Interest rate expectations "have been lowered, plus we have some seasonal headwinds in Q2," CFO Paul Donofrio says.
BofA's consumer banking, global markets, and wealth management divisions drove performance in the third quarter.
The companies said they have already set aside funds to cover the penalty.
A 5% cut in costs and a substantial reduction in quarterly income tax helped Bank of America post $6.8 billion in second-quarter earnings.
The SEC says the scheme revolved around an IT consultant who had access to a computer system that BofA used to track investment banking deals.
The bank's overall Q2 earnings rose 10% to $4.9 billion as the retail business delivered a 21% increase in net income.
Tutor Perini alleged the bank did not disclose the ARS market was heading for collapse when it sold the securities to the company.
It's looking like the stock market's "Trump Bump" was just a figment of the imagination, as a deep corporate tax cut grows less likely.
Consumer banking is driving growth, with deposits and interest income rising at Bank of America, JPMorgan Chase, and Wells Fargo.
An FDIC lawsuit alleges the bank may ultimately have underreported its deposit insurance liability by more than $1 billion.
A surge in trading revenue and cost-cutting efforts boosted the bank's Q3 bottom line despite stubbornly low interest rates.
Still, Bank of America, the nation’s second largest bank, beat analysts' earnings-per-share estimate, as it reduced expenses and grew its loan book.
