December 07, 2010

Board Issues enforcement action with Bank of America Corporation

For immediate release

The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Bank of America Corporation, Charlotte, North Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond. The agreement addresses issues associated with anti-competitive activities at Bank of America by certain employees in conjunction with the sale of certain derivative financial products to municipalities and other non-profit organizations from 1998 to 2003.

In separate, coordinated actions, the Office of the Comptroller of the Currency announced the execution of a formal agreement with Bank of America, N.A., Charlotte, North Carolina, a wholly owned subsidiary of Bank of America Corporation. Actions were also taken by the Securities and Exchange Commission, the Internal Revenue Service, and 20 States Attorneys General. In addition, the Department of Justice announced that Bank of America has met its obligation under the Antitrust Division's Corporate Leniency Program to pay restitution based on anti-competitive conduct identified by federal and state agencies.

A copy of the Written Agreement is attached.

Last Update: December 07, 2010