Bank of America CEO Brian Moynihan has started his first full week on the job with a message that the banking industry became too unmanageable. He noted this in an opinion piece in Monday's Observer and during a speech today at the North Carolina Bankers Association Economic Forum. Moynihan vowed the bank's solemn duty is to never again be in a position where it would need federal bailout money. In his speech Moynihan said the financial sector is undergoing a big change. "We as an industry have to recognize the damage by our industry to the economy and recognize that further regulation is coming. We are moving forward at Bank of America and making some of the changes that are being proposed ahead of time," he said. Last month the bank announced that over the next year, it's increasing lending to small and mid-sized businesses by $5 billion. This was within 24 hours of President Obama imploring executives from the country's biggest banks to do their part to get the economy back on track.