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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.


FDIC - 30785 - FDIC Advisory Committee on Economic Inclusion - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameFDIC Advisory Committee on Economic InclusionAgency NameFederal Deposit Insurance Corporation
Fiscal Year2020Committee Number30785
Original Establishment Date11/2/2006Committee StatusChartered
Actual Termination Date Committee URLhttp://www.fdic.gov/about/comein/
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*25
Current Charter Date12/3/2020Designated Fed Officer Position Title*Deputy Director, Policy and Research and DFO
Date Of Renewal Charter12/3/2022Designated Federal Officer Prefix
Projected Termination Date Designated Federal Officer First Name*Jonathan
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Miller
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*November 2, 2006, Board ResolutionDesignated Federal Officer Phone*(202) 898-3587
Effective Date Of Authority*11/2/2006Designated Federal Officer Fax*TBD
Exempt From EO 13875 Discretionary CmteExempt: Independent Regulatory AgencyDesignated Federal Officer Email*jonmiller@fdic.gov
Committee Type*Continuing
Presidential*No
Committee Function*National Policy Issue Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNo
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The scope and objectives of the Committee are to provide advice and recommendations on initiatives to expand access to banking services for underserved populations. The Committee will review various issues that may include, but not be limited to, basic retail financial services such aslow-cost, sustainable transaction accounts, savings accounts, small dollar lending, prepaid cards, money orders, remittances, and other services to promote asset accumulation and financial stability. The Committee, asappropriate, offers advice and recommendations regarding the issues considered through discussions and appropriate motions at open committee meetings.
How is membership balanced?*Members will be appointed who can effectively represent the varied and diverse interests affected by the issues to be considered. Members will represent a cross-section of interests from the federal government, banking industry, state regulatory authorities, consumer or public advocacy organizations, community-based groups, academia, philanthropic organizations, as well as others impacted by banking-related practices.
How frequent & relevant are cmte mtgs?*Estimated Number of Meetings per Year – At least 2.
Why advice can't be obtained elsewhere?*The Committee would be utilized to gather information and data on those issues impacting the access to and participation in the banking system by individuals from underserved populations which in turn will help the FDIC to better identify and prioritize issues of concern, and if necessary, to develop and implement strategies and methods to improve banking access and offerings to underserved populations. Information would be gathered that would assist the agency in evaluating its effectiveness in improving the delivery of financial services to the underserved communities and in dealing with the entities it regulates, including the costs and benefits associated with existing regulations and the efficiency of supervisory methods currently employed. The Committee may explore policy options for changes in statutes, regulations, or supervisory practices or procedures that will better secure the public policy goals of delivering financial services more efficiently and at less cost if possible to a broader spectrum of individuals while maintaining a safe, competitive and innovative banking system.
Why close or partially close meetings?N/A
Recommendation Remarksn/a
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesYesAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryYesAction OtherYes
Outcome Increased Customer SatisfactionYesAction CommentSee above comments under What is the Approximate Percentage of These Recommendations That Have Been Or Will Be Fully Implemented By the Agency.”
