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This directory (formerly Banking the Underbanked Resource Directory) provides useful information and resources to national banks and federal savings associations (collectively, banks) that are interested in expanding access to financial services to consumers who may be considered unbanked or underbanked, especially low- and moderate-income (LMI) consumers. By providing such services, banks may help improve the financial health of consumers.
Unbanked or underbanked may be used to describe consumers with little to no bank relationships. This includes individuals with no bank accounts and individuals with bank accounts who also use nonbank services, including transaction and credit products, to meet their financial needs. Such individuals are disproportionately likely to be LMI. The OCC encourages banks to consider opportunities to support consumers’ financial health in a safe, sound, and fair manner, which may include providing products and services responsive to consumer needs.
The directory describes products and services that are most often considered entry points for consumers to banks: financial education, transaction accounts, savings accounts, and consumer loans. The OCC notes that banks may also consider other products and services to meet the needs of such consumers. The directory also identifies resources that can assist banks with outreach to consumers and with research and innovative ideas in serving unbanked or underbanked consumers.
The resources in this directory are organized into the following categories:
Community Development Financial Institutions and Minority Depository Institutions
Many Minority Depository Institutions (MDI) and community development financial institutions (CDFI), both banks and nonbanks, provide financial services in LMI and historically underserved communities, including access to transaction accounts. Additionally, banks that are not MDIs or CDFIs may provide support to such institutions to help them access capital, grow technology, modernize infrastructure, and retain talent in order to meet community needs, including bank account access. More information can be found in these publications: “Community Development Fact Sheet Partnerships With Minority- and Women-Owned Institutions” and “Community Development Fact Sheet Bank Partnerships With Community Development Financial Institutions and Benefits or CDFI Certification.”
Credit-Building Products and Loans to Credit Invisibles
Many Americans lack credit scores and credit histories, making credit less accessible and more expensive for them. Additionally, many Americans have low credit scores and thus also face more costs and fewer choices in accessing credit. Alternative credit assessment methods can be safe and fair tools to assist in the underwriting of loans for people without credit histories. For example, many consumers consistently pay rent, utilities, and other recurring financial obligations, which demonstrate financial responsibility and reliability and may predict ability to repay a loan. Additionally, banks may provide secured consumer loans and secured credit cards to consumers with low credit scores. Such products, when offered on appropriate terms, may help consumers in building and repairing credit.
Financial Capability, Literacy, and Education
Banks engage in financial capability programs for a variety of reasons. These programs often assist LMI individuals to build wealth and participate in the federal banking system. By providing or supporting financial capability activities, banks can create opportunities to grow their customer bases and extend the reach of their products and services to LMI individuals and to unbanked and underbanked consumers. Additionally, by educating consumers about available products and services and offering resources to help consumers make better-informed choices in the financial marketplace, banks can help these consumers increase their access to and successful use of mainstream financial products and services. Financial capability and financial literacy education programs targeted to LMI individuals may be deemed responsive to community needs and may receive CRA consideration as a community development service. The OCC offers information on how banks may receive CRA consideration for these activities. For more information, visit the CRA section of OCC.gov.
To help banks in their efforts to promote financial literacy, the OCC offers online resources, including “Financial Literacy Updates,” which list upcoming programs, curricula, and other resources for financial education providers, including banks. The OCC's “Financial Literacy Resource Directory” has information on a variety of related topics. The OCC’s “Community Development Fact Sheet: Financial Capability” describes opportunities afforded by financial capability activities, programs, and partnerships for banks.
Financial Health Vital Signs
The OCC encourages banks to support consumers' financial health in a safe, sound, and fair manner. The “Community Development Insights, How Banks Can Measure and Support Customer Financial Health Outcomes” identifies a way to consider consumer financial health, proposes and encourages use of financial health measures, and provides examples of financial health measure use cases and actions that may contribute to improved customer financial health. It is intended to contribute to broader efforts to measure financial health as a means of supporting improved financial health outcomes. Additionally, the OCC has released an infographic, remarks, and video discussions on financial health.
Financial Technology
Innovations in digital technology have brought about a variety of ways for consumers to receive money, pay bills, manage their budgets, and check credit scores electronically. The OCC encourages responsible use of technology in serving consumer needs. Resources on Financial Technology can be found on the Office of Financial Technology web page.
Language Access and Accessibility
Some consumers may benefit from bank materials and services that are provided in ways that are appropriate for consumers with lower education levels and literacy skills, that are accessible for people with different disabilities, or that are available in languages other than English. The OCC encourages banks to consider these factors in developing consumer-facing information and services, including online resources and mobile applications. The Consumer Financial Protection Bureau (CFPB) provides resources in different languages at the website “Helping multilingual communities and newcomers.” The Federal Deposit Insurance Corporation (FDIC) also provides consumer information in Spanish at FDIC Consumer News en Español
Low-Cost Bank Transactional and Savings Accounts
Many banks offer low-minimum balance and low- or no-cost transaction and savings accounts to encourage LMI individuals to open and maintain bank accounts. Many such accounts meet the Bank On National Account standards. The features of these accounts include low opening balances and minimum balances, low or no maintenance fees, and no overdraft and non-sufficient funds fees or payments. The standards can be viewed on the Bank On website.
