Which of the following statements most accurately describes the state of banking in the U.S.?
A) A large number of large banks and a small number of small banks
B) A large number of large and small banks
C) A small number of large and small banks
D) A large number of small banks and a small number of large banks

Question

Quizplus · Accepted Answer

The U.S. banking system is characterized by a large number of small banks and a small number of large banks. While there are a few major banks that dominate the industry, the vast majority of banks in the U.S. are small community banks or credit unions. According to the FDIC, as of June 2021, there were 4,477 commercial banks and savings institutions in the U.S., and the vast majority of them (over 4,000) had less than $1 billion in assets.

Which of the Following Statements Most Accurately Describes the State