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Bank of America Corp. will pay $20 million and Morgan Stanley $2.35 million for improperly foreclosing on members of the military — some of whom were on active duty in Iraq and Afghanistan — under a settlement with the Justice Department.

Chuck Gariboldi has joined U.S. Bancorp Fund Services as vice president and fund operations manager, in charge of daily operations in the fund accounting division. Gariboldi will also work with other divisions of the company to ensure accounting operations and policies meet evolving client and industry trends.

The median annual cost of care in a private nursing home rose 3.4% over the past year to $77,745—far surpassing the $49,777 median annual household income for Americans, according to Genworth’s “2011 Cost of Care Survey.” And the cost of an assisted living facility rose 2.4% over the past year to $39,135.

The Bloomberg Consumer Comfort Index rose to -48.2 in the week ended May 22, up from a nine-month low of -49.4 the previous week. Readings of -40 or less are associated with recessions and their aftermaths, Bloomberg said.

Year-to-date cash contributions through April to equity and hybrid funds have surpassed inflows to fixed income funds for the first time since the financial crisis, Strategic Insight said.

The Financial Industry Regulatory Authority has fined Credit Suisse Securities (USA) $4.5 million, and Bank of America's Merrill Lynch unit $3 million for misrepresenting delinquency data and inadequate supervision in connection with the issuance of residential subprime mortgage securitizations.

The Securities and Exchange Commission has adopted rules that could reward individuals who blow the whistle on illegal activity in securities markets, with bounties on successful prosecutions.To be considered for an award, the SEC’s whistleblower program requires the individual to provide "original information" that leads to the successful enforcement by the SEC of a federal court or administrative action where penalties exceed $1 million.

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Global X Funds on Thursday launched the Global X Fertilizers/Potash ETF, giving investors access to what Global X calls a “critical” agricultural and commodity sector.

The recession has had a tremendous impact on teenagers, Charles Schwab found in its “2011 Teens & Money Survey.” It’s taught them the value of responsible money management and saving.

Money Management Executive, a SourceMedia publication for executives in the asset management industry, is proud to announce the 9th Annual 2011 Fund Operations Awards, now called The NOVAs, with a number of exciting changes to the program.

Michael J. Woods, U.S. head of distribution for DWS Investments, has been given the additional role of regional head and chief executive officer of DWS Investments U.S.

Direxion has launched four new leveraged exchange-traded funds, tied to the DAXglobal Russia Index and the DAXglobal Agribusiness Index. Each of the funds seeks 300% of the daily performance or the daily inverse of those indexes.

Global X Funds has launched the Global X Canada Preferred ETF, an exchange-traded fund that targets Canadian companies that issue preferred stock. The fund tracks the Solactive Canada Preferred Stock Index.

The brokerage industry’s chief regulator said Tuesday that its examiners will spend more time on “open-ended thematic reviews” that can identify where controls on financial risks break down.

Long-term mutual funds had inflows of $7.38 billion in the week ended May 18, the Investment Company Institute said.

Fears that new SEC rules could ding asset managers’ profitability are misguided, according to a new report from investment bank Keefe, Bruyette & Woods.

After navigating their portfolios through some very difficult investment waters in recent years many ultra-high-net-worth investors are now adopting a more laissez-faire approach to their investments, leaving the day-to-day details to their financial advisers.

Near-retirees and retirees are very uncertain about their future, and many are afraid they will live in poverty, a survey of more than 300 Baby Boomers by Financial Engines found.

The Bloomberg Consumer Comfort Index fell to -49.4 in the week ended May 15, a nine-month low reflecting a pessimistic outlook among consumers as the cost of fuel and groceries continues to increase.