Federal regulators are looking into Wells Fargo & Co.’s securities lending business following allegations by several Twin Cities foundations that the bank defrauded them, according to a StarTribune.com report. The businesses felt that they were defrauded when Wells Fargo placed tens of millions of their investment dollars into now-toxic mortgage-backed securities tied to the housing market. Read the full story.

Bank of America Corp. announced yesterday that Brian Moynihan will be the company’s new CEO and president. He will take office on Jan. 1 and replace Ken Lewis. Moynihan, 50, has held various senior leadership positions at Bank of America, and is currently the president of consumer and small business banking. Read more.

Drake University announced today it is one of 12 universities in North America recognized as a Center of Actuarial Excellence by the Society of Actuaries. This is the first time that actuarial programs at universities have been recognized for their excellence by the Society of Actuaries, the world’s largest actuarial professional organization. As a Center of Actuarial Excellence, Drake is eligible to compete for CAE Education and Research grants beginning in 2010.

Winnebago Industries Inc. reported $81 million in revenues for the three months ended Nov. 28, up 16.7 percent from the $69.4 million in the same quarter last year. Net loss for the quarter was $1.3 million, which was an improvement from the $9.6 million net loss a year earlier. See the full release.

Google Inc. confirmed rumors that it is testing its own phone handset – one similar to the iPhone according to a Wired.com report. The phone will be sold online by Google itself and is rumored to be called Nexus One. The phone will be sold unlocked, which gives Google full control over the hardware and software. Owners likely won’t be able to use it on the Verizon network. The phone could go on sale as early as January. Read more.