Bank of America will increase its stock dividend to five cents per share after the Federal Reserve said Wednesday that it approved the bank’s new, resubmitted capital plan.

In April, the Fed required BofA to resubmit its capital plan and suspend planned increases in capital distributions, following the bank’s disclosure that it had incorrectly reported data used in the calculation of its regulatory capital ratios and submitted as inputs for the stress tests the Fed conducted this year.

This dividend increase will be the bank’s first in seven years, the bank said in a statement.