Report: BofA under secret sanction - Pacific Business News (Honolulu):

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The paper says the known as a memorandumof understanding, was put in plac e shortly after BofA shareholders stripped Chief Executive Kennetgh Lewis of his chairmanship in May. Since that BofA has replaced six of its board memberds and its chiefrisk officer. Such sanctions are rarely discloser publicly and allow banks to work out problem withoutpublic scrutiny, the Journal reports. But if not they can be followed by sharpe rregulatory actions, including a public cease-and-desist In this case, the sanction includes several deadlines in July and the newspaper reports. BofA spokesmab Scott Silvestri declined to elaborate on the issue when contacted by the Charlotte BusinesaJournal .
“The bank isn’f allowed by law to communicate abour confidentialregulatory actions,” he says. The Charlotte-based bank (NYSE:BAC) is schedulex to report its second-quarter earnings on