Financial group spent $2.5M lobbying in 1Q

The group, whose members include Citigroup Inc., Bank of America Corp. and Merrill Lynch & Co. Inc., also lobbied on legislation involving credit card fees and practices, reforms to government-sponsored mortgage financing companies Fannie Mae and Freddie Mac, taxes, terrorism risk insurance, pensions and U.S. security reviews of foreign investment.

The Roundtable, whose members also include Aon Corp., Allstate Corp., Mastercard Inc. and Visa Inc., also lobbied on immigration reform, patent reform, the disposition of student loans in bankruptcy proceedings, identity theft, and trade sanctions against Iran, according to a form filed with the House clerk's office April 21.

Financial services companies support patent reform legislation because it includes a provision that shields banks from patent suits involving electronic check-clearing services. The House approved patent reform legislation last year, but the bill has stalled in the Senate.

Besides Congress, the Roundtable lobbied the White House, Commodity Futures Trading Commission, Federal Trade Commission, Federal Deposit Insurance Corp., U.S. Trade Representative, Patent and Trademark Office, Securities Exchange Commission, as well as the departments of Treasury, Commerce, Homeland Security, Justice, Transportation and Housing and Urban Development.