WASHINGTON -- At its open board meeting last week, the FDIC approved the creation of an Advisory Committee on Economic Inclusion.
The committee was established to advise the agency and make recommendations on initiatives focused on expanding access to banking services by underserved populations. FDIC said this may include reviewing basic retail financial services such as check cashing, money orders, remittances, stored value cards, short-term loans, savings accounts, and other services that promote asset accumulation by individuals and financial stability.
New York State Superintendent of Banks Diana L. Taylor will chair the committee. Also serving on the advisory committee will be Self-Help/Center for Responsible Lending CEO Martin Eakes, National Endowment for Financial Education President/CEO Ted Beck, and many others from the financial services, government, academic and community advocacy arenas.
The Advisory Committee on Economic Inclusion, established under the authority of the Federal Advisory Committee Act, will meet at least twice a year.