The federal Community Reinvestment Act (CRA) requires banks to invest and provide services in low- and moderate-income communities. But a recent report by a local housing group shows a sharp drop in CRA activity in 2007 and 2008.

The Federal Trade Commission announced on Monday that Countrywide Financial, now owned by Bank of America, will pay $108 million to settle charges that it collected excessive fees from homeowners struggling to pay their mortgages. The settlement represents the largest for the FTC in a mortgage servicing case. The money will be used to reimburse homeowners who had their loans serviced by Countrywide prior to Bank of America buying the company in July 2008.

Regulators have closed another New York City commercial bank, the second this week.

New York State comptroller Thomas DiNapoli says banks are on track to exceed $55 billion in profits last year.

President Barack Obama has proposed sweeping new regulations for banks, saying they will help prevent a repeat of the financial crisis.