The Briefing
- Federal regulators levied more than $1.2 billion in combined penalties against Bank of America for failing to flag over $5 billion in suspicious transactions, including activity tied to Chinese money laundering networks and illicit finance along the U.S.-Mexico border .
- The OCC issued its largest civil penalty in agency history — $750 million — while FinCEN's $1.2 billion fine ranks third in Treasury history, behind the $3.4 billion Binance settlement and TD Bank's $1.3 billion FinCEN penalty.
- The enforcement action arrived one day before the bank's Q3 2026 earnings release, which revealed GAAP net income falling roughly 17% year-over-year to $6.9 billion and EPS of $0.91, snapping a six-quarter streak of Wall Street estimate beats.
