosting a meeting today at New York City’s Plaza Hotel to present current market strategies to investors.
In its first such meeting since 2007, CEO Brian Moynihan started off the morning by addressing some of the company’s challenges, according to a Forbes.com blog. The most pressing issue is Bank of America’s involvement in the housing sector; it is partially responsible for $2.2 billion net loss last year.
“We are changing the culture of the company from a company that was built upon acquisitions and consolidation,” Moynihan said, according to Bloomberg.com. “We can generate significant excess capital and return it to shareholders.”
Last Thursday, government agencies delivered a 27-page report issuing guidance for lending procedures to Bank of America, Wells Fargo and Citigroup. This review will likely result in fines and credit loss for Bank of America and other lending institutions.
Despite heightened regulations from federal agencies like the Justice Department and HUD, the GOP is currently acting to reduce the influence of government agencies on the lending industry.
At 11:57 a.m. ET, Bank of America Corp.’s stock was up 4.277 percent, according to eTrade.