U.S. Markets open in 31 mins

Fed says does not object to new Bank of America capital plan

The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip

WASHINGTON (Reuters) - The Federal Reserve on Thursday said it had not objected to a resubmitted capital plan from Bank of America, saying the U.S. bank had made progress strengthening its "loss and revenue modeling practices and its internal controls."

The central bank had asked Bank of America in March 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 processes that are on a level with "the size and complexity of its operations and systemic importance," the Fed said on Thursday.


(Reporting by Jason Lange and Lisa Lambert; Editing by Chizu Nomiyama and Frances Kerry)