More bad news for BofA

For the past 2.5 years Bank of America has been operating under a memorandum of understanding with bank regulators. The memorandum named a couple of areas - governance, risk management, liquidity - that needed to be improved. So far, there has been no improvement. If this continues, then the secrecy will be dropped and the problems of BofA will become even more public, as the regulators take action to enforce the terms of the memorandum.