WASHINGTON (Reuters) – The U.S. Federal Reserve announced Wednesday it had terminated a 2015 enforcement action against Bank of America (N:) over its shortcomings in preventing traders from manipulating foreign exchange rates.
The bank had agreed in May of that year to pay a $205 million fine and overhaul relevant policies after regulators charged several large banks with oversight shortcomings in foreign exchange markets. Alongside the fine, the bank had agreed to submit plans to improve its operations and additional Fed oversight.
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