Outcome Implement Laws/Reg RequirementsYesGrants Review*No
Outcome OtherNoNumber Of Grants Reviewed0
Outcome CommentNANumber Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentNAGrants Review CommentNA
Number Of Recommendations*8Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentComments
At the October 24, 2018, advisory committee meeting, after FDIC staff presentations on the results of the FDIC’s 2017 National Survey of Unbanked and Underbanked Households (“Household Survey”) and the implications of the survey findings, committee members offered comments. Multiple committee members cited the value of the ongoing data collection and offered suggestions for considering how the survey effort could be further strengthened. One committee member suggested that the FDIC consider using the Household Survey’s data to drive resource allocation to address the issues surrounding the lack of access to mainstream credit in the rural African-American South. Chairman McWilliams similarly expressed an interest in gathering data regarding accessibility in rural and rural African-American communities. Another committee member suggested that the committee begin thinking about ways to connect the Community Development Financial Institutions (“CDFI”) with the data gained from the survey as well as suggesting that the FDIC integrate the Household Survey data with Community Reinvestment Act (CRA) data. With regard to CRA data, one committee member encouraged the FDIC to consider the effect branch closings have on low-income neighborhoods and how CRA rules may be contributing to that trend. Another committee member expressed interest in examining whether Achieving Better Life Experience (“ABLE”) accounts have an effect on access to the banking system into the next Household Survey. The same committee member acknowledged that the data produced by the Household Survey indicated improvement with regard to banking access, but also asked whether there is a way to determine if the improvement is due to growth in the economy, a change in the attitude of banks offering a basic account, a safe account, or specific marketing plans for inclusion. One committee member asked whether the FDIC could expand the survey base for the Household Survey by including low-income Americans who may have not had access to some of the services highlighted in the survey as well as working with additional non-profit organizations to reach out to the communities they serve. The same committee member raised concerns regarding the lack of mainstream credit for African-Americans and suggested that the committee look further into the credit scoring system in the United States, while another committee member similarly encouraged the FDIC to examine whether there has been improvement in the area of extension of credit for Americans. Another committee member encouraged the FDIC to consider adding a question to the survey that would address whether the consumer knows their credit core to which FDIC staff responded that the suggestion would be considered. With regard to bank branch access, another committee member encouraged the FDIC to consider the value of services and assistance that customers receive when visiting a bank branch and whether the customer service experience affects the perception of bank accessibility. The same committee member asked whether the survey considered a customer’s overdraft experience and if the survey could include some questions that would gather information such as whether a customer had an overdraft in the past year and the cost of that overdraft to the customer in order to focus in on which audiences could benefit most from the SAFE accounts. Another committee member suggested that a map of areas lacking cellular coverage and mobile penetration might prove helpful when considering accessibility issues. Another committee member acknowledged the FDIC’s community outreach efforts and asked whether there is a way to measure which efforts have been successful in order to most effectively determine where to allocate resources for outreach. Another committee member suggested that the FDIC examine underlying reasons that may contribute to the home ownership rates of African-Americans. Several committee members expressed an interest in utilizing the data gained from the Household Survey to encourage people to participate in the banking system and one committee member suggested that the data from the Household Survey could be used to produce a national marketing campaign that may be able to reach unbanked and underbanked persons. Chairman McWilliams asked whether the FDIC could examine whether minority depository institutions (MDIs) experience the same difficulties with expanding access to consumers as other non-MDI institutions might experience and encouraged further examination of the role that MDIs play in expanding consumer trust and access to the banking system. Chairman McWilliams also noted that it might be helpful to gather information regarding accessibility for foreign-born persons and whether mistrust of banks may be driven by the consumer’s cultural understanding about the banking system. Also, at the October 24, 2018, meeting, after a panel discussion focused on the UK-Financial Conduct Authority Mobile Study, one committee member encouraged the FDIC and the Federal Reserve Board to act expediently on mobile financial services initiatives so that households and businesses in the United States would have access to the same systems and services as those that are provided in the United Kingdom.
