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CBA Statement On 2021 FDIC Unbanked Report
Consumer Bankers Association (CBA) President & CEO Lindsey Johnson today shared the following statement after the Federal Deposit Insurance Corp. (FDIC) released a new reportthat found the number of Americans without a bank account in 2021 fell to 4.5%, the lowest national unbanked rate since the FDIC survey began in 2009.
"Today's report is welcomed news and a testament to the unwavering commitment shown by America’s leading banks to support of hardworking families, small businesses and communities throughout the pandemic. Since that time, banks have made historic investments to help communities recover economically from the pandemic, address inequities made worse by COVID-19, and provide more pathways to economic growth for historically underserved communities. Amidst ongoing economic uncertainty, CBA and our members remain focused on promoting policies and initiatives to ensure every American has access to safe, well-regulated financial products to meet their unique needs.”
To learn more about the FDIC’s report, click HERE.
- With a strategic focus on fostering economic empowerment, education and entrepreneurism in traditionally underserved populations and communities, banks are working to bring more Americans into the well-regulated banking system.
- Through the introduction of short-term, low-cost loans and Bank On accounts with little or no fees, banks are providing more consumers with access to the financial tools they demand and deserve.
- Through these and other initiatives, banks are increasing investments, services and loans for low- and moderate-income communities and neighborhoods of color.
- As the nation contends with historic inflation and other ongoing economic headwinds, banks will continue to play an essential role as drivers of economic growth and opportunity.
- Last year, CBA and other leading financial trades released recommendations policymakers should consider for expanding financial inclusion and banking the unbanked. To read these recommendations, click HERE.
- To learn more about how America’s leading banks are delivering for the families, small businesses, and communities they serve, visit www.BanksMakeItPossible.com.