Business Briefs – January 17, 2018

Bank of America 4Q Profits Fall By 48 Percent Due To Tax Law

NEW YORK (AP) – Bank of America says fourth-quarter profits fell by nearly half from a year ago after it booked $2.9 billion in charges related to the new tax law. The bank says its effective tax rate will drop to 20 percent, and the CEO expects the savings to mostly go to shareholders in the form of stock buybacks and dividends.

Entire Operation of Federal Consumer Regulator Under Review

NEW YORK (AP) – The Trump-appointed acting director of the Consumer Financial Protection Bureau says the entire operational structure and approach of the federal government’s consumer watchdog agency is now under scrutiny. The announcement by director Mick Mulvaney is the clearest sign yet that the agency’s direction will be dramatically different than it was under the Obama administration.

Florida Driver Died Because of Faulty Air Bag, Report Says

FORT LAUDERDALE, Fla. (AP) – The Florida Highway Patrol says a woman died because a faulty air bag ruptured and fired shrapnel into her head during a crash she should have survived. The report released Wednesday says Nichol Barker of Holiday, Florida, was struck by metal pieces that should have remained inside the Takata air bag but burst through. The 34-year-old mother suffered a gaping wound to her left temple, a fractured skull and bruising and bleeding on her brain.