Bank of America Misses Noon Deadline

Bank of America missed a noon deadline Monday to turn in documents and other evidence to a congressional investigation over their takeover of Merrill Lynch last year. The committee is considering issuing a subpoena to force the bank to turn over the documents, and the bank says it will send a representative to Congress. Meanwhile, Bank of America is close to reaching an agreement with the Treasury Department and the Federal Reserve to scrap its loss-sharing pact, which was to help the bank digest Merrill Lynch. Officials want Bank of America to pay between $300 million and $500 million to end the tentative agreement which was announced in January. Bank of America is also asking that it be allowed to pay back $20 billion of its $45 billion taxpayer-funded loan, which would remove it from the lists of banks receiving "exceptional" assistance from the government.