The US Department of Justice cited the Financial Institutions Reform, Recovery and Enforcement Act or FIRREA in its case against Bank of America. However, Reuters said that the use of a civil statute may change its relationship with US banks.

The government regulator cited the statute, that was passed in 1989, to convince jurors that Bank of America committed fraud. FIRREA gave the government authority to file a criminal case against banks and other financial institutions without needing to prove the case beyond reasonable doubt.

US Attorney Preet Bharara told Reuters how winning the case against one of the nation's largest banks could affect the Justice Department and Wall Street. He said, "It allows and permits the government to go after all kinds of malfeasance that some people thought that maybe you couldn't go after before."

The jury found that Bank of America was at fault for passing bad home loans to Freddie Mac and Fannie Mae. It was the first time that a case citing FIRREA saw trial, Reuters reported.