Underbanked

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.