On August 21, 2014, SEC instituted cease-and-desist proceedings against Bank of America Corporation, alleging its "failure to make required disclosures in the MD&A section of periodic filings," by not disclosing the in its Forms 10-Q for the second and third quarters of 2009 the "known uncertainties as to weather future costs related to loans it would ultimately be required to repurchase from the monolines would have a material effect on its future income form continuing operations."

On August 21, 2014, the SEC announced a settlement in which Bank of America Corporation admits that it failed to inform investors during the financial crisis about known uncertainties to future income from its exposure to repurchase claims on mortgage loans. Specifically, Bank of America did not disclose known uncertainties regarding potential increased costs related to mortgage loan repurchase claims stemming from more than $2 trillion in residential mortgage sales from 2004 through the first half of 2008 by the bank and certain companies it acquired. According to the SEC's order instituting a settled administrative proceeding, Bank of America agreed to pay a $20 million penalty and cease and desist from causing any violations and any future violations of Section 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20 and 13a-13.