The next is the total transcript of an interview with Financial institution of America CEO Brian Moynihan, a portion of which aired on “Face the Nation with Margaret Brennan” on July 19, 2026. Editor’s observe: This interview was taped on July 16, 2026.
MARGARET BRENNAN: We’re joined now by the president and CEO of Financial institution of America, Brian Moynihan. Welcome again to Face the Nation.
BANK OF AMERICA PRESIDENT & CEO BRIAN MOYNIHAN: It is nice to be right here once more, Margaret. How are you doing?
MARGARET BRENNAN: Doing properly. I wish to ask you about although, how Individuals appear to be feeling nowadays. You’ve got bought some distinctive perception. Our polling reveals 22% of Individuals say financial affordability can be America’s largest problem over the following 50 years. They appear to actually be doubting that their dwelling requirements are going to be enhancing. What are you seeing by way of how customers are literally behaving?
BRIAN MOYNIHAN: Nicely, affordability is a problem, talked about problem that we see in our buyer base. However as you have a look at what’s actually happening, we see a pair issues. One is the customers that- are 70 million customers who spend about $400 billion plus a month, are spending about 5 or 6% extra money this month of June of ’26 versus ’25, and likewise within the first a part of July right here, so that they’re spending cash. And whereas the customers mirror on increased gasoline costs or increased meals costs and inflation and issues like that, they usually’re nervous about it, what you see is particularly the center third of households and the highest third of households by earnings, their spending is rising sooner. What’s been attention-grabbing, frankly, within the more moderen previous, within the final couple months, is we’re seeing the wage development of all earnings cohorts form of coalesce collectively round 3 to 4% which is nice. So, on the finish of the day, how customers really feel is critically necessary to their future needs to buy and demand, and we watch that. However we additionally watch what they’re doing right this moment, and right this moment they- they’re spending at a reasonably good clip and sooner than they did final quarter or final 12 months.
MARGARET BRENNAN: In order that they’re holding in there, despite the fact that we’re seeing gasoline costs have raised the price for drivers by 31% since this battle with Iran started. I do know fuel- gasoline inventories stay low. How are you interested by how this geopolitical uncertainty components into planning?
BRIAN MOYNIHAN: So the- the value of oil and gasoline impacts not solely the gasoline on the pump, which is what you are first reflecting on, and that’s up. It really began coming down, and if- because the oil costs rise, it would rise again up. Nevertheless it principally, after we have been operating round $100 barrel equal oil, you have been operating a few $4 and alter gasoline worth. It really had come down from the months of Might to June as a result of that is when the oil began flowing extra. However I feel in the event you discuss to companies, it is totally different. What customers see is in a regarding nature that’s on the market. However when enterprise see it, they fear about the price of items that is coming by way of the pipeline. So the products are being manufactured now. Have, you realize, imported that oil and gasoline to enter the the plastics manufacturing or the- or the fabric manufacturing or the- no matter it was in the course of the occasions when gasoline costs have been excessive. And that is why our crew has inflation staying increased all the way in which into ’27, ’28, and why the Federal Reserve will in all probability, you realize, our perception was will elevate charges, whereas six months in the past they thought the Fed can be slicing charges. They’re really believing they’re going to elevate charges to combat off this inflation, and it’ll take them some time to get by way of it.
MARGARET BRENNAN: So elevate charges? You assume the Fed will act as quickly as subsequent week to do this, or excuse me, finish of the month to do this?
BRIAN MOYNIHAN: I do not think- no. Extra in direction of the top of the 12 months, our crew has them elevating charges, and you realize, I feel primarily based on the latest information got here out, that they had three charge rises. Whether or not they maintain that with among the inflation numbers, but- however the actuality is, it is type of the tail finish of this- this 12 months into subsequent 12 months, and it actually will rely so much on the trail of different worth cohorts different than simply oil and gasoline on the pump. And- and that is the query of what is going on on in housing and meals and different locations, the place you are seeing some continued progress being made, is drifting down, and is drifting down slower than folks would love it. However the actuality is, this sort of inflation takes a very long time to squeeze out of the system. Whenever you return to the post-pandemic infusion of- of money and infusion of exercise, that simply takes some time to squeeze out.
