Reports: Bank of America passes stress test

Bank of America has passed its federally mandated stress test, sources tell the Wall Street Journal.

Results of the tests began leaking out Tuesday afternoon after J.P. Morgan Chase & Co. said it had passed and would raise its dividend 20 percent and buy back $15 billion worth of stock.

Bank of America CEO Brian Moynihan has said publicly that the bank did not ask for authorization to raise dividends or buy back shares.

The Federal Reserve had been scheduled to release the results Thursday.

Check CharlotteObserver.com for more details in the coming hours.