In its case against the Bank of America, the Commission was taken to task by District Judge Jed Rakoff for bringing charges against the bank but not against any individuals.

FORBES: The SEC -- A Troubled Agency

Separately, the bank disclosed it received a Wells notice from the Securities and Exchange Commission, which is a warning civil charges may be coming, related to disclosures in its offering materials for mortgage-backed securities.

WSJ: Recovery Worries Weigh on Stocks