bank of america

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DOVER, Del. (AP) - Leaders of the legislature's budget-writing committee have failed in their effort to get quick approval from colleagues on spending some $29 million in mortgage settlement money.

Lawmakers have spent months trying to determine how to spend Delaware's remaining share of money from nationwide settlements involving Bank of America and Citigroup to resolve allegations that market misconduct contributed to the financial crash in 2008.

Wilmington Police Department

Wilmington could lose $1.5 million in state money if they do not come up with how they are using their police officers.

Attorney General Matt Denn and Delaware lawmakers have put the money aside until they get some answers.

The funds were to go for 20 weeks of foot patrols and overtime by Wilmington county and state police.

The Wilmington News Journal reports that another $75-thousand was allocated to the state police for studying crime in Wilmington.

Bank of America Logo

DOVER, Del. (AP) - A nonprofit group is suing Delaware officials over the use of bank settlement money to help balance the state budget.

The Delaware Community Reinvestment Action Council filed the lawsuit Monday, several months after asking federal officials to oversee distribution of Bank of America settlement funds.

Defendants in the lawsuit are Gov. Jack Markell, the state treasurer, and the legislature's controller general.

Markell's office did not immediately respond to an email seeking comment.

Bank of America, logo

WILMINGTON, Del. (AP) - Bank of America is donating nearly $600,000 in grants to Delaware nonprofits for affordable housing and community revitalization.

The News Journal of Wilmington, Del., reports the bank is giving $90,000 to Habitat For Humanity of New Castle County to help build homes for lower-income residents.

Stephen Bailey, executive director and chief executive officer of the Grand Opera House, says the theater is receiving $75,000 for youth educational performances, income-based scholarships and programs.


            The Bank of America could give Delaware’s economy a boost 500 additional jobs…at its credit card business over the next three years.

            The announcement comes even as the financial institution has been downsizing its workforce.

            Chip Rossi, the bank’s Delaware Market president, hailed the move telling the Wilmington News Journal that this was a great day for the state.