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The Federal Reserve has instructed Bank of America to revise its capital plan by September 30 to address weaknesses in the bank's capital planning process, according a press release on Wednesday. Bank of America stated in a press release on Wednesday that the company's Board of Directors authorized a $4 billion common stock repurchase program and that the Fed had completed its 2015 Comprehensive Capital Analysis and Review and informed the Charlotte, North Carolina-based megabank that the Fed did not object to the bank's capital plan for the period of Q2 2015 through Q2 2016. Under that plan, the common stock dividend rate would be maintained at 5 cents per share per quarter.
Read More »Fed Requests Changes in Bank of America’s Capital Plan
