Bank of America Ordered to Pay FDIC $540 Million Over Risk Reporting Violations

Due to underpaid deposit insurance assessments from 2013 to 2014, a U.S. federal judge has ordered Bank of America to pay the Federal Deposit Insurance Corporation (FDIC) $540.3 million. The FDIC originally sought $1.12 billion in its 2017 lawsuit, alleging that the bank had violated a 2011 rule on risk reporting. Judge Loren Ali Khan upheld the claim for the 2013–2014 period but decided that the FDIC waited too long to sue for earlier assessments. Despite denying any misconduct, Bank of America has set aside funds to cover the payment. In the first quarter of 2025, the bank reported a profit of $7.4 billion.