MARGARET BRENNAN: You say that the patron is holding in, however I used to be taking a look at a few of your analysis, and it says bank card delinquencies are elevated; they’re rising, and that appears to be from youthful customers. So, are- from what you knew, are people simply selecting to stay past their means with a statistic like that, or does it suggest that persons are unable to maintain off- sustain with their value of dwelling?
BRIAN MOYNIHAN: Yeah, there’s- there’s some confusion on the market. Our bank card delinquencies, and admittedly, many of the trade delinquency got here down. And so, what- there’s been a report on the market from the Federal Reserve that really retains on the file seven years of charged-off information. So, with out getting too technical here–
MARGARET BRENNAN: Yeah.
BRIAN MOYNIHAN: –that method overinflates what’s actually happening within the present 12 months. And the fact is, credit score high quality for prime bank cards has gotten higher quarter to quarter for the trade and for our firm, and so that- that is excellent news. Ultimately of the day, it is coming again as to if the patron is employed or not. The unemployment charge of 4.2%, wages- excuse me, jobs rising considerably, claims for employment have been 208,000 this week, you realize, which is low. That is all fairly good, steady. And in the event you hearken to the teammates we now have, you realize the truth that that is happening meaning wages, employment stability is there. Now they bought to get to inflation, and that is the a part of wages. So I feel customers have numerous borrowing capability. The road utilization of our residence fairness strains continues to be method under the place it was in 2019. The worth of houses is up so much. Folks aren’t transferring as a lot. They’re capturing that worth. They don’t seem to be promoting to get it, nevertheless it’s sitting there, and so there’s- and their family carry as a proportion of their earnings is according to regular occasions. It is the inflation that will get on their thoughts and affordability as a result of that is a sticker shock query, and it takes some time to get that to flatten out into the system. And I feel that is what you are seeing the dialogue. However credit score card- what you- what you are studying about has slightly little bit of confusion there, and slightly little bit of confusion of individuals utilizing factors to pay on a regular basis issues. That is what our crew stated, however that occurs. It is a little- that is what they do with it as a result of our rewards program is so much in regards to the money again on the cardboard.
MARGARET BRENNAN: Bought it. So if you’re speaking about components in driving up inflation, one of many issues that the Fed Chair Kevin Warsh was requested about was whether or not AI investments are additionally, you realize, inflating issues. He advised lawmakers there is a provide shock, however he does not view a one-time change in costs as inflationary. How do you consider AI and the way it’s factoring in right here?
BRIAN MOYNIHAN: I feel, you realize, Kevin, being a- a, you realize, a well-versed economist, they discuss provide checks, and as soon as it is within the baseline, it- you realize, it goes out the expansion charge a 12 months later, and issues like that. And that- that is necessary. However the query is, what is the nominal worth? Is what human beings pay, and so once they see costs go up, they’re involved. And that is the overall concern about, you realize, oil at $3 or four- or gasoline worth at $3 or $4 hits them. When you consider on the institutional facet, the company facet, the actual query is that if inflation in items and companies, or inflation in chips and issues like that, goes up you could have to have the ability to worth them by way of. And that is that tug of battle is happening. And our means as a client of that exercise of AI know-how, whether or not it is the info facilities to assist the AI fashions, the fashions themselves, et cetera, goes to be geared by what we are able to get out of them. And so, after we have a look at Financial institution of America, how we apply AI, we have a look at a enterprise case. Does- does the quantity we spend for the capability, the potential, no matter, is it offset by extra income or much less expense and extra productiveness, and we have a look at that in each case. And I feel that can be slightly little bit of a gating issue. The implementation is folks looking for that enterprise case. Nevertheless it’s true that it is inflationary within the brief time period. It is true that goes out of the bottom that becomes- goes out of the mass over the court docket if it sits and it goes up after which stays there and does not go additional up. However the actuality is, when people who find themselves really paying for all this have a look at it, we now have to consider does it make financial sense, and we’re taking a look at nominal worth versus what we are able to get out of it.
MARGARET BRENNAN: Nicely, I wish to ask you about what’s taking place with these firms as a result of after we checked out Financial institution of America’s earnings lately, you had file gross sales and buying and selling income in- within the quarter previous. Loads of that, a few of it churn from, you realize, vitality worth swings, however a few of it it appears from the tech growth of those huge AI firms and the general public listings. How do you consider that- what appears to be like like a tech growth?
