Capital One Financial Corp.’s announcement that it plans to buy Discover Financial Services is another opportunity for US consumers to reassess their relationship with their bank. When they do, they may come to appreciate one of the most underrated features of the US financial industry: Americans have an enormous number of options. Regulators should strive to keep it that way.

Oftentimes, bank conversations are dominated by the Big Four: JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., and Citigroup Inc. These banks are the largest based on total assets. But there are more than 2,000 banks in the US that are insured, US-chartered commercial banks with consolidated assets of at least $300 million, according to the Federal Reserve. This does not include the nation’s 4,645 credit unions, which have almost 139 million members and are also federally insured.

QOSHE - Bigger Banks Aren’t Always Better for Consumers - Erin Lowry
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Bigger Banks Aren’t Always Better for Consumers

17 2
01.03.2024

Capital One Financial Corp.’s announcement that it plans to buy Discover Financial Services is another opportunity for US consumers to reassess their relationship with their bank. When they do, they may come to........

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