Financial inclusion

An error in data submitted to the Consumer Financial Protection Bureau about consumers with no credit record — known as "credit invisibles" — has skewed the agency's reports, showing that the number of Americans without credit histories is half what it was thought to be.

Federal Reserve Gov. Michael Barr — who until February served as the agency's top regulator — said community development functions have benefits for the Fed's monetary policy, supervision and research goals.

The availability and visibility of Bank On-certified accounts, which aim to expand banking access, is contributing to a decrease in the percentage of U.S. households that are unbanked, according to bankers and government officials.

The growth in mobile banking has lowered barriers to accessing the banking system, but the Federal Deposit Insurance Corp.'s National Survey of the Unbanked and Underbanked released Tuesday reveals that minority households are still disproportionately underserved.

The city's pilot program enables asylum seekers to pay for food and baby products — reducing government overhead while introducing newcomers to the local economy.

The embattled bank said it reviewed and then turned down a $3.25-per-share bid from Dream Chasers Capital. Carver called the offer "unrealistically low" given the bank's "intrinsic value."

The card networks are expanding their development of accelerators for women and minority-owned businesses, improving these entrepreneurs' access to venture capital.

Young adults exiting the foster care system often lack the documents and relationships they need to engage with financial products early on. Some advocates, including many in the Texas Legislature, are working to change that.

Researchers at the Federal Reserve Bank of Philadelphia have come up with a plan for letting banks innovate with artificial intelligence and widening access to credit at the same time.

New types of financial products designed for the underserved can also be susceptible to scamsters, Juniper Research found, mirroring the Federal Trade Commission's concerns.

Genesis Financial will use Nova Credit’s bank account data analysis to approve credit to applicants with little or no credit bureau files.

Mary Daly called for new partnerships among fintechs, banks and community groups aimed at improving long-standing inequities in the financial system.

Democratic proposals to offer free accounts, restrict overdraft fees and cap interest rates have zero chance of passage. But analysts say lawmakers’ push for products that help consumers is influencing some banks’ decisions to institute reforms on their own.

The pandemic created a new expectation that banks should show empathy for customers in crisis. Let’s keep it that way.

Native American reservations have some of the country's highest concentrations of unbanked households. But tribes are finding ways to get their members access to capital — with or without banks.

Fed Vice Chairman for Supervision Randal Quarles says the benefits of a central bank digital currency are “unclear,” and that a digital dollar could actually “pose significant and concrete risks.”