NAIB Statement on FDIC Approval of Edward Jones Bank to Operate as a Federally Insured Industrial Bank
The National Association of Industrial Bankers (NAIB) applauds the Federal Deposit Insurance Corporation’s approval today of Edward Jones Bank to operate as a federally insured industrial bank.
“We congratulate Edward Jones on this important milestone. The FDIC approval process confirms that Edward Jones has met the highest standards of safety, soundness, and consumer protection in banking,” said Frank Pignanelli, Executive Director of NAIB. “Because of Edward Jones’ strong presence in many underserved areas across the country, this approval will help promote financial inclusion and banking access by bringing fully regulated banking and financial services to more of the people who need them most.”
Industrial banks are among the most reliable engines of consumer and small business lending, payments, and community support in the U.S. financial system, with a safety record that is the envy of the banking industry. They consistently serve market needs that other institutions do not, while operating squarely within the regulated perimeter – strengthening competition, diversification, and resilience across the financial system.
At a time when consolidation among the largest financial institutions continues to accelerate, this approval underscores the value of responsible new entrants that expand access and choice. Edward Jones Bank will broaden the reach of insured banking services in communities across the country, and NAIB welcomes the FDIC’s decision to approve its operation as a federally insured industrial bank that promotes competition, stability, and long-term consumer benefit.