Bank of America names head of consumer policy
CHARLOTTE, N.C. — Bank of America Corp. said Wednesday it named Andrew Plepler, who formerly led its charitable foundation, to the newly created position of consumer policy executive.
In the new role, the bank said Plepler will work with the company’s core consumer business lines to create policies and make decisions to meet customer needs. Plepler will work with the global consumer and small business banking teams, including global card services and Bank of America’s home loans division, on issues such as loan modification efforts, pricing and fees, and lending and investing strategies.
Plepler will oversee consumer policies at a time when customers are increasingly falling behind on repaying loans. Nearly all banks have been hit hard by mounting loan losses during the ongoing recession.
Bank of America is among hundreds of banks that have received government support through the Troubled Asset Relief Program, or TARP. The Charlotte, N.C.-based bank has received $45 billion in funds from the government program since the credit crisis peaked last fall.
Aside from his new role, Plepler will also continue to serve as the executive of global corporate social responsibility. In that position, Plepler oversees the bank’s philanthropy programs, volunteerism, community development lending and environmental initiatives.
Kerry Sullivan will replace Plepler as head of Bank of America’s charitable foundation. The foundation is in the first year of a 10-year, $2 billion investment effort.
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