The OCC has also issued OCC Bulletin 2023-12, “Overdraft Protection Programs: Risk Management Practices,” that identifies practices that may result in heightened risk exposure and describes several practices that may help banks control risks associated with overdraft protection programs.
Low-Cost, Small-Dollar Loans
The OCC and other federal banking agencies have issued lending principles to encourage banks to offer responsible small-dollar loans to customers for consumer and small business purposes. The agencies recognize the important role that responsibly offered small-dollar loans can play in helping customers meet their ongoing needs for credit due to temporary cash-flow imbalances, unexpected expenses, or income shortfalls, including during periods of economic stress, national emergencies, or disaster recoveries. Well-designed small-dollar lending programs can result in successful repayment outcomes that facilitate a customer’s ability to demonstrate positive credit behavior and transition into additional financial products.
The Pew Charitable Trusts brief titled “Standards Needed for Safe Small Installment Loans From Banks, Credit Unions” offers considerations for banks as they develop new small-dollar loan programs in a way that provides consumer protections while enabling sustainability and scale for providers.
Youth Accounts
The OCC, the Board of Governors of the Federal Reserve System, the FDIC, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, and the National Credit Union Administration updated the "Guidance to Encourage Financial Institutions' Youth Savings Programs and Address Frequently Asked Questions” (PDF). The interagency guidance answers common questions that may arise as banks collaborate with schools and other community stakeholders to facilitate youth savings and financial education programs. The guidance is intended to encourage banks to develop and implement programs to expand youths’ financial capabilities and to build opportunities for more families. Additional information can be found in this publication: “Community Development Insights: School-Based Bank Savings Programs: Bringing Financial Education to Students.”
Community Affairs Publications and Resource Directories
The OCC publishes documents on numerous topics related to community development and serving LMI consumers and communities. The OCC also hosts other resource directories on topics including community development financial institutions and community development banks, financial literacy, and Native American banking.
Community Affairs Outreach
The OCC Community Affairs Outreach team organizes events throughout the United States about the role of banks in community development. Some of the events cover topics related to financial education and financial health.
The OCC encourages national banks and federal savings associations to support consumers' financial health in a safe, sound, and fair manner. This report identifies a way to consider consumer financial health, proposes and encourages use of financial health measures, and provides examples of financial health measure use cases and actions that may contribute to improved customer financial health. It is intended to contribute to broader efforts to measure financial health as a means of supporting improved financial health outcomes.
HelpWithMyBank.gov
HelpWithMyBank.gov provides answers to commonly asked questions regarding national banks and federal savings associations; provides useful information about contacting regulators of state banks, savings associations, and other financial institutions; and includes an online complaint form for national bank and federal savings association customers wishing to register their concerns to the OCC.
Project REACh
Project REACh (Roundtable for Economic Access and Change) promotes financial inclusion through greater access to credit and capital. The project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in the nation’s economy.
Community Development Financial Institutions (CDFI) Fund
The CDFI Fund, part of the U.S. Department of the Treasury, provides resources and programs that invest federal dollars in mission-driven financial institutions. The CDFI Fund’s Bank Enterprise Award Program incentivizes banks for increasing investments in the most distressed communities throughout the country.
Consumer Financial Protection Bureau (CFPB)
The CFPB maintains a resource directory to help consumers make informed financial decisions. The CFPB also has resources for educators and others to use with consumers.
Federal Deposit Insurance Corporation (FDIC)
The FDIC’s EconomicInclusion.gov provides information about FDIC initiatives related to consumer access to insured financial institutions. The website includes the FDIC's National Survey of Unbanked and Underbanked Households. The most recent survey was conducted in 2023, collecting responses from almost 30,000 households on bank account ownership, and other financial products and services that households may use to meet their transaction and credit needs. The FDIC also offers the Money Smart financial education program available in multiple formats.
Financial Literacy and Education Commission (FLEC)
The FLEC’s MyMoney.gov website organizes financial education resources on a range of topics from over 20 different federal entities.
America Saves
This resource provides tools to encourage consumers to save regularly, including by saving automatically. Available resources include podcasts and videos featuring savers’ stories.
Aspen Institute Financial Security Program
This organization has published papers and holds events on policy and practice related to an inclusive financial system. These include papers on a national strategy for financial inclusion and a paper on blockchain, cryptocurrency, and household financial security.
Bank On
The Cities for Financial Empowerment Fund coordinates this resource and works directly with national and regional financial institutions to encourage the widespread availability of safe, low-cost transactional products (Bank On Certified Accounts). The website has links to institutions providing Bank On Certified Accounts and links to the Bank On National Data (BOND) Hub, housed at the Federal Reserve Bank of St. Louis, which aggregates national Bank On account activity related to account openings, usage and consistency, and online access.
Financial Health Network
The network's mission is to unite business leaders, policy makers, and innovators to design and implement solutions that improve financial health for all people. Resources include consumer research, best practices, and tools for implementation by financial service providers.
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