This year's stress test wasn't just a head-ache for Citigroup. It also created more stress for Bank of America (NYSE:BAC), leading to halted dividends and share buybacks, and has held Bank of America's share price back.

In this episode of The Motley Fool's Where the Money Is, Motley Fool financial analysts David Hanson and Tyler Riggs shed light on the ways in which Bank of America's actions following the discovery of an accounting error could pioneer a culture of self-reporting in the banking industry.

Although the error may have lowered the company's share price in the short-term, this could be an encouraging sign for Bank of America in the long-term. But what's the incentive for banks to self-report errors to the Fed if headlined events ultimately diminish shareholder trust and destroy value?

You don't have to receive Fed-approval for these dividends
The smartest investors know that dividend stocks simply crush their non-dividend paying counterparts over the long term. That’s beyond dispute. They also know that a well-constructed dividend portfolio creates wealth steadily, while still allowing you to sleep like a baby. Knowing how valuable such a portfolio might be, our top analysts put together a report on a group of high-yielding stocks that should be in any income investor’s portfolio. To see our free report on these stocks, just click here now.

David Hanson has no position in any stocks mentioned. Tyler Riggs has no position in any stocks mentioned. The Motley Fool recommends Bank of America. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.