Bank of America CEO Brian Moynihan is heading to Capitol Hill on Wednesday (Sept. 21) along with banking brass from six of the other biggest commercial financial institutions in the country for the annual Congressional hearings about the industry.
Moynihan will discuss the bank’s approach to balancing risk management and responsible long-term sustainable growth, along with its inroads into client-focused cryptocurrency research and education, according to the CEO’s written statement.
At the House Committee on Financial Services hearing, Moynihan will also talk about the bank’s plan to invest $3.5 billion to advance new platform innovations and fund next-gen initiatives.
He’ll also point to the success of Erica, the bank’s virtual financial assistant. Powered by artificial intelligence (AI), Erica helps consumers manage their finances and has also been used by the bank to deliver information to consumers and address concerns in real-time.
“At Bank of America, we have a common purpose: to make financial lives better. We do that through a common focus on Responsible Growth that is shared by all of our teammates across all of our lines of business. By driving Responsible Growth, we deliver for our clients, teammates, communities—and our shareholders,” he said in the prepared statement.
Moynihan will also highlight the bank’s move towards lowering its customers’ overdraft fees in concert with the banking industry. BofA dropped its overdraft fees and ended non-sufficient fund fees and by 2023, “new solutions and enhanced programs introduced over the last decade will reduce consumer overdraft fees by 97% from 2009 levels,” he said.
Aside from Moynihan, also in attendance will be Jamie Dimon, CEO and chairman of J.P. Morgan Chase & Co.; Jane Fraser, CEO and chairwoman of Citigroup; Andy Cecere, CEO and president of U.S. Bancorp; William Demchak, CEO, chairman and president of The PNC Financial Services Group; William Rogers Jr., CEO and chairman of Truist Financial Corporation; and Charles Scharf, CEO and president of Wells Fargo & Company, PYMNTS reported earlier this week.
The CEOs will also appear before the Senate Banking Committee on Thursday (Sept. 22).
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