Regulators have been picking on Bank of America—telling the poor bank that it needs to get stronger, or else they'll enforce "intensified scrutiny" (monitor its Facebook use) and "greater restrictions" (no television after 9 PM, less hanging out with its cool friends). Or some bullshit.
The Wall Street Journal tells us that regulators have been disappointed in BofA since at least May 2009. That's when the bank began operating under a "memorandum of understanding" after getting into "repeated tussles with regulators over the purchase of securities firm Merrill Lynch & Co. and a downgrade of the company's confidential supervisory rating." AFP provides additional insight:
Bank of America has struggled to recover from the 2008 financial crash and its disastrous acquisition of troubled mortgage lender Countrywide Financial, which resulted in lawsuits after the US housing market fell apart.
Investors have been dumping the bank's stock amid fears that its legal woes and the sluggish US economy would prevent it from raising enough capital to meet the Basel III standards imposed after the financial crisis.
Even though B of A is satisfied with its own performance, the regulators are still accusing it of slacking. And are calling its progress and compliance "inadequate." And are implying that it's weak. And are making the bank feel badly about itself. Bank of America is looking in its bathroom mirror and scrutinizing its pimply face and going, "nothing I ever do is good enough. I try, and try, and try some more, and nobody is ever satisfied. Nobody will ever let me be myself."
Cheer up, little bank: Soon it will be Citibank's turn to get harassed (possibly). Which might not change your lot, but you'll at least have company.