Federal Reserve Ends Enforcement Action Against BoA

The Federal Reserve announced Tuesday that it has ended a two-year-old enforcement action against the Bank of America.

In February 2005, the bank agreed to a settlement with the Fed, the Office of the Comptroller of the Currency and the Securities and Exchange Commission to pay $675 million and submit to numerous corrective actions, including beefing up internal compliance and risk management processes.

For reprint and licensing requests for this article, click here.
Money Management Executive
MORE FROM FINANCIAL PLANNING