Tue Apr 15 14:00:00 UTC 2025: ## Bank of America to Pay $540.3 Million in FDIC Lawsuit
**New York, NY** – Bank of America will pay $540.3 million to the Federal Deposit Insurance Corporation (FDIC) following a court ruling in a long-standing lawsuit. The FDIC originally sued the bank in 2017 for $1.12 billion, claiming Bank of America underpaid its deposit insurance assessments due to misreporting risk exposure, violating a 2011 rule.
While the judge sided with the FDIC, ruling that the bank’s arguments against the rule’s validity were unfounded, the judgment was partially limited due to a statute of limitations. The $540.3 million covers assessments from the second quarter of 2013 through the end of 2014. Bank of America spokesperson Bill Halldin stated the bank is pleased with the ruling and has already set aside reserves to cover the payment.
This decision comes amidst significant changes at the FDIC under its new acting chairman, Travis Hill. Hill has announced a comprehensive review of regulations and a more open approach to innovation and technology, including Fintech partnerships and engagement with digital assets. The FDIC recently eased restrictions on crypto-related activities for supervised institutions, eliminating the need for prior approval, provided adequate risk management is in place.
First Piper 