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Fed proposes new bank fees

The Federal Reserve said the fees would go to help cover costs of regulating banks. The proposal would require some 70 financial firms to pay about $440 mil total, starting with a back payment for calendar '12. The agency would use an asset-based formula to determine each company's assessment. The '10 Dodd-Frank banking reform law called on the Fed to issue such a proposal to help cover costs of new regulations of banks with $50 bil or more assets. Citigroup (C)shares rose 0.2% to 44.87. BofA (BAC) fell 1.6% to 11.98.