BofA and DNC: Quiet mutual support

Andrew Dunn / McClatchy Newspapers /


Published Aug 1, 2012 at 05:00AM / Updated Nov 19, 2013 at 12:31AM

CHARLOTTE, N.C. — Democrats excoriated Bank of America last fall over a proposed $5 monthly debit card fee, with one even taking to the Senate floor to urge people to pull out their money.

But just a week and a half earlier, party leaders organizing the Democratic National Convention quietly deposited $17.7 million into the bank.

This year, party leaders announced deposits totaling $4.5 million at two community banks and a credit union, touting their commitment to small and minority-owned lenders. Yet they’re doing much more business with Bank of America: The share of convention money passing without fanfare through the nation’s second-largest lender could reach $65 million.

Large companies headquartered in a convention host city often lend high-profile support, financial and otherwise. But at a time of public antipathy toward banks, neither Democratic leaders nor Bank of America have much to gain in publicizing the bank’s involvement in its hometown convention.

Local Bank of America executives have said little about what involvement the bank or its employees will have during the DNC.

Party leaders, too, have sought to downplay corporate America’s role.

Much of it has to do with President Barack Obama’s decision to eschew corporate contributions for an event typically awash in them.

But public anger at the financial industry and the president’s own criticism of Wall Street have put Bank of America in an even more awkward position, even though Obama will be renominated in a football stadium named for the bank.

In the latest example, a Democratic leader caused a stir this month when Politico reported that she called it “Panthers Stadium” in an email rather than “Bank of America Stadium.” The convention committee said it wasn’t an intentional slight to the bank.

Instead of taking a leading role, Bank of America has made several quiet contributions to convention planning.

A bank spokeswoman confirmed last week that the bank is donating money to the nonprofit fund the host committee is using to promote Charlotte, and Bank of America is underwriting two newsmaker gatherings organized by media companies.