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Actionable news in BAC: BANK OF AMERICA CORPORATION,

On July

On April 13, 2016, the Agencies notified the Corporation of their joint determination that the Corporations 2015 Plan "was not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code". While the Agencies noted that the Corporation has taken important steps to enhance its resolvability and facilitate its orderly resolution in bankruptcy, they jointly identified deficiencies (the "Deficiencies") and shortcomings (the "Shortcomings") in the 2015 Plan. The notification requested that the Corporation provide a submission by October 1, 2016 explaining the actions taken by the Corporation to remedy the Deficiencies, as well as include a status report on the Corporation's actions to address the Shortcomings (the "2016 Submission"). The 2016 Submission will satisfy the annual informational requirements of Section 165(d) for 2016. In addition, the Corporation's resolution plan due on July 1, 2017 (the 2017 Plan) must address the Shortcomings.

If the Agencies jointly determine that the Corporations 2016 Submission does not adequately remedy the Deficiencies, they may jointly impose more stringent capital, leverage or liquidity requirements or restrictions on...


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