A Change In Banking Calls For A Recalibration Of Bank Rules

In the past two weeks, we experienced historic changes in the banking industry. A series of idiosyncratic events at a few specialized financial institutions led to a push to move deposits to the largest banks in the country in just a few days.

The concern among both consumers and businesses that their money may not be safe at a community or regional bank has broader implications for the industry. The strength of the US economy is powered by our robust and diverse banking system. Banks are part of the public fabric and the funds in our system propel our economic vitality. The United States has nearly 4,700 banks in the country that vary in size, complexity, and business models including 3700 community banks that each serve an extensive variety of businesses across the country. Together, we safeguard $19.4 trillion in deposits and extend $12 trillion in loans.