The credit card subsidiary of the Bank of America Corp said on Monday that it was restating reports of eight quarters to the regulators because it had taken a $20.3 billion write-down because of its deteriorating credit and for new regulations initiated since the last two years.

This charge, which is usually taken via "call reports" filed with the bank regulators, is not counted under general accounting principles, and will not affect its capital or its prior earnings.

In regards to the enormous amount of the charge as it has been reported to regulators it shows the limits to which the financial crisis and the subsequent regulatory overhaul has affected the card business undertaken by the Bank of America's.

Considered the nations largest by virtue of assets, The Bank announced charges on Monday in relation to its FIA Card Services NA unit, a section of its Global Card Services business and its GAAP results won’t be impacted by the non-tax-deductible, non-cash goodwill write-down of its subsidiary.

The Bank has reframed its reports given to the Federal Deposit Insurance Corp. and to the Office of the Comptroller of the Currency as it is determined that its previous regulatory write-down which had stated its at more than $10 billion in the segment was insufficient. It determined that it needed to write down double what was done before to account for its trouble in the credit-card operations and also due to lower income prospects arising from new regulations.

The Global card business had a net charge-off with loan’s it did not expect to collect of almost 11.3% in 2009 and 10.4 in 2010.