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FDIC Advisory Committee on Economic Inclusion to Meet Next Week

October 16, 2017 / Source: FDIC

Press Releases
FDIC Advisory Committee on Economic Inclusion to Meet Next Week

FOR IMMEDIATE RELEASE
October 13, 2017
Media contact:
LaJuan Williams-Young
(202) 898-3876
lwilliams-young@fdic.gov

The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Wednesday, October 18 to discuss economic inclusion for persons with disabilities, provide updates on efforts to expand access to Safe transaction accounts, present research related to neighborhood access to bank branches, and discuss the results of a 2016 FDIC survey of entry-level consumer checking and savings accounts.

The statistically-based survey of entry-level accounts allows the FDIC to systematically observe the terms and conditions associated with basic entry-level checking and savings accounts offered by FDIC-insured institutions. The survey covers items such as average monthly maintenance fees, conditions under which fees may be waived, minimum opening balance requirements, as well as details concerning overdraft programs. Results are broken out for small banks (assets less than $1 billion), mid-sized banks (assets of $1 to $10 billion) and large banks (assets in excess of $10 billion).

The Committee will also hear a presentation that explores the extent to which certain residential populations in metropolitan areas have relatively limited access to a bank branch.

Finally, the FDIC will release a report on the proceedings of the "Economic Inclusion Summit: Strategies to Bring Consumers into the Financial Mainstream" at the meeting. The Economic Inclusion Summit was held at the FDIC on April 26, 2017.

The meeting will be open to the general public and will be held from 9:00 a.m. to 3:45 p.m. in the FDIC's Board Room, 6th Floor, 550 17th Street, N.W., Washington, D.C. Security screening and presentation of valid photo identification are required to enter the building. The meeting also will be webcast live. The meeting agenda and a link to the webcast can be found at https://www.fdic.gov/about/comein/2017/2017-10-18-agenda.html.

The Advisory Committee was established by the FDIC Board of Directors in November 2006 to provide the FDIC with advice and recommendations on important initiatives focused on expanding access to banking services for underserved populations. For more information about the Committee and its initiatives, visit http://economicinclusion.gov/ or http://www.fdic.gov/about/comein/.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s banks and savings associations, 5,787 as of June 30, 2017. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC’s Public Information Center (877-275-3342 or 703-562-2200). PR-79-2017