"It was disappointing to all us," says Bank of America (BAC +1.1%) chief Brian Moynihan of the accounting error which forced the suspension of the lender's buyback and dividend hike. The error, says CFO Bruce Thompson (under questioning by Mike Mayo), was discovered while preparing the 10-Q and reported to the board within 24 hours.
The bank has until May 27 to resubmit financial templates to the Fed, and the central bank will then have 75 days to respond.
In other news, the bank's executive compensation plan is approved with 93% of votes in favor. The directors were also approved, as was BofA's accounting firm PricewaterhouseCoopers.