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In
March, Bank of America passed the Fed's annual "stress test" of
its health and ability to withstand a major financial crisis,
but the central bank asked it to file its plan again and address
"certain deficiencies in its capital planning processes."
The bank must continue to make steady progress toward sound
risk-management and planning on a level with "the size and
complexity of its operations and systemic importance," the Fed
said on Thursday.
The Fed's annual evaluations, known as stress tests, started in
2009 when many of the largest U.S. banks were struggling to
repay taxpayer bailout funds they took after the collapse of
Lehman Brothers a year earlier. The tests give regulators a
sense of the banks' health and their resilience in the face of
another crisis.
(Reporting by Jason Lange and Lisa Lambert; Editing by Chizu
Nomiyama and Frances Kerry)
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