Underbanked

Graduate students at an Atlanta university are working with Inclusiv and the On the Rise Financial Center to help the underserved gain access to financial services.

Any serious discussion of how best to update the Community Reinvestment Act for the 21st century must focus on strengthening the law, not eliminating it.

Several challenger banks are trying to relieve consumers’ financial stress by offering tools that guide better habits.

A recent report – supported by the National Council of Postal CUs – says the USPS is ill-equipped to manage the risks involved in offering banking services.

Sunrise Banks in Minnesota, which has a mission of helping underserved communities, also provides compliance services to fintechs with a similar mission.

A report released Tuesday echoes bankers’ arguments that the USPS is ill-equipped to manage the risks.

MyBucks and its New Finance Bank subsidiary have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp.

Upturn, which is owned by a BBVA unit, is offering a free online tool consumers can use to detect and dispute inaccuracies in their credit report.

The agency’s flawed methodology for determining interest rate caps on certain accounts poses risks for banks offering free, low-deposit checking and the financial system more broadly.

What the Democrats' House takeover means for banks; Synchrony has a lot to lose in fight with Walmart; should industry fear Waters-led banking panel?; and more from this week's most-read stories.

Banking industry groups said they were vindicated by the defeat of the ballot measure, but public banking advocates plan to keep pushing the idea.

Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.

The Florida institution is the latest in a slew of credit unions to join the program focused on serving the Hispanic community.

Information about new account holders pulled from Bank of America, JPMorgan Chase, U.S. Bank and Wells Fargo contradicts the notion that the previously unbanked turn into costlier customers.

Synchrony CEO Margaret Keane says plastic cards will be gone in five years; David Tyrie is succeeding the high-profile Michelle Moore as BofA's digital chief; Fed outlines a new approach for its post-crisis supervisory program; and more from this week's most-read stories.

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.

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.

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.

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.

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