Bank of America Corp. said Tuesday that it had resubmitted its smaller stress-test capital plan to the Federal Reserve, the Wall Street Journal reported today. The announcement is the latest step as the bank navigates the aftermath of a $4 billion capital error it disclosed last month. The error, disclosed April 28, forced the bank to suspend its plans for returning capital to shareholders, and the Fed had given it until Tuesday to submit a new plan. The Charlotte, N.C.-based bank gave few new details yesterday about the resubmitted plan. It confirmed that the new request is smaller than the original — the bank had previously received permission to buy back up to $4 billion of its own shares and expand its quarterly dividend to 5 cents from 1 cent — but gave no specifics.
