Nothing that some ridiculous new debit-card fees can’t fix? Bank of America has been quietly warned by regulators to take steps to grow stronger—and it could face public action if it fails to comply. According to The Wall Street Journal, the bank has been operating under a secret memorandum since May 2009 identifying governance, liquidity, and risk management as problems. Recently regulators warned BofA’s board that, without greater progress, the secret movement could become a public action that would place greater restrictions on and bring new scrutiny to the bank. The board, says the Journal, was caught off guard by the development.