1. Banking

    BofA Warned by Regulators

    CHICAGO, IL - NOVEMBER 01:  People walk past a Bank of America branch in the Financial District on November 1, 2011 in Chicago, Illinois. Bank of America Corp. has reportedly announced they will drop its plan to charge customers a $5-per-month fee for making purchases with their debit cards.  (Photo by Scott Olson/Getty Images)

    Scott Olson / Getty Images

    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.

    Read it at The Wall Street Journal