OBA, other state associations, ABA tout banking industry to Congress

The U.S. banking system remains the deepest and most resilient in the world, and the diversity of banks serving communities across the country continues to be a source of strength for the nation’s economy, the OBA, the American Bankers Association and 50 other state bankers associations said last week in a letter to congressional leaders.

The groups noted that while the recent failures of Silicon Valley Bank and Signature Bank need to be examined carefully, neither reflect the health and vitality of the overall sector.

“The nation’s 4,700 banks, including community banks, midsize banks, regional banks, and large, globally active banks, compete every day for Americans’ business,” the associations said. “While banks may have different business models and strengths, institutions succeed when they meet the needs of the communities they serve.”