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Story updated with investor comment.



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Bank of America

(BAC) - Get Bank of America Corp Report

doubled the write-down for its credit-card unit, to $20.3 billion, citing increased losses and the impact of new legislation.

The writedown replaces the $10.4 billion goodwill impairment the bank previously took for its Global Card Services division in the third quarter of 2010, according to a BofA statement. The revision was necessary because of, "deteriorating credit quality and the adverse impact from The CARD Act on Bank of America's credit card operations in 2009."

"The upwardly revised goodwill impairment charge is a noncash charge and has no impact on the company's regulatory capital ratios," said Stifel Nicolaus analyst Christopher Mutascio in a note, adding that he hopes the bank will clarify what future profitability of its credit card operations.

Finger Interests Number One Ltd's

Jonathan Finger, a shareholder in Bank of America, believes that the writedown revision means that the credit card operations won't be as profitable in the future.

"It is a non-cash charge so it does not affect shareholders," said Finger told


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. "It is a reflection that the card unit won't be as profitable going forward with the changes in regulations."

Bank of America is expecting Dodd Frank regulations could cut annual revenue by $1 billion, according to


Overall, banks could lose up to $25 billion a year in revenue due to changes in payment regulations included in the Dodd-Frank Wall Street Reform, according to a study done by The Boston Consulting Group.

--Written by Maria Woehr in New York.

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