Bank of America faces US regulatory action

Bank of America could face action from regulators if the company is judged to have fallen short with measures to strengthen its business, the Wall Street Journal reported Tuesday. Bank of America has been operating under a memorandum of understanding since May 2009, following repeated regulatory tussles over the purchase of Merrill Lynch and a downgrade of its confidential supervisory rating.
The Journal, citing people familiar with the situation, said the memorandum had identified governance, risk and liquidity management as problems that had to be fixed.