Delinquent debt is piling up. Here's why it's not a reason to worry about the US consumer, according to BofA CEO Brian Moynihan.

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• There's no need to worry about consumers falling behind on debt payments, BofA's Brian Moynihan said.
• Deliquency rates on credit card and auto loans are normalizing and are close to 2019 levels.
• The CEO said rate cuts from the Fed are needed to reduce "drag" on the economy.

Consumers are falling behind on their credit card and auto loan payments, but that's actually not such a big deal for the economy, according to Bank of America CEO Brian Moynihan.