To continue to expand financial access, banks need to innovate and consider adjustments to their screening processes, Acting Comptroller of the Currency Michael Hsu said at the Bank On National Conference.
Getting unbanked individuals to open a bank account is only half the battle—the other half is earning their trust and offering banking services they truly need, ABA Chair Elect Julieann Thurlow and other panelists said during a discussion on serving Bank On customers at the Bank On National Conference.
Economic conditions alone can’t account for the drop in unbanked individuals and families in the U.S. over the past decade, with efforts such as Bank On possibly responsible for a significant portion of that decline, FDIC Chairman Martin Gruenberg said.
Efforts by banks and banking trade groups—along with federal government support—have helped drive the number of unbanked Americans to a new low, FDIC Acting Chairman Martin Gruenberg said Wednesday.
Nearly 96% of U.S. households had a depository institution account last year, according to the FDIC’s 2021 National Survey of Unbanked and Underbanked Households, released today.
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.
Republican lawmakers ask the U.S. Postal Service to stop the extension of a financial services pilot program that they claim has violated statutory restrictions since its inception.
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.
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.
American Bankers Association President and CEO Rob Nichols today emphasized the importance of Bank On-certified accounts as a way to promote financial inclusion.