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ABA: The American Bankers Association
Statement

ABA Statement on White House Executive Order on Competition

"If the administration wants to see competition in action, the nation’s banking sector is a good place to start. The U.S. has the deepest and most diverse banking system in the world, with nearly 5,000 banks of all sizes, charters and business models who compete for business every day. The depth and resiliency of today's banking industry was on full display during the pandemic, as banks of all sizes provided unprecedented support to their customers, communities, and the broader economy, while also meeting their rigorous regulatory obligations.

"As we review today's executive order on competition, we will continue to call for updating merger review guidelines to finally consider nonbank competitors such as fintechs and credit unions that account for a growing share of the financial services marketplace, yet don't have to meet bank requirements for compliance and community investment, and in some cases don’t even have to pay federal taxes. We will also encourage the administration to review the barriers currently standing in the way of de novo bank creation and would welcome the opportunity to work together on commonsense policies to increase the number of banks in the country and further expand access to financial services.

“Separately, and consistent with the Executive Order, ABA and our members fully support customers’ ability to access and share their financial data in a secure, transparent manner that gives them control. We have been working with the CFPB since 2017 on how to ensure consumers remain protected when they share their financial data outside of the secure banking ecosystem. The Bureau’s early decision to establish guiding principles has allowed banks and technology companies to collaborate on tools that are already facilitating access to financial data in a way that protects and empowers consumers.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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Ian McKendry

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