The Federal Reserve objected to Bank of America Corp.'s plan to raise its dividend, the Charlotte, N.C., company confirmed on Wednesday.

B of A, which was not among the group of large banks that the central bank approved for dividend increases Friday, said in a Securities and Exchange Commission filing that it plans to submit a revised capital plan to the Fed that includes a "modest" increase in its common dividend.

The Fed notified B of A of its decision on Friday.

An analyst with KBW Inc. said in a recent research note that the Fed objected to the bank's plan because its "capital levels were simply too far behind peers," Bloomberg News reported on Monday.

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