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BofA executive's new job: To handle hot topics
Bank of America Corp. is expected to announce today that it has named a new consumer policy executive to work with community groups on hot-button issues such as loan modifications and banking fees.
Andrew Plepler takes on the new role while keeping his current position as the Charlotte bank's head of corporate social responsibility. As part of the move, Kerry Sullivan will become president of the Bank of America Charitable Foundation, reporting to Plepler.
The bank is adding the consumer policy post as it faces pressure to help struggling borrowers keep their homes. The industry also faces new credit card rules and White House efforts to create a consumer protection agency for the financial services industry.
In an interview, Plepler said his job will be to talk with community groups that work closely with consumers and convey their concerns to the bank's leaders. While the bank has long interacted with these groups, the goal is to get their input earlier in the decision-making process, he said.
Plepler said he didn't know of any specific policy changes in the works, but he said the bank is always assessing the business environment and its practices. He will continue to report to chief strategy and marketing officer Anne Finucane, but will work closely with the bank's consumer banking, credit card and home loans units. Rick Rothacker
