Ari Patinkin

2 weeks ago | issuesinsights.com | Patricia Patnode |Ari Patinkin

Americans have far fewer banks to choose from than they once did. The American banking industry has consolidated, with the number of U.S. banks falling from more than 8,000 to less than 5,000 between 2000 and 2014 alone. By 2023, the number of Federal Deposit Insurance Corporation (FDIC) insured banks had further decreased to 4,641, marking a substantial decline despite the U.S. population growing significantly during this period.