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BofA CEO: $5 Fee Needed to Pay for Dodd-Frank

Wednesday, 5 Oct 2011 | 5:43 PM ET

Bank of America CEO Brian Moynihan defended the bank's decision to impose a $5 debit card fee on customers next year, saying it was needed, in part, to recoup billions of dollars in costs from complying with Dodd-Frank law.

Brian T. Moynihan
AP
Brian T. Moynihan

"I have an inherent duty as a CEO of a publicly held company to get a return for my shareholders," he told CNBC's Larry Kudlow during a discussion hosted by the Atlantic and the Aspen Institute in Washington. "At the same time, I have a inherent duty to do a great job for my customers."

He wouldn't say if other Bank of America fees would be raised.

He said the bank — the nation's largest mortgage lender through its purchase of Countrywide Financial — is trying to work through the backlog of its mortgage foreclosures and "find a resolution" with the state attorneys general suing Bank of America and other banks over their mortgage practices.

Questions? Comments, send your emails to: lkudlow@kudlow.com

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  • Lawrence Kudlow is a CNBC senior contributor. Previously, Kudlow was anchor of CNBC's prime-time program "The Kudlow Report"