by Sarah M. Glaser, Esq., Associate, Saxon, Gilmore, Carraway & Gibbons, P.A.
In September 2012, the Federal Deposit Insurance Corporation (“FDIC”) released a report indicating that approximately 68 million American adults are unbanked or underbanked. Following that report, the FDIC recently published a press release on the ways banks are working to meet the needs of customers who are underserved today. The press release describes strategies that banks are beginning to use to meet the needs of their “underserved consumers.”
The report identified five ways banks can make financial services more accessible, including “expanding offerings of basic, low-cost checking and savings deposit accounts; enhancing small-dollar loan product marketing; and utilizing partnerships with community organizations to promote checking and savings account ownership.” These new strategies will undoubtedly affect banking law in the future. Financial institutions and their counsel will need to monitor financial reform that results from these new strategies being implemented.
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