FRB and OCC Permit Bank of America to Use Advanced Approaches Framework

The Board of Governors of the Federal Reserve System ("FRB") and the Office of the Comptroller of the Currency ("OCC") approved the use of the "advanced approaches" capital framework by Bank of America and its subsidiary national banks. The approved use of the framework will begin in the fourth quarter of 2015. "Under this framework, firms must meet specific risk-measurement and risk-management criteria when calculating their risk-based capital requirements. The framework implements standards developed by the Basel Committee on Banking Supervision and applies to large, internationally active banking organizations--generally those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposure--and includes the depository institution subsidiaries of those firms."