Fed Approves BofA's Resubmitted Capital Plan

Law360, Washington (August 6, 2014, 12:09 PM EDT) -- The Federal Reserve has tacitly approved Bank of America Corp.’s revised capital plan, resubmitted in May after an accounting error had forced the bank to suspend its planned dividend payments and share buybacks, the regulator announced Wednesday.

In a brief statement, the Fed said that it “has not objected” to the banking giant’s revised capital plan after it had in April required the bank to resubmit its plan, following BofA’s disclosure that it had incorrectly reported some data, originally publicly unveiled in March.

According to the Fed, the resubmitted plan addresses the quantitative errors in BofA’s regulatory capital calculations, with the...

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