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BofA Operating Under MOU: Report
Bank of America(BAC Quote) is operating under a memorandum of understanding that requires it to overhaul its board and address perceived problems with risk and liquidity management, the Wall Street Journal reports, citing people familiar with the situation.
The MOU gives banks a chance to work out their problems without the glare of outside attention, the Journal notes. Firms that don't address deficiencies can be given harsher penalties that include a publicly announced cease-and-desist order.
The order was imposed in early May, shortly after shareholders of Bank of America removed CEO Ken Lewis as chairman. ...
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