Excerpt:
Bank of America has produced a satisfactory update of its capital plan, the Federal Reserve announced on Thursday, saying the U.S. bank had made progress strengthening its "loss and revenue modeling practices and its internal controls." 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. [...]