BRIAN MOYNIHAN: It is completely a robust marketplace for know-how and different IPOs. There’s biotech, there’s biology, there’s medication going out getting IPO’d and issues like that. There’s M&A exercise, and so if you’re speaking in regards to the funding banking exercise of Financial institution of America was up 70% 12 months over 12 months or one thing like that, and our friends have been up like quantities, and that has so much to do– at 50% really– that has so much to do with the quantity of exercise our company shoppers are doing. Partially, additionally evaluating to final 12 months, which was Liberation Day quarter. The excellent news is at our firm, the nominal {dollars} we earned within the first quarter and second quarter went up in funding banking, and that is reflecting the setting round us. Our- we held our market share, gained slightly bit right here and there, nevertheless it’s actually round debt issuance, fairness issuance, IPOs, and M&A exercise. All of that are very sturdy, and the pipelines are very full, which is nice for the American financial system as a result of that exercise is at all times producing one thing happening. Premiums that individuals get to spend once they promote their firm and make investments. It is creating debt- debt proceeds that may be invested within the development of the corporate, or shopping for tools, or using extra folks, in order that financial exercise is nice for the nation, and- and my- and Financial institution of America is benefiting by as are our friends.
MARGARET BRENNAN: Yeah. Jamie Dimon stated, “It is getting near nearly as good because it will get. We simply do not know long- how lengthy it will final.” I suppose you’re- you are in that very same camp. You do not- you do not know how lengthy that is going.
BRIAN MOYNIHAN: That is always-
MARGARET BRENNAN: Yeah.
BRIAN MOYNIHAN: That is- the pipeline- we- we measure what we name pipeline. So I- what is the ahead exercise that but not- have not but booked? In different phrases, the deal is in process–
MARGARET BRENNAN: Yeah.
BRIAN MOYNIHAN: –and- and that exercise is as sturdy because it’s ever been. That nominal quantity’s as sturdy as ever been, and all of it is dependent upon the markets staying steady and- and the home windows staying open so the stuff can get by way of it. However, it’s- it is fairly good now. By the way in which, our client enterprise made $3 billion after tax, and crew did an excellent job there. The returns on each enterprise grew. The returns- the income development was sturdy, and- and the revenue margins elevated, and that is excellent news. And albeit, our workers profit by it, as do our prospects. However you realize, it- so everyone talks in regards to the Wall Avenue- it is a wider financial backdrop, which is fairly sturdy, with the U.S. financial system going 2% plus.
MARGARET BRENNAN: Nicely, it is fascinating as a result of Wall Avenue is benefiting from this IPO growth round AI, however it’s the state of New York the place you’re sitting proper now that has now grow to be the primary state to bar the development of large-scale information facilities. There’s simply a lot political warmth round this. This concept of not in my yard. And the president argues that is all a driving drive for jobs and an excellent factor. Do you see extra states following swimsuit?
BRIAN MOYNIHAN : Nicely, it- you may learn the articles on, you realize, a day or week foundation of the tug of battle. Look, America has been round for 250 years, and one of many nice rules of America is non-public loan- possession of your land, and the best to manage your land, and the best for neighborhood to manage its land, and states’ rights to con- and metropolis rights, and city rights. And so, it is a basic wrestle of land use. And everyone is working it by way of, and everyone will work it by way of in a different way. Whether or not it is the tales about New York placing a pause on by way of additional improvement, whereas they fight to determine the dynamics of elec- electrical energy pricing, water pricing, and issues like that. There’s different states are saying, construct the- you realize, Louisiana has a significant facility getting into. So, I feel we see it hailed in a different way. Nevertheless it actually comes all the way down to America being America, my neighborhood, my city corridor, my city assembly, my mayor, my council deciding what they wish to do, or my governor, and I feel that is the place the inhabitants is attempting to determine it out. And so there- there is a fairly good tug of battle happening. However I feel you realize the info must get on the desk, the selections must comply with what folks need for his or her neighborhood, after which frankly, the info heart builders will go to the communities that need them.
