ICBA urges agency consistency, innovation to promote banking access

ICBA encouraged federal banking regulators to take several steps to increase services to unbanked and underbanked households.

ICBA Comments: In a letter to the agencies following a Government Accountability Office report on improving access, ICBA called on the agencies to:

• Integrate their independent efforts into a unified, interagency campaign.

• Provide the banking industry with more consistent guidance.

• Fully utilize their innovation offices.

Fed Survey: ICBA’s comments came the same day as the Federal Reserve reported that self-reported financial well-being reached its highest level since the Fed began its household survey in 2013.

Results: According to the fourth quarter 2021 survey of 11,000 adults:

• 78% reported either doing okay or living comfortably financially.

• Financial well-being also increased among all included racial and ethnic groups.

• Parents reported large gains in financial well-being.

• Those who say they would cover a $400 emergency expense using cash or its equivalent increased to 68%, the highest level since the survey began in 2013.