The Bank of America CEO, speaking Tuesday, said the real issue behind the president’s de-banking jab was “over-regulation.”

Brian Moynihan argued Tuesday that the president's allegations of politically motivated debanking stem from the problem of overregulation.

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Over-regulation of lenders is the main driver of customers being shut out of the US banking system, and not political bias, according to Bank of America Corp. Chief Executive Officer Brian Moynihan.