U.S. Fed tells BofA to resubmit capital plans after errors corrections
The U.S. Federal Reserve on Monday said Bank of America needed to upgrade a money plan-it had published included in the Fed’s annual stress tests, which it informed the financial institution to hold any increases in investor capital circulation.
Bank of America posted these as inputs for that stress-tests, and had revealed it’d incorrectly reported data utilized in the calculation of regulatory capital ratios, the Fed said.
Correct the mistakes, and the financial institution needed to resubmit its capital program within 30 days, however the Fed said it might still extend that time.
“Until receiving realize that the Federal Reserve hasn’t objected to the new capital strategy, Bank of America won’t have the ability to improve its cash distributions, including those increases approved through the (stress-tests),” the Fed said.