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Federal Reserve terminates 2010 enforcement action against Bank of America
June 15, 2017 / 4:20 PM / 3 months ago

Federal Reserve terminates 2010 enforcement action against Bank of America

Washington (Reuters) - The Federal Reserve announced Thursday it had terminated a 2010 enforcement action taken against Bank of America after the bank admitted to bid-rigging in the municipal debt market.

The termination means the bank is no longer required to submit quarterly progress reports to the Fed on how its risk management program monitors competitively bid transactions.

The original agreement was struck as part of a broad settlement the bank made with the federal government, under which it agreed to pay $137.3 million in restitution, after admitting traders conspired to rig bids on competitive municipal bond contracts.

Reporting by Pete Schroeder

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