Consumers want nonbank fintech companies to follow the same rules as banks, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association.
More than eight in 10 (84%) agree that any business providing bank-like services like check/savings accounts or loans to consumers should be held to the same standards for consumer protection that banks are. By a 7-to-1 margin (71% vs. 9%), respondents care if the business that handles their finances is held to the same legal and regulatory requirements as a bank.
The survey, unveiled today at ABA’s 2026 Washington Summit, also gauged consumers’ views on digital asset rules and government price controls on credit cards.
Consumers support rules for cryptocurrencies
The survey found that consumers strongly support protecting local lending and the financial system from stablecoin risks:
- By a 6-to-1 margin (62% vs. 10%), consumers agree that in establishing the first-ever rules for digital assets like cryptocurrencies and stablecoins in the U.S., Congress and the administration should be cautious and not take any steps that could undermine our existing financial system, especially the community banks that help drive local economic activity in some parts of the country
- By a 3-to-1 margin (42% vs. 15%), consumers agree that Congress should bar the ability for stablecoin issuers and their affiliates to offer interest and rewards on stablecoin if there is any risk it could reduce the amount of funds available to banks to lend in the community and support economic growth
- 75% say it is important for them to have access to credit at their bank
The survey also found that stablecoin adoption remains low among consumers:
- 90% do not currently own stablecoin
- 80% have never owned stablecoin
- Only 17% are likely to buy, hold or use stablecoin in next 12 months
“Consumers are clear: Any fintech or crypto company offering bank like products should be held to the same rigorous standards that apply to banks,” ABA President and CEO Rob Nichols said. “At the same time, Americans urge caution as Congress considers the first-ever rules for digital assets like stablecoin. A strong majority say lawmakers and the administration should avoid steps that could weaken community banks and undermine the financial system, and policymakers should bar the offering of yield-like rewards on stablecoin that threaten to draw away bank deposits that drive local lending. We share that view.”
Consumers value credit cards
The ABA survey found that consumers find a number of benefits from their credit cards:
- Seven in 10 (69%) say the credit card marketplace is highly competitive and they have multiple options to choose from when picking a card that best meets their needs.
- Nearly three-quarters of adults (73%) say access to a credit card is important for managing household finances.
- Fraud protection is seen as the most valuable benefit (47% of card holders placed it in top 3 rank), followed by earning rewards (41%), emergency access to credit (40%), and convenience (39%).
“Consumers value the credit cards they use every day, and they recognize the strong competition and robust fraud protections that come with them,” Nichols said. “Given that reality, it’s no surprise that they are wary of proposals that would force one-size-fits-all price controls on credit. Americans understand that these kinds of proposals can lead to reduced credit access, fewer options and higher fees that ultimately hurt the very people they’re meant to help.”
The survey also found consumers are wary of government price controls on credit cards and want retailers to take responsibility for accepting card payments.
- 65% say a one-size-fits-all credit card interest rate cap ignores the fact that people have very different financial situations.
- If a 10% credit card interest rate cap resulted in higher annual fees, 65% say they would oppose the policy.
Additionally, 67% are concerned about potential negative impacts on credit scores from account closures or credit line reductions caused by an interest rate cap. - 70% say responsible cardholders shouldn’t face higher fees or reduced rewards because of new regulations
Three-quarters or more of Americans say it is important for Congress to:
- prevent higher annual fees for cardholders (76%) as a result of new regulations.
- protect consumers from losing access to credit cards or seeing their credit limits significantly reduced because of new regulations (75%)
- protect people from being pushed toward payday loans or other extremely high-interest lenders as a result of new regulations (77%)
The survey also found that:
- 75% agree (vs. 8% disagree) that merchants and retailers get significant benefit from being able to accept credit cards for payment.
- 63% would be disappointed to lose the rewards program on their card(s) due to government regulatory changes.
- 61% would oppose (vs. 25% that would support) lowering debit interchange fees for retailers if it meant bank would have to increase fees for checking accounts.
“Americans recognize that credit cards don’t just help them manage their own finances — they also provide tremendous benefits to the retailers and merchants that accept them,” Nichols said. “Consumers don’t want to lose the rewards programs they value or face higher bank fees because large retailers refuse to pay their fair share to maintain our highly efficient payments system.”
