Paper: Bank of America Seeks to Raise Limits on Total Deposits

Bank of America Corp (BAC) has begun a push to raise a regulatory cap that bars any U.S. bank from an acquisition that would give it more than 10 percent of the nation's total bank deposits, The Wall Street Journal reported on Tuesday.

The company has argued that U.S. banks are artificially small and vulnerable to foreign acquirers, the Journal said.

It said the bank last year won support for changing the U.S. policy in votes before the North Carolina Bankers Association and the New Hampshire Bankers Association.

Bank of America also has approached bankers in Massachusetts and other states to support potential legislation this spring in Congress, the Journal reported.

A spokeswoman for Bank of America said the effort is "part of an ongoing educational effort," and not a lobbying campaign, the Journal said.

Bank of America, with $584.3 billion, or 9 percent of U.S. deposits, is the only bank close to the cap, the paper said.