You could try restoring the default settings for IE, delete all cookies, history, cashed content, etc., if you haven't done so.
On my system there's a browser help object (BHO) from BofA: *MBNA had been purchased by BofA and didn't bother changing the BHO much, at least not the name of the original publisher.
Some of A/V's and other security software may block access to this BHO silently and you could try disabling them for the time being. While the Windows firewall should not block communication with ShopSafe, you could disable it for testing.
And yes, I love the ShopSafe feature and use it all the time for shopping online. On my Windows 7 SP1 64-bit OS with IE9, it works just fine in both IE browsers. I still miss the MBNA's JAVA based app, that could enter the freshly generated CC# details into the website with one click.