MARGARET BRENNAN: You talked about earlier the “Liberation Day” quarter. I feel that was a reference to the shock tariff regime a 12 months in the past from the president, which has modified dramatically within the time since. One of many stuff you talked about as a giant uncertainty for small companies after we spoke again in December was labor availability on account of altering immigration insurance policies. We bought slightly extra readability from the Supreme Courtroom, at the least on one a part of that. However I’m wondering what you consider how small companies are coping with these labor strains and the way a lot of that is additionally an element within the housing scenario we see proper now.
BRIAN MOYNIHAN: Nicely, I would make it a broader assertion by way of the development trade, which had 0% unemployment, and clearly benefited by the immigration within the nation for employee provide. And you realize whether or not it is industrial building or residential building, into housing trade, to your query, all of them are going through calls for and shortages not just for normal labor but in addition technical labor, welders, and issues like that. And so, you realize, there’s work happening to develop these ability units extra deeply in the USA. However the- you realize the slowdown in folks coming into the nation has- creates a deficit of staff in these areas. And the- the precept is that we’ll then- we retrain folks to do these jobs, however that takes time, and so you realize it is started working by way of the system. I feel it has been fairly steady now. In different phrases, that the restrictions have been fairly steady for a collection of months now, nevertheless it’s nonetheless on the minds of small enterprise, getting labor is- is one in all their powerful jobs, and we make that clear that that is one of many constraints that they face. And, and so, yeah. There is a perception AI productiveness and stuff will assist firms like ours within the service enterprise, however within the building enterprise, numerous it will be achieved by good, strong work, and- and that work isn’t going to get achieved as quick if we do not have the folks to do it.
MARGARET BRENNAN: Nicely, you’re in, after all, the mortgage enterprise as properly, and after we discuss housing, there was this latest regulation, the ROAD to Housing Act, that is attempting to assist make housing extra inexpensive for on a regular basis folks. It does numerous issues. Unlocks extra federal funding for factory-built houses. It additionally limits the acquisition of single-family houses by institutional traders. Do you assume that is going to make a lot of a distinction for individuals who wish to purchase?
MOYNIHAN: All these items assist with the margin, however the primary factor after I discuss to in cities throughout America to mayors or regardless of the governing authority is- is you need to in order for you your housing costs to flatten and are available down you are going to need to construct extra provide as a result of often that is the issue. It is provide downside, and that goes again to the land use query we talked about earlier. Is will you allow initiatives sooner? Will you get- assist them get by way of the system to allow them to get within the floor sooner and get to manufacturing sooner, subsequently reducing the financing prices and the carry prices, and simply be a cooperative factor for housing improvement. That is the primary concern. That could be a native query, and what the federal regulation handed is- it is arduous for them to have an effect on that. However they put numerous different issues to assist round, assist on the on the exterior of that. However the actuality is- is- it is all the way down to the cities and cities saying, if I’ve bought a short- of housing, I’ve bought to get builders in to construct it. Now we now have an excellent observe in serving to builders. We do about $5 billion a 12 months in tax fairness, low and reasonable earnings housing, and- and that is been fairly fixed. Our mortgages this quarter, our manufacturing of mortgages was up 30 p.c. You understand, and meaning persons are transferring slightly bit extra, which in our buyer base, and we see that elsewhere, that is that is excellent news, however I feel you realize on the finish of the day, if you take a metropolis like Charlotte, that is you realize 20, 30,000 housing items brief, you bought to construct them, and the mayor and the city council and the encircling cities know that. And so they’ve bought to get that permitted and get it up. And the sooner you try this, the sooner you begin to ease pricing. The excellent news is within the combination statistics, and it is totally different in each market. You are beginning to see these costs mitigate and flatten out and that is excellent news. After which the opposite query is mortgage charges. I do not assume they will transfer a lot within the close to time period, and you realize. However we have had increased charges now for you realize 3,4,5, years, and three years, I suppose it’s. And persons are getting used to it, and that is what it’s going to take. The wage development will catch up. Folks’s appetites- people who find themselves older will transfer, and even when they’ve a decrease mortgage, you realize, the- the choice is totally different than simply pure mortgage pricing and and issues like that. So that you’re beginning to see that transfer slightly bit, however take a while getting used to the newer, increased charges which were in place for 3 years now.
