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.