BofA will not oppose U.S. consumer finance agency

* BofA will neither fight nor support consumer finance agency

* Agency has been a hot button issue for bankers

* Agency has faced strong opposition from across industry

CHARLOTTE, N.C., Feb 2 (BestGrowthStock) – Bank of America Corp
(BAC.N: ) will not oppose U.S. President Barack Obama’s push to
create a consumer finance-focused regulator, a company spokesman
said on Tuesday.

The Charlotte, North Carolina-based bank will not actively
lobby against, or for, Obama’s proposed Consumer Financial
Protection Agency, company spokesman James Mahoney told Reuters in
an interview.

The stance sets apart Bank of America, the largest U.S. bank,
from a broad swath of the industry, which has vigorously opposed
creation of the agency since it was proposed in July 2009.

The Consumer Finance Protection Agency’s mission of overseeing
banks’ products and services for transparency and consumer
fairness were principles Bank of America was already adopting,
Mahoney said.

He added the stance is not a policy shift for the bank, but in
line with the bank’s own existing consumer-friendly push.

Last year, Bank of America pushed to simplify overdraft fees
and polices, as well as improve mortgage and credit card
disclosures, though some of those changes were made to match new
laws passed by Congress set to take effect in 2010.

The news comes as Bank of America new chief executive, Brian
Moynihan, has been spending more time on Capitol Hill with
regulators and U.S. political leaders in an attempt to improve
frayed relations, according to recent media reports.

Tighter regulation is seen as inevitable in the aftermath of
the financial crisis.

During his company’s fourth quarter earnings call, JPMorgan
Chase & Co (JPM.N: ) Chief Executive Jamie Dimon, head of the second
largest U.S. bank, said he opposed creation of the agency.

The American Bankers Association has also come out strongly
against the proposed agency.

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(Reporting by Joe Rauch; Editing by Phil Berlowitz)

BofA will not oppose U.S. consumer finance agency