Warren Accuses CFPB of Undermining Credit Card Fee Reforms
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
- Consumer Protection Erosion: Warren accuses the CFPB, under Russell Vought's leadership, of undermining consumer protections by dropping the credit card late fee cap, potentially costing Americans over $10 billion annually.
- Resistance to Trump Policies: Warren highlights that the CFPB's actions contradict Trump's goal of lowering credit card costs, especially after his call for banks to voluntarily cap credit card interest rates at 10%, revealing a policy execution contradiction.
- Economic Impact Assessment: The Student Borrower Protection Center estimates that the rollback of CFPB actions since February could cost Americans up to $15 billion annually, particularly related to scrapped fee caps and enforcement cases against major banks.
- Industry Reactions: Experts warn that Trump's proposed 10% interest rate cap, while seemingly consumer-friendly, could significantly impact credit access and rewards programs, leading to a
Analyst Views on BAC
Wall Street analysts forecast BAC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BAC is 61.17 USD with a low forecast of 55.00 USD and a high forecast of 71.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
18 Analyst Rating
14 Buy
4 Hold
0 Sell
Strong Buy
Current: 52.020
Low
55.00
Averages
61.17
High
71.00
Current: 52.020
Low
55.00
Averages
61.17
High
71.00
About BAC
Bank of America Corporation is a bank holding company and a financial holding company. Its segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM includes two businesses: Merrill Wealth Management, which provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products and Bank of America Private Bank, which provides comprehensive wealth management solutions. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
