CBA Statement On FDIC Q1 2022 Quarterly Banking Profile

Consumer Bankers Association President and CEO Richard Hunt today issued the following statement after the Federal Deposit Insurance Corporation (FDIC) released the Q1 2022 Quarterly Banking Profile:

“Despite historic inflationary pressures and global uncertainty, the FDIC’s Q1 2022 Quarterly Banking Profile demonstrates the resiliency of America’s leading banks and the millions of consumers they serve. Strong liquidity levels, coupled with modest improvements in credit quality and loan growth, indicate banks will continue to be well positioned to drive our economic recovery forward.”

Today’s report echoes similar sentiments expressed yesterday at JPMorgan Chase’s investor conference, where Chief Financial Officer Jeremy Barnum, said:

“Big picture, the near-term credit outlook, especially for the U.S. consumer, remains strong.”

Commenting on the impact of rising inflation and other economic headwinds facing consumers, Bank of America Chairman & CEO Brian Moynihan said this morning on CNBC: 

“Balances continue to be stable and grow year over year for the broad base of consumers. More importantly, the spending levels in May for the first few weeks are up 10% from last year. […] So, the notion that people are spending the stimulus down isn’t happening yet. It may happen but it hasn’t happened yet.”

To read the FDIC’s full Quarterly Banking Profile, click HERE.

To read CBA’s statement on the FDIC’s Q4 2021 Quarterly Banking Profile released in March, click HERE.