NEW YORK, NY / ACCESSWIRE / March 27, 2017 / Bank of America's share price soared high today to close at $23.12 per share by the end of business today, representing a 0.22% increase in share price. With the ongoing cases against credit reporting agencies for giving falsified data on credit scores to customers, Financial Watchdog Consumer Financial Protection Bureau, on Thursday, imposed a $3 million fine on credit reporting agency Experian for deceiving customers on how their credit score would be used.

Credit Reporting agencies Equifax, TransUnion, and Experian have of late been subjected to hefty fines for deceiving customers about how their credit scores, accruing over $17 million in restitution to customers. The fines are on top of a $5.5 million payment to the CFPB. The credit reporting agencies, however, have denied any wrongdoing, saying they complied with the law. Bank of America has its credit score model, with the bank only using reporting agencies' scores as "part of" their calculations.

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Citigroup's shares closed the day on a high to trade at $58.07 a share, representing a 0.03% increase from the previous day's share value. With the industry experiencing a strong run of results in the post-election era, the future looks bright. The industry, in general, has been expecting reduced regulations with the new president. The higher interest rates have also played a significant role in the sector's recent up-rise.

Hedge fund manager Doug Kass has recently cited a slowing domestic economy, protectionism, and peak automotive sales and valuations in the banking sector as a threat to the financial health of the economy. He, however, attributes President Trump's new fiscal and regulatory policies as favorable to the equities market. Credit reporting agencies are currently in the spotlight with their operations currently being monitored by the unforgiving CFPB. The upward trend in stock price, however, is a positive for the economy, as an upward trend in stock price bringing the much-needed optimism.

Access RDI's Citigroup Research Report at: https://ub.rdinvesting.com/news/?ticker=C

Our Actionable Research on Bank of America Corp (NYSE: BAC) and Citigroup Inc. (NYSE: C) can be downloaded free of charge at Research Driven Investing.

RDI Initiates Coverage on:

Bank of America Corp https://ub.rdinvesting.com/news/?ticker=BAC

Citigroup Inc. https://ub.rdinvesting.com/news/?ticker=C

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