Bank of America settles SEC charges over capital disclosure errors
WASHINGTON, Sept 29 (Reuters) - Bank of America agreed to pay $7.65 million on Monday to settle civil charges alleging it miscalculated its regulatory capital for years, leading to an overestimate that eventually reached billions of dollars, U.S. regulators said Monday.
The Securities and Exchange Commission said the internal control and recordkeeping problems started at Bank of America shortly after it purchased a large portfolio of Merrill Lynch's structured notes during the financial crisis.
The regulatory capital overestimates started in 2009, and have grown each year since then as more of the notes matured, the SEC said. Once the bank discovered the error, it reported it to regulators and disclosed the problem to investors in an April filing.
(Reporting by Sarah N. Lynch; Editing by Doina Chiacu)