MARGARET BRENNAN: So I do know you’ve got bought a FIFA signal subsequent to you, and the FIFA World Cup finals are this weekend. The world’s going to be watching. You are a sponsor. Given how excessive ticket costs are to those matches, have you ever been stunned on the, the turnout on the tournaments and the spending?
MOYNIHAN: Completely not. What we- our crew did a analysis piece, Margaret, that stated that the whole quantity that’s economically generated round FIFA is about 40 billion, 20 billion be within the U.S. After which even we glance into host cities like a Kansas Metropolis, we are able to see the expansion charge and spending sooner than different cities. So it is having this on-the-ground financial affect, and that spending goes into what we name bricks-and-mortars, going to bars and eating places and and issues like that, not essentially solely the folks within the stadium. All of the tickets, there’s 500 million ticket requests. So numerous the dialogue that I suppose I am advised occurs between, earlier than each World Cup that every one the seats are going to sold- they’re all bought. The persons are displaying up. They’re having a good time. In the event you go to a sport, you realize, they preserve the stadium open two or three hours after I used to be within the quarterfinals in Boston, and the place was full. And at three hours later, I went out after having dinner at one of many locations close by, and the parking heaps have been full of individuals nonetheless having fun with it. And so it is, it is an unbelievable phenomenon, I feel the USA hadn’t seen for some time, seeing once more. And to place it in context, you realize, they’re estimated 2 billion folks watch that the, the finals on Sunday, which is simply a tremendous quantity. And that is what the model technique for us was, is we, we had an excellent quarter internationally. We now have an excellent worldwide enterprise. It is a vital a part of what we do. This, and the remainder of the world is a press release about Financial institution of America’s assist of what is necessary to them. In the USA, it is a assertion that too we sponsor USA Soccer. We’re doing placing fields and areas. We did the $2 million for the tickets for veterans and first responders that we gave to them to get them within the video games. We’re doing soccer within the colleges with- with- with the road Avenue Soccer- road youngsters soccer. We helped sponsor the Avenue Childs World Cup soccer, which is a unique group exterior the USA. We now have an exquisite industrial that includes that with David Beckham and U2 and the brand new music. It is- it has been a superb quantity of labor, however on the finish of the day, it is a worldwide phenomenon which we have been part of, together with the “fan bands.” And I noticed some colleagues that- there’s some prospects that have been standing in line for since 4:30 this morning to get in at 10 o’clock to get in to get their fan bands up in Rockefeller Middle, so it has been fantastic to be part of this. The stadiums are bought out. It’s going to be a captivating last on Sunday, and we glance to be part of it. After which we’ll proceed to advertise soccer. And in reality, the accessibility soccer within the colleges is without doubt one of the main tenets right here. And fields of locations that in any other case not have them- is one other main tenet of what we’re doing. That may final method past the phenomena of the World Cup that may come to shut right here within the U.S. on Sunday.
MARGARET BRENNAN: I learn ESPN known as it the biggest sports activities funding Financial institution of America has made in its historical past, a world sponsorship. Why? Are you simply an enormous soccer fan, or is it the two billion viewers?
MOYNIHAN: Look, we- we grew up with our youngsters taking part in soccer. I by no means performed the sport. This can be a enterprise choice to assist generate assist for our communities that we’re internet hosting the video games and- and assist for our- our model and our- our gross sales. And so you’ve got seen this new Financial institution of America Rewards program we now have on the market. It is gone up tenfold by way of day by day sign-ups, our bank card, our FIFA bank card, these are issues we’re selling. So that is the economics, that is the basic type of model evaluation. However the actuality is, we’re additionally you realize we imagine strongly that broadly taking part in issues, whether or not it is the Golf with Us program, the Soccer with Us program, the Museums on Us program, we offer entry to museums, the operating applications we do, the My Marathon campaigns, the Boston, Chicago marathons and the opposite races round that, all to lift cash for charity. These are all issues that get broad participation that we might help assist and assist our communities develop and prosper. It is simply part of what we have achieved. So sure, it is a main funding, and we’re very proud of it.
MARGARET BRENNAN: All proper, Brian Moynihan, thanks to your time right this moment.
BRIAN MOYNIHAN: Thanks, Margaret.
MARGARET BRENNAN: We’ll be proper again.
