BB&T 2008 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 2008 BB&T annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

ways. With the recent enactments of the EESA and the ARRA, the nature and extent of future legislative,
regulatory or other changes affecting financial institutions is very unpredictable at this time.
Specifically, on February 10, 2009, the Treasury Department announced the Financial Stability Plan (the
“Plan”), representing a set of measures intended to restore confidence in the strength of U.S. financial
institutions and restart the flow of credit to households and businesses. Core elements of the Plan include, in part
(1) a mandatory “stress test” requirement for banking institutions, such as BB&T, with assets in excess of $100
billion, which would require a comprehensive assessment of whether the institution has sufficient capital to
continue lending and absorb potential losses and increased disclosure of risk exposure on the balance sheet of
such banking institutions, (2) additional required disclosures from participants in the Plan related to the impact of
assistance received under the Plan on the institution’s lending practices, and (3) more robust limitations on
dividend, stock repurchase, acquisition, and executive compensation activities. On February 18, 2009 the
Treasury Department outlined the Homeowner Affordability and Stability Plan, which includes measures that
could impact BB&T, including measures to (1) implement a comprehensive homeowner stability initiative that
incentivizes financial institutions to reduce homeowners’ monthly mortgage payments, (2) develop clear and
consistent guidelines for loan modifications that participants will be obligated to use, and (3) authorize judicial
modifications of home mortgages in personal bankruptcy cases, which modifications must be accepted by the loan
servicer or lender. The foregoing programs and actions remain subject to further clarification, and full
implementation, and their full impact upon BB&T remains unpredictable at this time.
Other Regulatory Matters
BB&T and its subsidiaries and affiliates are subject to numerous examinations by federal and state banking
regulators, as well as the SEC, the FINRA, the NYSE and various state insurance and securities regulators.
BB&T and its subsidiaries have from time to time received requests for information from regulatory authorities
in various states, including state insurance commissions and state attorneys general, securities regulators and
other regulatory authorities, concerning their business practices. Such requests are considered incidental to the
normal conduct of business.
Corporate Governance
Information with respect to BB&T’s corporate governance policies and principles is presented on BB&T’s
web site, www.BBT.com, and includes:
ŠBB&T’s Corporate Governance Guidelines
ŠBB&T’s Corporate Board of Directors
ŠCommittees of the Corporate Board of Directors and Committee Charters
ŠBB&T’s Codes of Ethics for Directors, Senior Financial Officers and Employees
ŠChief Executive Officer and Chief Financial Officer Certifications
ŠBB&T’s Executive Officers
ŠBB&T’s Policy and Procedures for Accounting and Legal Complaints
BB&T intends to disclose any substantive amendments or waivers to the Code of Ethics for Directors or
Senior Financial Officers on our web site at www.BBT.com/Investor.
NYSE Certification
The annual certification of BB&T’s Chief Executive Officer required to be furnished to the NYSE pursuant
to Section 303A.12(a) of the NYSE Listed Company Manual was previously filed with the NYSE on May 19, 2008.
38