Bill to kill $3M raises for Fannie, Freddie CEOs gains momentum

Bill to kill $3M raises for Fannie, Freddie CEOs gains momentum

Rep. Ed Royce-sponsored bill now has bipartisan support

First look: Architect Magazine showcases Fannnie Mae’s new corporate digs

It’s big and beautiful and it saves the GSE money

Fannie Mae: Mortgage lenders unnecessarily restrict credit

Higher credit scores, additional documentation most common
W S
Investments / The Ticker

Fed gives BofA capital plan the green light

Adjusts previously submitted regulatory capital ratios

green light
/ Print / Reprints /
| Share More
/ Text Size+

The Federal Reserve accepted Bank of America’s (BAC) resubmitted capital plan after it incorrectly reported data used in the calculation of regulatory capital ratios.  

At the end of April, Bank of America noted that it was downwardly revising its previously disclosed regulatory capital amounts and ratios due to an incorrect adjustment related to the treatment of certain structured notes assumed in the Merrill Lynch acquisition in 2009.

At the time, the Federal Reserve said, "Bank of America must address the quantitative errors in its regulatory capital calculations as part of the resubmission and must undertake a review of its regulatory capital reporting to help ensure there are no further errors."

As a result, Bank of America suspended its previously announced 2014 capital actions, including the $4 billion common stock repurchase authorization and the planned increase in the quarterly common stock dividend from 1 cent per common share to 5 cents per share.

Recent Articles by Brena Swanson

Comments powered by Disqus