Report finds room for improvement in FDIC economic inclusion planning

The FDIC could improve its future efforts to increase consumer participation in the insured banking system by incorporating more best practices in its strategic planning process, the agency’s Office of Inspector General concluded in a report released today. The OIG evaluated the FDIC’s economic inclusion efforts, primarily by examining the agency’s 2019 economic inclusion strategic plan, or EISP, which has guided its efforts in that area.

The office had 14 recommendations intended to improve the development and implementation of future EISPs, such as the adoption of a formal policy to guide the planning process and obtaining bank survey data “to gain the perspectives of banks and incorporate this information in the agency’s future EISP efforts.” The FDIC proposed corrective action for all recommendations.