Underbanked

Millions of Americans have yet to receive their stimulus checks, leading progressives to demand reforms improving underbanked consumers’ access to the financial system.

As the market deals with the short-term challenge of getting stimulus payments into the hands of citizens, the country has a unique opportunity to put the unbanked and underbanked on a long-term path to electronic payment methods, Jim Johnson of FIS says.

As the market deals with the short-term challenge of getting trillions of dollars of relief and stimulus payments into the hands of citizens in the coming weeks and months, we as a country have a unique opportunity to put our unbanked and underbanked citizens on a long-term path to electronic payment methods, says FIS' Jim Johnson.

Community advocates would like to see changes to the 1977 Community Reinvestment Act, but say regulators should suspend such efforts until the coronavirus pandemic has passed.

In underbanked markets, app-based firms can't live on digital alone, says dLocal's Michel Golffed.

Giving more Community Reinvestment Act credit to such partnerships will help low-income communities, despite industry concerns.

Phenix Pride FCU in Alabama is one of several institutions Inclusiv and the African-American Credit Union Coalition are celebrating during Black History Month.

Capital Corps, founded by former Banc of California CEO Steven Sugarman, wants the minority-run Broadway sold to a buyer that serves low- and moderate-income borrowers.

Popular’s branch in a Brooklyn neighborhood faced an uncertain future until it was designated as a bank development district. Now it’s eligible to receive millions of dollars in municipal deposits.

The benefits include improved financial inclusion, the chairman of the NCUA argues.

The benefits include improved financial inclusion, the chairman of the NCUA argues.

Regulators are beginning to recognize the importance of using alternative data to provide credit for the underbanked. Now is the time to expand its use across the industry.

Some legislators and consumer groups want federal regulators to block such alliances. Here’s why that’s a bad idea.

The OCC and FDIC have moved in the right direction by proposing reforms to the Community Reinvestment Act. Now it’s time for the Federal Reserve to join.

The plan would increase lending and transparency, the regulators say; the company says the rule unfairly lumps together digital wallets and prepaid cards.

The region is technologically advanced, but still has a large percentage of underbanked consumers, says PPRO's Javier Vallaure.

These community development-focused banks need tailored regulations to expand their purpose in helping underserved areas.

The Bank is poised to pick two people to handle Simon Potter’s former job; Securities backed by subprime U.S. car loans are “going gangbusters.”

More than half of U.S. counties lost access to bank branches between 2012 and 2017, with rural counties that have less educated and minority residents especially hurt, the central bank said.

Over the last decade, American voters have proved remarkably receptive to bans on high-cost consumer loans. Next year, a proposed ballot measure in a traditionally red state trending purple will offer a test case for the durability of that consensus.