NEW YORK (
) -- On a wretched for bank stocks amid torrents of unrest in the Middle East and rising oil prices, the biggest loser among the largest U.S banks was Regions Financial, with shares dropping over 5% to close at $7.38
On a day that saw the banking industry do even worse than the broad indexes, the
KBW Bank Index
( BKX.X) was down over 3.5%, to close at 53.28.
All 24 components of the index were down, and in addition to Regions, the index components seeing the largest declines were
, down 5% to close at $6.86,
, also down 5% to close at 37.80 and
, down 4.5% to close at 4.69.
The large banks suffering the least on Tuesday included
New York Community Bancorp
( NYB), which closed at $18.61 and
People's United Financial
, which closed at $13.24. Both were down 1%.
New York Community Bancorp has the distinction of the highest dividend yield among components of the KBW Bank Index, with a 25-cent quarterly payout, for a yield of 5.37%.
Banks also were told what many already knew
: fee revenue from credit cards was being cut by The CARD Act that was passed last year. Earlier in the day Elizabeth Warren, special advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB), praised the success the CARD Act has achieved since it was passed in 2009.
She noted that late fees consumers are paying fell from $901 million in January 2010 to $427 million in November 2010, which also means banks can no longer count on that revenue stream.
Written by Philip van Doorn in Jupiter, Fla.
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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.