Company News

Federal Reserve terminates 2015 forex enforcement action against Bank of America

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

WASHINGTON (Reuters) - The U.S. Federal Reserve announced Wednesday it had terminated a 2015 enforcement action against Bank of America BAC.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.

Reporting by Pete Schroeder; Editing by Chizu Nomiyama