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The paper said the sanction, known as a memorandum of understanding, was put in placse shortly after BofA shareholdersz stripped CEO Kenneth Lewis of his chairmanshi pin May. Since that time, BofA has replaced six of its board members and its chief risk Such sanctions are rarely disclosed publicly and allo w banks to work out problems withouytpublic scrutiny, the Journal reported. But if not they can be followed by sharperdregulatory actions, including a public cease-and-desist order. In this the sanction includes several deadlines in Julyand August, the newspaperf reports.
BofA spokesman Scott Silvestri declined to elaboratre on the issue when contacted by the CharlottdBusiness Journal, a sister publicatiomn of Atlanta Business Chronicle. “The bank isn’t allowed by law to communicated about confidentialregulatory actions,” he said. The N.C.-based bank (NYSE: BAC) is scheduled to report its second-quarter earningss on Friday.
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