Which of the following statements is false?

A. Economic recovery is usually slow following widespread bank failures and/or a financial crisis

B. Banks constitute a vital utility in the economy, as the economy cannot properly function without access to credit.

C. Today, banks pay a risk-based deposit insurance fee; i.e., riskier banks must pay a higher insurance fee to the FDIC.

D. Today, most financial assets are held by commercial banks.

E. The primary reason for the existence of banks is their ability to both screen and monitor loan applicants.