Bank of America has been forced to don the dunce cap. Rivals JP Morgan Chase, Wells Fargo and Citigroup have announced dividend increases following stress tests conducted by the Fed. But BofA on Wednesday said the Fed had objected to its request for a "modest" dividend increase in the year's second half.

That doesn't mean BofA has to go out and raise new capital. And the bank can resubmit its capital plan for another review.