Press Release

FDIC Advisory Committee Meets to discuss Unbanked/Underbanked Survey, Safe Banking Products and Bank On 2.0

FOR IMMEDIATE RELEASE October 27, 2014

Media Contact: LaJuan Williams-Young (202) 898-3876 LWilliams-Young@fdic.gov

The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Wednesday, October 29, to discuss the results from the 2013 National Survey of Unbanked and Underbanked Households, which will be released later that day. Other topics for discussion by the Advisory Committee will include banks' experience with low cost transaction accounts and affordable small dollar loans and related "Bank On 2.0" initiatives to expand access to the banking sector by non-profit and public sector organizations.

"More and more insured financial institutions are offering low-cost, transaction accounts intended to establish and sustain relationships with consumers," said FDIC Chairman Martin Gruenberg. "Over time, these products should enable a larger portion of the population to participate fully in the banking system and benefit as the U.S. economy continues to improve."

The meeting will be open to the general public and will be held from 9:00 a.m. to 3:15 p.m. in the FDIC's Virginia Square facility located in Arlington, VA, at 3501 N. Fairfax Drive. It is adjacent to Metro's Virginia Square Station on the Orange Line. The meeting also will be webcast live. The meeting agenda and a link to the webcast can be found at https://www.fdic.gov/about/comein/2014/2014-10-29_agenda.html.

The Advisory Committee was approved by the FDIC Board of Directors in November 2006 to provide the FDIC with advice and recommendations on important initiatives focused on expanding access to banking services for underserved populations. For more information about the Committee and its initiatives, visit http://economicinclusion.gov/ or http://www.fdic.gov/about/comein/.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 6,656 as of June 30, 2014. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.

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