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Fed puts brakes on Bank of America’s capital plan
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Financial Stability
Tuesday, April 29, 2014
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The Federal Reserve is requiring Bank of America Corp. to resubmit its capital plan and suspend planned increases in capital distributions after the firm said it incorrectly reported data used in the regulator’s most recent stress tests. On April 28, the firm announced a downward revision to its previously disclosed regulatory capital amounts and ratios due to an incorrect adjustment related to the treatment of certain structured notes assumed when it acquired Merrill Lynch & Co. in 2009.
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