August 06, 2014
Federal Reserve announces it has not objected to a resubmitted capital plan from Bank of America Corporation
For release at 9:10 a.m. EDT
The Federal Reserve on Wednesday announced that it has not objected to a resubmitted capital plan from Bank of America Corporation.
The Federal Reserve in April required Bank of America to resubmit its capital plan and to suspend planned increases in capital distributions. The action followed the disclosure by Bank of America that it incorrectly reported data used in the calculation of regulatory capital ratios and submitted as inputs for the stress tests conducted by the Federal Reserve in 2014. Bank of America addressed the quantitative errors in its regulatory capital calculations as part of the resubmission. Bank of America also undertook a review of its regulatory capital reporting as required by the Federal Reserve.
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