Following its admission it incorrectly calculated its capital ratios, in an SEC filing today Bank of America (NYSE:BAC) disclosed it has resubmitted its Comprehensive Capital Analysis and Review (CCAR) to the Federal Reserve.

Almost exactly one month ago, on April 28, Bank of America announced it had discovered it inaccurately accounted for the debt it acquired from Merrill Lynch in 2009. As a result it had to revise its capital ratios down as shown in the table below:


Source: Company Investor Relations

Since it had revised its capital ratios, Bank of America in turn noted it would have to resubmit its capital plans to the Federal Reserve, which had previously approved Bank of America's raising its annual dividend by 400%, from $0.05 to $0.20, and also buying back $4 billion worth of its common stock. The Bank is now seeking permission for smaller capital plans.

The filing today noted Bank of America enlisted the help of an unnamed third party to ensure its resubmission to the Federal Reserve was accurate. While the firm concluded additional adjustments should be made, they were less than 1 basis point, or 0.01%, according to the bank's filing.

Bank of America concluded its filing by confirming it did reduce its requested capital plans from the previous CCAR plans -- the $0.20 dividend and $4 billion in buybacks -- however it did not say in the filing what that amount would be.

It finally noted it expected to have the results from the Federal Reserve surrounding its adjusted capital plans within the next 75 days. This would mean Bank of America should announce its revised capital actions -- whether approved or not -- by the middle of August.

The Fed describes CCAR as "an annual exercise by the Federal Reserve to ensure that institutions have robust, forward-looking capital planning processes that account for their unique risks and sufficient capital to continue operations throughout times of economic and financial stress."

Patrick Morris owns shares of Bank of America. 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.