NFIP is “essential” so borrowers in flood-prone areas can access mortgage collateral and insurance to protect their properties, ABA said.
Browsing: Financial inclusion
Nearly 8 in 10 U.S. households surveyed in late 2021 said they were “doing OK” or “living comfortably,” according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
As the banking industry works to address the 7.1 million households that are unbanked in the United States, ABA has unveiled a new infographic highlighting how Bank On-certified accounts can provide consumers with safe, affordable access to the mainstream financial system.
The ABA Foundation invites entries for the tenth annual Community Commitment Awards, which recognize and promote extraordinary bank commitment to communities and the innovative, high-impact programs that improve the quality of life for customers and the communities banks serve.
A recent report issued by the Government Accountability Office found that some banking regulators lack “outcome-oriented measures” in assessments of their efforts to increase banking access to unbanked and underbanked consumers.
In 2021, 94.8% of low- and moderate-income households were nearby a branch offering a certified Bank On account—which feature low costs, minimum deposits, and no overdraft fees—up from 65.4% in 2015. Learn more about the progress of the Bank On movement at aba.com/BankOn.
As the FDIC chief prepared to resign before her term was up, she discussed the agency’s progress on innovation, financial inclusion and more.
The FDIC today expanded its public awareness campaign about the benefits of opening a bank account. The campaign now targets the Los Angeles, Dallas and Detroit metro areas, following last year’s campaign launch in the Atlanta and Houston areas.
McWilliams discusses several policy aspects of her tenure at the FDIC, including climate risk, small-dollar lending, CRA reform and the Mission-Driven Bank Fund.