Banking and Finance Law Daily Wrap Up, FINANCIAL TECHNOLOGY—Survey shows consumer support for holding nonbank fintechs to banking standards, (Mar 10, 2026)

By Colleen M. Svelnis, J.D.

Survey respondents believe that the business that handles their finances should be held to the same legal and regulatory requirements as a bank and support efforts to protect local lending from risks associated with stablecoins.

The American Bankers Association (ABA) has released a new survey gauging consumers’ views on digital asset rules and government price controls on credit cards and finding that consumers want nonbank fintech companies to follow the same rules as banks. The survey was conducted on behalf of the ABA by Morning Consult and was released at the ABA’s 2026 Washington Summit.

“Consumers are clear: Any fintech or crypto company offering bank-like products should be held to the same rigorous standards that apply to banks,” said ABA President and CEO Rob Nichols. “At the same time, Americans urge caution as Congress considers the first-ever rules for digital assets like stablecoin.”

Results. Eighty four percent agree that any business providing bank-like services, like checking/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, respondents support efforts to protect local lending from risks associated with stablecoins. The survey shows that consumers want policymakers to prevent stablecoin issuers from offering yield&;like rewards that could divert deposits away from banks and threaten the funding sources that underpin community lending. Additionally, 75 percent agree it is important for them to have access to credit at their bank.

The survey found that consumers strongly support protecting local lending and the financial system from stablecoin risks. The results show that 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.

Stablecoin. Regarding stablecoins, 42 percent of respondents 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. The survey also found that stablecoin adoption remains low among consumers—80 percent of respondents have never owned stablecoin and 90 percent of respondents do not currently own stablecoin. Additionally, only 17 percent say they are likely to buy, hold, or use stablecoin in next 12 months.

Nichols also stated that the results show that “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. 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.”

The ABA also highlighted that earlier this year, legislation was introduced in Congress that, if passed, would mandate government price controls on credit card interest rates. In addition to increased costs, its enactment would have a devastating effect on access to credit for individuals and small business owners across the country, especially for those who need it the most. Likewise, another proposal in Congress would impose government routing mandates on credit cards, which would effectively end credit card rewards programs and undermine the safety and security of Americans’ credit card transactions.

Morning Consult conducted the online poll February 21–25, 2026, using a weighted national sample of 4,456 adults. The margin of error is plus or minus 1 percentage point.

Companies: American Bankers Association

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