The US Federal Deposit Insurance Corporation of the United States is accusing Bank of America of failing to pay its due penalty for failing to report an important risk measurement adequately during most of 2013 and all of 2014.

The bank, for its part, is unabashed and looking forward to the court's eventual decision. The regulator is saying that this is the first time in two decades that it has had to go to court to recover unpaid deposit insurance fees.

The writ reportedly says that the bank came up with the wrong figures as an expression of its exposure to risk, thereby eventually understating the amounts of insurance protection it needed for its 20 largest counterparties.