Fed tells Bank of America to rein in dividend plan

By Reuters
Posted March 23 at 6:40 a.m.

Bank of America Corp. said it needs to revise its plans to boost dividends in the second half of 2011 after regulators objected to the proposal.

The bank said Wednesday that it still hopes to increase its dividend in the second half of the year, and intends to submit a revised proposal to regulators at the Federal Reserve.

The Federal Reserve approved dividend increases for a group of banks on Friday. Bank of America had hoped to be in a second wave of banks to raise dividends in the second half of this year.

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