As the American Bankers Association kicked off its Annual Convention in New York today, ABA President and CEO Rob Nichols shared how the banking industry has powered economic growth in an interview on CNBC’s Squawk Box.
“There’s been about $2 trillion in capital raised [in the last 5 years], there’s been about $2 trillion of loans extended,” Nichols said. “That’s a demonstration of the health of the industry and the whole economy.” He added that bankers “have a positive message… about the role the U.S. banking sector is playing in terms of job creation, prosperity and economic growth.”
In addition, Americans are also “as happy with their bank as they ever have been,” Nichols noted, referencing a new study conducted for ABA by Morning Consult which showed that consumers value the products and services banks offer and the level of data security they provide. “Our industry has taken immense steps to safeguard everyone’s data, and we have for a long time,” Nichols said. “This is not a new endeavor on the part of the industry—it’s something we’ve been myopically focused on. The banking sector is the leader among other sectors in data security.”