NEW YORK (
Bank of America
spent more than $5 million on lobbying in the second quarter, according to recent federal filings.
JPMorgan Chase was the top spender among the nation's three largest banks, shelling out $1.6 million during the second quarter, up from $1.52 million a year earlier. The bank lobbied on issues related to mortgage loan modifications, foreclosures, servicing and refinancing and rulemaking on fiduciary standards for broker-dealers and investment advisers, among others.
JPMorgan lobbyists also met with House Representatives and Senate officials to discuss potential market implications of a technical default.
Outside lobbyists representing JPMorgan spent an additional $430,000.
Citigroup spent $1.31 million during the second quarter to lobby Washington on a range of regulations, according to a recent disclosure.
According to a July 20 report filed with the House and Senate, the bank lobbied officials in the White House, the Council of Economic Advisers, the U.S. Department of Housing and Urban Development, the National Economic Council and the U.S. Treasury, on matters related to the GSE Bailout Elimination and Taxpayer Protection Act.
It also lobbied the House, Senate, the
and the Commodity Futures Trading Commission on issues related to derivatives and credit default swaps, the implementation of the Consumer Protection Act, the debit interchange fee rules and on legislation related to cyber security, among others.
Last year, the company spent $1.47 million during the same period.
Separately, external lobbyists representing Citigroup also filed their expenses report for the second quarter. Cumulatively, those expenditures amounted to an additional $510,000.
Citigroup appointed top Republican lobbyist Candida Wolff to head its government affairs unit in April. The department, which has 22 employees that are VP or above focused on state, federal and international government issues, has seen heavy turnover in recent months,
Bank of America spent $640,000 on federal lobbying in the second quarter, a decline from the first quarter and the second quarter of 2010, according to public filings.
Outside lobbyists for Bank of America spent an additional $170,000 during the quarter. Issues the bank's own lobbyists worked on include several "legislative initiatives on privacy," including the Consumer Privacy Act of 2011, the Do Not Track Kids Act of 2011 and the Protecting the Privacy of Social Security Numbers Act of 2011. Other issues included the Equity in Government Compensation Act of 2011 and reform of
Bank of America's lobbying expenditures--including both in-house and outside lobbyists, totaled $1.125 million in the first quarter of this year and $1.24 million in the second quarter of 2010.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.