A bigger Bank of America dividend has been a long time coming, and Wednesday, for the first time in seven years, the financial firm will raise its quarterly payout to shareholders. The increase, to 5 cents per share from a penny, was subject to approval from the Federal Reserve, which withdrew previous authorization in April when BofA provoked the central bank's ire with accounting errors in its annual capital plan submission. (See "BofA Buyback, Dividend Hike Rejected By Fed." ) At the time, BofA said mistakes led it to overstate its regulatory capital levels and ratios due to the treatment of structured notes it acquired with the star-crossed acquisition of Merrill Lynch in 2009. The bank resubmitted its capital plans on May 27, but absent the $4 billion stock repurchase for which it previously sought approval.