Key facts: Bank of America (BAC) Q3 rev $30B; sold bonds to boost cash

The OCC found that nine major banks used subjective reputation policies, impacting lawful businesses, including digital assets. The report, based on extensive data, supports crypto industry claims of debanking but does not prove a coordinated government campaign. Banks reviewed include JPMorgan Chase, Bank of America, and Citibank.

Bank of America plans a $6 billion bond sale in up to four tranches, with yields 1.2% above Treasuries. This is the fifth investment-grade bond sale on a Friday this year. The bank's stock fell 5% after Q3 results missed estimates, with net income down 18% and revenue up 3%. A $1.2 billion regulatory penalty was included in the results.

The Office of the Comptroller of the Currency (OCC) released a report stating that nine major U.S. banks may have denied or limited services to customers based on political or religious beliefs. The banks reviewed include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. The OCC found that these banks had risk policies lacking clear standards, potentially disadvantaging certain customers.

US lawmakers introduced the Epstein Wall Street Records Act to investigate Jeffrey Epstein's ties to major financial institutions. JPMorgan Chase (JPM) and Deutsche Bank (DB) faced penalties and lawsuits for their relationships with Epstein. Goldman Sachs (GS) and HSBC also had accounts linked to him. The bill aims to disclose records and investigate potential violations, with possible penalties for involved institutions and executives.

Bank of America CEO Brian Moynihan notes strong US consumer spending despite rising interest rates. The bank's shares fell 20% after a 17% profit drop and a $1.2B fine. Moynihan predicts 3 more Fed rate hikes and expects 2%+ US GDP growth. He discusses economic and political impacts on business.

Bank of America (BAC) was fined $1.2 billion for compliance failures, causing shares to fall 8%. Dave Ramsey advised a caller to stop paying a HELOC if the bank refuses a short sale. The caller's Phoenix rental has $260,000 in mortgages and a $100,000 HELOC, with thin financial buffers. Ramsey's strategy was critiqued, and the article outlines steps for homeowners considering foreclosure.