BofA CEO Says Industry Ready for Lighter Regulation Under Trump

Bank of America Corp. is seeing US consumers continuing to spend, while the banking industry is gearing up for changes in regulation that will let lenders enter sectors they’ve had to avoid, Chief Executive Brian Moynihan said.

“The regulations, because they have things like reputation risk which is viewed after the fact — in retrospect — are very difficult for institutions to comply” with, Moynihan said in a CNBC interview Wednesday. “If you change these rules, you will not have this vice.”

Brian Moynihan

Photographer: Brent Lewin/Bloomberg

The election of President Donald Trump has spurred hopes among financial-industry executives that regulatory restrictions will lessen ...