Federal Reserve Lifts Two-Year Order On BofA

Law360, New York (February 28, 2007, 12:00 AM EST) -- The Federal Reserve Board announced Tuesday that it had lifted an enforcement order against Bank of America Corp., two years after the bank paid $375 million to settle claims of improper trading.

The Federal Reserve gave no reason for terminating the action, but a spokesman for the Office of the Comptroller of the Currency said the OCC dropped a similar order Tuesday because the agency was satisfied the Bank of America had lived up to its promises.

OCC spokesman Kevin Mukri said the bank had entered...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.