CBA Urges Policymakers To Address Unethical Behavior Fueling Anxiety Across Banking Sector

Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement reiterating the strength of the banking industry while also calling on policymakers to address those seeking to take advantage of market volatility at the expense of the millions of consumers banks serve:

“As several reports concluded last week, the multitude of factors contributing to the failures of SVB and Signature Bank were unique to those institutions and should not be conflated with the activity we’re currently seeing play out in the market. Make no mistake, this volatility is being fueled by emotion and misinformation that does not reflect the strong underlying fundamentals of our banks. These institutions remain resilient and well-capitalized, and Americans can rest assured their deposits are safe. That’s why CBA today is urging policymakers to recognize and call out the unethical behavior by activist investors fueling anxiety and distrust that’s harmful for consumers and the economy. Market participants and policymakers should take a serious look at the role short sellers are playing in the market and their impact on Americans’ confidence in our financial system.” 

Background

• In a statement last week following the release of several reports examining recent bank failures, Johnson said: “we – members of Congress, regulators, and the industry – have a responsibility to work together to support the consumers we all serve, and that's exactly what our members will continue to do.” To read the full statement, click HERE.