Statistics, Facts & Such

The federal agencies writing the regulations to comply with the Gramm-Leach-Bliley Act of 1999 received more than 8,650 comment letters - some requesting changes, almost all asking for more time to comply.
American Banker, 5/9/00

The American Bankers Association says the regulations will require over 2.5 billion disclosure statements, most to be mailed, at a cost as high as $1.25 billion.

The U.S. Postal Service, on learning the volume of mail expected, said it handles approximately 202 billion pieces of mail a year, so the extra 2.5 billion pieces would just be "...a drop in the mailbox."

Lending by financial institutions covered by the CRA to low- and moderate-income borrowers increased from $75 billion in 1993 to $135 billion in 1998 - an increase of over 80%
U.S. Treasury Department

Americans have about $1.5 trillion in traditional savings accounts and money-market deposit accounts.Consumer Federation of America

Only about 4,000 of the existing 11,300 credit unions do not offer checking accounts.
American Bankers Association, Interview 2/17/00

It is estimated that in most areas of the United States there is one financial institution branch per 3,000 people. Urban areas, such as Chicago, New York, etc., have only one branch per 5,000 people.
Bank of Montreal Chairman Tony Comper, 4/19/00

In the third quarter of 1999, the response rate for direct credit card mailings was 0.9%, the second quarter in 1999 that it fell below 1%.
BAI Global Inc. Research Firm, Tarrytown, NY, AP

The average IRS personal income-tax refund in 2000 is $1,774, up 5.8% from last year.
Wall Street Journal, 3/15/00

The Internal Revenue Service says 53,000 people paid their taxes with credit cards in 1999. At the rate they were being paid by credit card to date in 2000, they expect more than four times that number will pay this year's taxes that way.
Wall Street Journal, 3/15/00

The average IRS personal income-tax refund in 2000 is $1,774, up 5.8% from last year.
Wall Street Journal, 3/15/00

Electronic filing has increased 16% over last year, and direct deposit of income-tax refunds is up 22%.
Wall Street Journal, 3/15/00

Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 5, 5/00