Thank you AFN member Cities for Financial Empowerment Fund!
IN CASE YOU MISSED IT: Two top banking regulatory agencies released new data highlighting the momentum of the banking access field and the #BankOn movement. The Federal Deposit Insurance Corporation released the 2023 FDIC National Survey of Unbanked and Underbanked Households, showing that the country has brought the unbanked rate down to just 4.2% of U.S. households; between 2011—when the unbanked rate was at its highest level since the survey began in 2009—and 2023, the unbanked rate fell by almost half. Associate Director of Depositor and Consumer Protection Keith Ernst also highlighted Bank On certified accounts as a key driver of progress in the banking access field. Read that full story here: https://bit.ly/3Zh35Rh Additionally, the Federal Reserve Bank of St. Louis just released Bank On National Data Hub findings from 2023. The findings demonstrate notable progress: there are more than 11 million Bank On certified accounts currently open at reporting institutions. Over 4 million Bank On certified accounts were opened in 2023, with 84% of accounts opened by customers new to the financial institution. Read the full reports below and visit https://joinbankon.org/ to learn more about the Bank On movement. FDIC Report: https://lnkd.in/eGJmqZt6 BOND Hub Report: https://bit.ly/bondhub2
