CBA Statement on FDIC Quarterly Banking Profile
CBA Statement on FDIC Quarterly Banking Profile
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released the Q1 2021 Quarterly Banking Profile:
“The FDIC’s first quarter profile reveals the continued resiliency of our well-capitalized, well-regulated banking system despite ongoing economic headwinds resulting from COVID-19. Over the last decade, banks have built strong foundations – including the doubling of capital reserves, passing increasingly strong stress tests and a continued decline in problem institutions – and, as a result of these efforts, were well-equipped to play a leading role in facilitating COVID-19 government programs.
"As we look ahead, the nation's banks will continue to serve as a source of strength to meet the needs of American consumers and small businesses. CBA looks forward to working with lawmakers and regulators to continue driving our economic recovery forward.”
CLICK HERE to access the FDIC’s full report.
At CBA’s Washington Forum last month, policymakers recognized the strength of the American banking system and the role banks have played in supporting consumers and small businesses through COVID-19:
Chairman McWilliams: “I would say that the number one lesson to take from the pandemic and the, I would say economic shock that it caused was the banks, which it quite well, and that if anything, they served as a vehicle to recovery as they were dispersing funds, including the government stimuli to different communities with their customers.”
Chairman McWilliams: “The banks have been remarkably resilient throughout the financial crisis [caused by the pandemic]. I would say that if you take anything away from the last year and the financial crisis, it is that the financial system, the banking system itself has been really resilient with ample liquidity and capital to handle the stress as it did. And if anything, we came out on the other side of that problem, which is almost too much money poured into the banks.”
Former Acting Comptroller Paulson: “The performance you’ve seen out of banks over the last year during this pandemic is proof that when you start a downturn with a strong banking system, both the economy does better and the banks do better. […] Maintaining a strong, safe and sound banking system is crucial not only to the banks themselves, but the economy.”
Sen. Tester: “On the positive side of the ledger for banks, and there’s a lot on the positive side of the ledger, this pandemic is showing how important […] the local bankers are to their communities. And I would tell you that I am very, very proud about how the banks in Montana have stepped up to help small business access to paycheck protection program. […] It required a lot of work, especially at the beginning when the rules were clear.”
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About the Consumer Bankers Association:
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.
