The country’s biggest lender, Bank of America Corp., exhausted $1.18 million lobbying the federal government on much deliberated upon matters such as credit cards, employee compensation and mortgage lending practices new disclosure reports reveal. The bank also lobbied in regards to changes in student lending, deposit insurance and other issues to government institutions from Congress to the Treasury Department and the Federal Trade Commission.
That number exceeds by large margin the $820,000 put forth at the peak of the financial crisis in 2008 and the $930,000 it spent in the quarter before last.
Bank of America has been under tight surveillance since receiving $45 billion in government aid in the fourth quarter of 2008, despite working to reimburse the treasury beginning in December 2009.
Changes are intended to be made but not in the way BofA had been hoping. The Obama Administration is working on implementing a series of new, more rigid guidelines for banks in order to wedge distance between the government and large financial institutions.
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