News Topic: underbanked

In a letter Monday to Federal Reserve Board Chairman Jerome Powell, the four House Democrats argued that the nation’s aging payments system is contributing to economic inequality. ... Read full article

Despite improvements in the proportion of consumers without a bank account, there is still work to do to bring more Americans into the banking system, argues FDIC Chairman Jelena McWilliams. ... Read full article

The Human Account, a survey of 11,500 people, is intended to inspire banks and governments to come up with better ways to help low-income people. ... Read full article

The agency’s biennial survey showed gradual improvement in access to mainstream banks, but over 14 million adults lack ties to a federally insured institution. ... Read full article

Neither the prepaid issuer nor its bank partner can say when cardholders — many living paycheck to paycheck — will receive their funds. ... Read full article

As financial institutions struggle to regain public trust, they need to find more systematic ways to gauge how their work impacts consumers and communities. ... Read full article

The central bank’s top regulatory official discussed how the Fed is using listening sessions in isolated communities to understand the effect of losing the one bank in town. ... Read full article

Truebill, which started as a subscription management app and grew into one targeting bank fees, is now offering automated savings and financial management. ... Read full article

The firm hopes to distinguish itself from other lenders by analyzing customer cash flow to determine the likelihood that borrowers will repay. ... Read full article

Bruce Cahan, a lecturer at Stanford University who teaches ethics, explains the link between ethical principles and profitability for financial services firms. ... Read full article

The nation's largest bank said Wednesday it is seeking proposals on ways to address economic inequality in local neighborhoods across the country. ... Read full article

The Office of the Comptroller of the Currency’s questions for the public to comment on the decades-old law could illuminate a path forward as regulators struggle to agree on an updated policy. ... Read full article

Legislation allowing regular bill payments to count toward credit history would solve more problems than some critics fear it would create. ... Read full article

The agency says it will act independently of other regulators to release a notice asking for public input on revamping the decades-old law. ... Read full article

Helping the underserved, especially abroad, can help banks retain top workers and boost profits. ... Read full article

Allowing alternative data such as rent and utility payments has bipartisan support, but some say it could create more problems than it solves. ... Read full article

Whether you're lounging on the beach sipping mojitos, hiking the Smoky Mountains, or, like many of us, taking a breather from household chores on your staycation, you still need an escape from time to time. ... Read full article

Consumer advocates are urging local governments and courts to consider a person’s ability to pay before assessing fines and fees for such infractions as unpaid traffic tickets. Such changes could help low-income households avoid bankruptcy — and perhaps ... Read full article