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Moynihan Defends Bank of America Debit Fees

The CEO also said that "when people talk about Dodd-Frank, they're worried that it will swing too far and actually impact our ability to help companies grow, employ more people, and things like that."

When Kudlow belabored his point by saying "I don't believe I have ever heard a U.S. president directly attack profits in this manner," Moynihan said "we believe that transparency and fairness and clarity are the right things."

When Kudlow asked if "Bank of America [would] survive a real systemic contagion in Europe," Moynihan said that "the reality is the exposure [in the U.S.] is far different," and that "we do feel confident."

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-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

Stock quotes in this article: BAC 
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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