CBA Statement on Uninsured Account Offerings

 

CBA Statement on Uninsured Account Offerings

 

WASHINGTON: Consumer Bankers Association President and CEO Richard Hunt issued the following statement regarding the emergence of fintechs comparing high-interest investment accounts to checking accounts:

 

“CBA and our members welcome competition as long as it is on a level playing field, especially when it comes to consumer protections. Well-regulated banks maintain strong financial standards to ensure they can weather downturns and offer robust consumer safeguards.  Unlike fintechs, banks provide vital protections such as FDIC insured accounts. Simply comparing an investment account - like many of those offered by fintechs – to a checking account should present significant concerns for consumers and regulators alike.

 

“Consumers should beware of getting Scrooged this holiday season.”

 

 

 

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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.