OCC Issues Cease-and-Desist Order Against Bank of America for BSA Deficiencies; Shares Drop 2.6%

The Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order against Bank of America (ticker: $BAC) due to deficiencies in its Bank Secrecy Act (BSA) and sanctions compliance programs. The order highlights significant issues, including delays in addressing these compliance failures. Following the announcement, Bank of America's shares fell by 2.6%. The OCC's action reflects ongoing concerns about the bank's adherence to regulatory requirements.