Bank of America (BAC) will no longer have to comply with a Federal Reserve enforcement action initiated in 2010, according to a Fed announcement Thursday, Reuters reported.
The Fed required Bank of America to submit quarterly progress reports detailing competitively bid transactions after the bank admitted to bid-rigging in the municipal debt market.
The 2010 decision was part of a larger deal Bank of America struck with the federal government that also required the bank to pay $137.3 million in restitution.
Bank of America shares closed down less than a percent to $23.54.
What's Hot on TheStreet
Mining stocks get whipped: Global mining stocks found themselves in a hole Thursday TheStreet reports, after South Africa's government said that at least 30% of domestic mining assets should be black-owned even if previous black owners sell their stakes. South African-exposed mining companies fell sharply in the wake of the announcement. London-listed Anglo American plc (AAUKF) tumbled 4.4% to 1,013 pence ($23.87) a share, South32 Ltd fell 4% to 158 pence, BHP Billiton plc (BHP) was down 2% to 1,155 pence, Rio Tinto (RIO) fell 2% to 3,079 pence and Glencore plc (GLNCY) fell 2.6% to 279.2 pence. South African gold producers were hit even harder. Sibanye Gold Ltd. (SBGLF) plummeted 6.7% to 1,562 South African rand ($121.38) and AngloGold Ashanti Ltd. (AU) fell 4.8% to 14,015 rand.
Amazon eyes a new prize: Amazon may be preparing a deal to buy Slack Technologies in a deal that could value the messaging startup group at more than $9 billion, TheStreet points out. With Microsoft's deal for LinkedIn being well-received, this deal seems logical for an Amazon that is aggressively expanding into the cloud.
One has to wonder though: why isn't Apple considering Slack or for that matter, Twitter . Each service would provide valuable insight into human behavior from which to build new products and services.