BB&T 2014 Annual Report Download - page 19

Table of Contents
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 IDIs, 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.
Other Regulatory Matters
BB&T is subject to 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 periodically receives requests for information from regulatory authorities in various states, including state
insurance commissions and state attorneys general, securities regulators and other regulatory authorities, concerning BB&T’s business and accounting
practices. Such requests are considered incidental to the normal conduct of business.
Employees
At December 31, 2014, BB&T had approximately 33,400 employees, the majority of which were full time, compared to approximately 35,000 employees at
December 31, 2013.
Website Access to BB&T’s Filings with the SEC
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, 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.
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Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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