The American Bankers Association, along with five financial services trade groups, released a white paper today outlining obstacles and solutions for improving financial inclusion for the unbanked population and for reducing the use of high-cost nonbank financial products and services.
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.
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.
The Cities for Financial Empowerment Fund announced today that 60 financial institutions—including 46 banks—with more than 28,000 branches nationwide are now offering Bank On-certified accounts.
After a long career as a commercial banker in St. Louis, more than a decade ago Alex Fennoy joined Midwest BankCentre. He helped transform the community bank into one that has won awards—including a 2019 ABA Foundation Community Commitment Award—for its responsiveness to local needs.
Homeownership, savings and holding down a job are three keys to financial well-being and moving out of generational poverty, so that’s what Southern Bancorp focuses on in its home Mississippi and Arkansas Delta region, one of the nation’s poorest.
On the latest episode of the ABA Banking Journal Podcast, Old National Bank’s Ben Joergens discusses his bank’s experience launching a Bank On-certified account.
The ABA Foundation’s 2020 George Bailey Distinguished Service Award co-winners put the spotlight on the industry’s financial inclusion efforts.
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.