BB&T 2013 Annual Report Download - page 18

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Automated Overdraft Payment Regulation
The FRB and FDIC have enacted consumer protection regulations related to automated overdraft payment programs offered
by financial institutions. Regulation E prohibits financial institutions from charging consumers fees for paying overdrafts on
automated teller machine and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service
for those types of transactions. Financial institutions must also provide consumers with a notice that explains the financial
institution’s overdraft services, including the fees associated with the service and the consumer’s choices. In addition, FDIC-
supervised institutions must monitor overdraft payment programs for “excessive or chronic” customer use and undertake
“meaningful and effective” follow-up action with customers that overdraw their accounts more than six times during a rolling
12-month period. Financial institutions must also impose daily limits on overdraft charges, review and modify check-clearing
procedures, prominently distinguish account balances from available overdraft coverage amounts and ensure board and
management oversight regarding overdraft payment programs.
Patriot Act
The Patriot Act contains anti-money laundering measures affecting insured depository institutions, broker-dealers and certain
other financial institutions. The Patriot Act includes the IMLAFA, which requires such financial institutions to implement
policies and procedures to combat money laundering and the financing of terrorism and grants the Secretary of the U.S.
Treasury broad authority to establish regulations and to impose requirements and restrictions on financial institutions’
operations. In addition, the Patriot Act requires the federal bank regulatory agencies to consider the effectiveness of a
financial institution’s anti-money laundering activities when reviewing bank mergers and BHC acquisitions. The U.S.
Treasury has issued a number of regulations to implement the Patriot Act, which impose obligations on financial institutions
to maintain appropriate policies, procedures and controls to detect, prevent and report money laundering and terrorist
financing. The obligations of financial institutions under the Patriot Act have increased and may continue to increase. The
increase in obligations of financial institutions has resulted in increased costs for BB&T, which may continue to rise, and also
may subject BB&T to additional liability.
Other Regulatory Matters
BB&T is subject to numerous examinations by federal and state banking regulators, as well as the SEC, the FINRA, the
NYSE, various taxing authorities and various state insurance and securities regulators. BB&T has periodically 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 and accounting practices.
Such requests are considered incidental to the normal conduct of business.
Employees
At December 31, 2013, BB&T had approximately 33,700 full-time equivalent employees compared to approximately 34,000
full-time equivalent employees at December 31, 2012.
Website Access to BB&T’s Filings with the SEC
All of BB&T’s electronic filings with the SEC, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-
Q, Current Reports on Form 8-K and amendments to these reports filed or furnished pursuant to Sections 13(a) or 15(d) of
the Exchange Act, as amended, are made available at no cost in the Investor Relations section of the Company’s website,
www.bbt.com/about, as soon as reasonably practicable after BB&T files such material with, or furnishes it to, the SEC.
BB&T’s SEC filings are also available through the SEC’s website at www.sec.gov.