As the top consumer banks rushed to hike dividends, one massive bank was noticeable for its absence. Bank of America (NYSE: BAC) was the only one that did not joyously tout a payout hike in the wake of the much anticipated Federal Reserve Board stress tests. Many assumed all of the big banks would pass with flying colors and that the test was a mere formality to pave the way for more shareholders friendly moves.

But the Fed must have found something in Bank of America's capital structure that made it a tad uncomfortable. KBW has told clients that the bank faces too many unknowns about soured mortgages for the Fed to allow a significant increase to payouts until 2012, reports Bloomberg.

"While Bank of America's capital is sufficient for a bank that is now operating at a profit, the capital levels were simply too far behind peers," a report to clients noted.

Perhaps Bank of America was not the only bank whose plans were altered by the Fed's review of their capital plans. Some banks had their payout plans reduced, for example. Other plans to return capital to shareholders may also have been delayed or even scuttled.

For Bank of America, a dividend hike will likely have to wait until roughly the middle of 2010. KBW expects a 10 cents per share dividend to be announced in the second quarter of next year.

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