Access Agency WebsiteYes
% of Recs Fully Implemented*75.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentThough not a part of the formal recommendations of the full committee, (1) at the October 18, 2017, meeting, in response to committee members’ suggestions that the FDIC promote transaction accounts that are consistent with the FDIC’s Model Safe Accounts template, two regional banks made presentations on their safe transaction deposit accounts, (2) at that same meeting, in response to a committee member’s suggestion that FDIC staff meet with committee members in advance of the next National Survey of Unbanked and Underbanked Households to discuss the type of data to be collected in that survey, committee members were reminded that FDIC staff shared the latest survey with the full advisory committee on October 10, 2016, and on November 25, 2016, the FDIC published in the Federal Register a request for public comment on the survey and will continue to do so with future household surveys, and (3) also at that same meeting, in response to a committee member’s suggestion that the FDIC facilitate the partnering of local organizations with community banks that want to participate in serving the needs of people with disabilities, the FDIC has identified a cohort of 34 organizations it and the CFPB are working with to make publicly available financial education and empowerment tools, and regarding the FDIC’s continuing efforts in improving economic inclusion of people with disabilities, the FDIC has collaborated with the National Disability Institute in financial inclusion summits in 2018, updated its Guide to Presenting Money Smart for Adults and created supplemental scenarios for that curriculum featuring people with disabilities making financial decisions, and provided a webinar to FDIC staff in 2018 on working effectively with people with disabilities, and FDIC staff continues to monitor state expansion of ABLE accounts. Though not a part of the formal recommendations of the full committee, also at the October 18, 2017, meeting, in response to a committee member’s suggestion that the FDIC’s analysis of residential access to bank branches be expanded to a broader number of urban areas and include national banks, FDIC staff shared the results of this expanded research to the committee. The FDIC has developed the capability to analyze residential access to bank branches of all types of insured banks, including national banks, across all metropolitan statistical areas in the fifty states. Also, in response to a committee member’s suggestion at the October 18, 2017, meeting, that the FDIC develop web-based applications to generate online maps and make the data set publicly available, the FDIC is exploring how best to provide members of the public with the ability to replicate and apply the framework, including potentially through a web-based application. In response to committee members’ informal suggestions that the FDIC examine underlying reasons that may contribute to the disparity in homeownership rates for African-Americans, FDIC staff has conducted research focused on the role of non-bank lenders in the mortgage market and how this has impacted consumers as far as access to mortgage credit. Additionally, the FDIC manages the Affordable Mortgage Lending Center which provides easy access for community banks to review the wide array of programs available when considering affordable mortgage lending options. At the October 24, 2018,meeting, in response to a committee members’ suggestions for various ways that the Household Survey could be strengthened, FDIC staff, in presentations on the results from the 2017 Household Survey and implications of the survey findings, noted that this was the fifth time the survey has been administered; that new questions have been added to the survey each time to broaden and deepen the information about unbanked and underbanked households’ use of a wide range of financial services; and that the 2017 survey included new questions concerning credit, bank branch visits, and mobile financial activities. Also at that same meeting, in response to a committee member’s suggestion that the FDIC look further into consumer access to mobile financial services, the FDIC has continued to explore potential ways to research how mobile technology might be best applied to promote economic inclusion. Though not part of the formal recommendations of the full committee, on October 22, 2019, after the panel on Sustainable Bank Accounts, Member Wade Henderson and Member Jose Cisneros suggested that the FDIC should examine or conduct a follow-up study of the issue of the efficacy of child savings accounts.Access GSA FACA WebsiteYes
% of Recs Partially Implemented*25.00%Access PublicationsNo
% of Recs Partially Implemented CommentThough not a part of the formal recommendations of the full committee, at the October 18, 2017, meeting, in response to a committee member’s suggestion that the FDIC facilitate the partnering of local organizations with community banks that want to participate in serving the needs of people with disabilities, the FDIC conducted a series of banker roundtables on improving economic inclusion for persons with disabilities, provided a national webinar for local organizations with the U.S. Treasury Department and the National Disability Institute on ABLE accounts, conducted a national webinar for local organizations hosted by the Southeast Americans with Disabilities Act Center on financial education and empowerment, highlighting the revised Money Smart curriculum, the updated Guide to Presenting Money Smart for Adults, and the supplemental scenarios, and committee member Kelvin Boston and FDIC staff met with the incoming director of the ABLE National Resource Center in the summer of 2018. Though not a part of the formal recommendations of the full committee, in response to committee members’ questions and comments at the April 27, 2017, meeting about how branch access relates to other access methods, the 2017 FDIC National Survey of Unbanked and Underbanked Households questionnaire and subsequent report detail information on the relationship between bank branch utilization and other access methods. For example, the report, published in October 2018, notes that “81.0 percent of banked households that used mobile banking as their primary method visited a bank branch in the past 12 months, and nearly one-quarter (23.0 percent) visited ten or more times.” In an effort to address questions received from the Committee members, the FDIC developed the 2019 Economic Inclusion Strategic Plan. The multi-year plan builds on the work that started in the early 1990s and includes input from the Chairman’s Advisory Committee on Economic Inclusion (ComE-IN). The Plan promotes the widespread use of affordable and sustainable products and services from insured depository institutions that help consumers and entrepreneurs meet their financial goals. The work is organized into five areas of economic opportunity: support financial education and capability; promote affordable insured transaction and savings accounts; increase consumer access to sustainable credit; encourage responsible options for affordable mortgage credit; and strengthen access to financial services for small businesses. Each area has a vision, strategic goals/priorities, select strategies, and metrics. The FDIC advances our economic inclusion work through collaborative networks, promotion of community development, education, innovation, research, and regulatory policies.Access OtherNo
Agency Feedback*YesAccess CommentAccess to committee information may be obtained from the CMO and also is available in the FDIC Public Information Center.
