CBA Statement on FDIC Quarterly Banking Profile

Nick Simpson

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 released its Quarterly Banking Profile for the first quarter of 2020:

 

“Despite the global health and economic impact of COVID-19, the banking industry has, according to the FDIC, been a source of economic strength and was able to support American consumers and small businesses – all while keeping strong capital and liquidity levels. The number of problem banks remains at a historic low, a testament to the years of work the industry has done to build a solid, stable foundation able to withstand major economic headwinds.

 

“Moreover, I am proud of the indefatigable work the nation’s leading banks played since the start of this pandemic to work with customers and implement the Paycheck Protection Program, which has reportedly saved as many as 30 million jobs.”

 

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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.