Bank of America passed the Federal Reserve's annual stress test after resubmitting its capital plan and persuading regulators it improved internal controls and loss and revenue models.

"Bank of America has made progress in remediating the identified deficiencies in its capital-planning processes," the Federal Reserve said Thursday in announcing it did not object to the resubmitted capital plan from the Charlotte, N.C., company.

The stakes for Chief Executive Officer Brian Moynihan, 56, were high. If the Fed found that the lender did not fix weaknesses disclosed in March, it could have been forced to crimp dividends or stock buybacks for the third time during Moynihan's tenure. Bank of America did not ask for a dividend increase in 2012 and got a $5 billion share-repurchase program approved in 2013. The bank later raised its dividend to 5 cents a share in 2014 only after killing a $4 billion repurchase plan because of an accounting mistake it found.

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