Agency Feedback Comment*The advisory committee was specifically advised through written communications and at meetings.Narrative Description*The scope and objectives of the Committee are to provide advice and recommendations on initiatives to expand access to banking services for underserved populations. The Committee will review various issues that may include, but not be limited to, basic retail financial services such aslow-cost, sustainable transaction accounts, savings accounts, small dollar lending, prepaid cards, money orders, remittances, and other services to promote asset accumulation and financial stability. The Committee, asappropriate, offers advice and recommendations regarding the issues considered through discussions and appropriate motions at open committee meetings.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members* Est Payments to Non-Fed Members Next FY* 
Payments to Federal Members* Est. Payments to Fed Members Next FY* 
Payments to Federal Staff*$109,801.00Estimated Payments to Federal Staff*$115,291.05
Payments to Consultants* Est. Payments to Consultants Next FY* 
Travel Reimb. For Non-Federal Members*$9,827.13Est Travel Reimb Non-Fed Members nextFY*$10,318.49
Travel Reimb. For Federal Members* Est Travel Reimb For Fed Members* 
Travel Reimb. For Federal Staff* Est. Travel Reimb to Fed Staff Next FY* 
Travel Reimb. For Consultants* Est Travel Reimb to Consultants Next FY* 
Other Costs$3,585.02Est. Other Costs Next FY*$3,764.27
Total Costs$123,213.15Est. Total Next FY*$129,373.81
Federal Staff Support (FTE)*1.00Est. Fed Staff Support Next FY*1.00
Cost RemarksCosts associated with the Committee were lower than estimated because one meeting was cancelled due to covid.Est Cost RemarksCosts associated with the Committee may differ based upon unknown covid factors and holding meetings virtually versus in-person.
Hide Section - Interest Areas

Interest Areas

Category
Area
Finance
Banking
Credit
Finance
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-035237FDIC Advisory Committee on Economic Inclusion2019
 COM-032556FDIC Advisory Committee on Economic Inclusion2018
 COM-001497FDIC Advisory Committee on Economic Inclusion2017
 COM-002523FDIC Advisory Committee on Economic Inclusion2016
 COM-003859FDIC Advisory Committee on Economic Inclusion2015
 COM-004664FDIC Advisory Committee on Economic Inclusion2014
 COM-005994FDIC Advisory Committee on Economic Inclusion2013
 COM-006785FDIC Advisory Committee on Economic Inclusion2012
 COM-007860FDIC Advisory Committee on Economic Inclusion2011
 COM-009181FDIC Advisory Committee on Economic Inclusion2010
 COM-010177FDIC Advisory Committee on Economic Inclusion2009
 COM-010876FDIC Advisory Committee on Economic Inclusion2008
 COM-011800FDIC Advisory Committee on Economic Inclusion2007