Over the past 20 years, the location of the nearest full-service bank branch for urban consumers has remained stable at 1.5 miles and has improved for rural customers, falling from 4.6 miles to 4.3 miles, despite an increase in bank consolidation, according to a new report from the Federal Reserve Bank of Cleveland.
In a statement for the record shared ahead of a House Financial Services subcommittee hearing on expanding access to the financial system today, the American Bankers Association emphasized the banking industry’s commitment to reducing the number of unbanked individuals in the country.
The share of unbanked American adults dipped to 5% in 2020, according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.
The American Bankers Association joined a coalition of nine other trade associations in a letter opposing a bill introduced in the California State Assembly that would create a public banking program, BankCal, within the state treasurer’s office that would provide financial services to California residents.
Some branches are closing but that doesn’t mean reduced access to banking services, especially in lower-to-moderate-income neighborhoods.
With more direct payments coming for many Americans in the wake of a new round of economic impact payments, the importance of having a banking relationship will rise for unbanked Americans, White House official Cedric Richmond told ABA’s Washington Summit today.
Southern Bancorp’s high-touch focus on pairing in-depth financial counseling with a Bank On-certified checkless checking account to help reach the unbanked in the Delta.
The American Bankers Association this week ran an ad in Politico magazine—a widely read publication among policymakers in Washington, D.C.—highlighting its effort to promote financial inclusion and encourage banks to offer low-cost, basic accounts that meet Bank On-certified standards.
Does your bank board mirror your market? Mounting pressure for banks to better reflect their communities is prompting banks to rethink director recruitment.
The share of U.S. households that are unbanked continued falling in 2019, reaching 5.4%, the lowest rate yet recorded in a biennial FDIC report.