Bank of America's dark cloud: Wall Street reform

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Bank of America's dark cloud: Wall Street reform

By David Ellis, staff writer



NEW YORK (CNNMoney.com) -- Bank of America's fears about Wall Street reform are giving the whole banking industry a case of the jitters.

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But Bank of America (BAC, Fortune 500) broke ranks on Friday, detailing the impact of several provisions, including the so-called Durbin amendment, named after sponsor Sen. Richard Durbin, D-Ill., which will limit the fees banks collect from debit card swipes.

Bank of America executives said the new rule would reduce fees earned from debit cards anywhere between 60% and 80% starting in the second half of 2011. This year, the company said it expects to produce $2.9 billion in revenue from that business.

Since Friday, analysts have been recalculating the cost to banks affected by the new rule.

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