Chase, Bank of America: Have Credit Card Delinquencies Peaked?

JPMorgan Chase and Bank of America, the top two general-purpose credit card issuers, reported improved outlooks for their card divisions in first-quarter reports, including a possible peaking in delinquencies, a trend generally reflective of the industry. But concerns remain as charge-offs are still elevated from credit card loans deemed uncollectible at 180 days late. Those stem from delinquencies that first registered in the second half of last year.

Bank of America: Better Credit Outlook Helps $3.2B Profit

Bank of America reported a better than expected $3.2 billion in earnings, or 28 centers a share, in the first quarter, down from $4.24 billion, or 44 cents a share, a year ago – driven primarily by a $3.6 billion decline in provisions for credit losses. Earnings fell 25 percent over a year ago, but analysts polled by Thomson Reuters had forecast earnings of nine cents.

Lenders: Mortgage Forgiveness Costly, Unfair to Others

Principal forgiveness –a key part of the Obama Administration’s new foreclosure prevention efforts – would prove to be very costly to the industry and taxpayers, and ultimately unfair to the vast majority of homeowners who stay current on their unreduced mortgages, top banking executives said today. The executives from some of the top mortgage lenders – Bank of America, Citigroup, JPMorgan Chase and Wells Fargo – testified before the House Financial Services Committee.

Bank of America: Another 12,200 Mortgages Modified

Bank of America has completed another 12,200 mortgage modifications as of April 8, making last month its most productive yet in the government’s foreclosure prevention program. BofA said its total is now 32,900 permanently reduced monthly mortgage payments as part of the Obama Administration’s 13-month-old Home Affordable Modification Program, HAMP.

Bank of America: Small Biz Gets Credit Card Reform Too

Bank of America said it is extending to small business card accounts the protections against rate hikes on existing balances and certain other provisions under the new Credit CARD Act that took effect Feb. 22. The reform’s landmark protections cover consumer credit cards, making Bank of America the first major card issuer to provide the primary protection against retroactive rate increases, along with other reform provisions, to small business accounts – despite not being legally bound to do so.

Bank of America to Debut Principal Forgiveness Program

Bank of America will start to consider principal forgiveness – before interest rate reductions – in its foreclosure rescue efforts when reviewing certain subprime mortgages which were common during the housing bubble buildup. The targeted mortgages for reductions are qualifying subprime pay-option ARM and prime two-year hybrid ARM loans.

Bank of America’s Non-HAMP Foreclosure Rescues at 500,000

Bank of America today released a tally of its own, non-government foreclosure rescue efforts since January 2008: More than 500,000 loan customers have had their mortgages reduced. In addition, the bank has the most active trials under the government’s Home Affordable Modification Program, HAMP, with more than 240,000.

Bank of America: Low-Balance Alerts Part of Overdraft Plan

In addition to its ground-breaking plan this summer to end overdraft fees on its debit card purchases, Bank of America is also going to offer alerts to online customers if their checking account balance is too low or overdrawn. The nation’s largest bank will end the frustrating and much-maligned practice of overdraft fees on debit cards, but customers can still be charged for being overdrawn on checking accounts by writing too many checks or having too many debits through automated bill-pay.

Bank of America to End Debit Card Overdraft Fees

Just about when new rules take effect forcing banks to halt overdraft fees unless a customer opts-in, Bank of America has decided to do away with overdraft fees on debit card purchases altogether. The nation’s largest bank stands to lose tens of millions, or more, in fee revenue. And now may force top competitors to follow suit.

Bank of America Shifts Credit Card Unit, Leadership

Bank of America, the nation’s top lender and second-largest credit card issuer, is combining its troubled Global Card Services with its deposits business under Susan Faulkner, who’s been with the bank for 25 years, BofA said today. Faulkner will now head the combined business of “Global Card Services and Deposits” following the resignation of Ric Struthers, who was a principal founder of MBNA and has marshaled Bank of America through the hardship of mounting credit losses.

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