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.
ABA Foundation Highlights Strategies for Expanding Financial Inclusion to Persons with Criminal Records
Banks are employing a number of successful strategies to help promote financial inclusion among individuals with criminal records, the American Bankers Association Foundation noted today in a new white paper.
A Cleveland Fed report finds that—despite consolidation—bank branch proximity has remained stable and, in some cases, improved.
The fight on Capitol Hill over the Biden administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine.