BBVA Compass Bancshares might be the latest financial institution to have its M&A aspirations stunted by compliance shortcomings, but it could be a bit of a blessing in disguise for the foreign-owned bank.

The $76 billion-asset company disclosed earlier this month that it expected to be restricted from expansionary activities such as acquisitions and branching because of the rating from its 2013 Community Reinvestment Act examination by the Federal Reserve Board. BBVA Compass, a Birmingham, Ala., unit of Spain's Banco Bilbao Vizcaya Argentaria, did not disclose its expected rating, and it did not detail what issues turned up during its exam.

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