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Reaching the Unbanked and Underserved Across America
The Alliance for Economic Inclusion (AEI) is the FDIC's national initiative
to establish broad-based coalitions of financial institutions, community-based
organizations and other partners in several markets
across the country to bring all unbanked and underserved populations into the
financial mainstream.
The focus is on expanding basic retail financial services for underserved
populations, including savings accounts, affordable remittance products,
small-dollar loan
programs, targeted financial education programs, alternative delivery channels
and other asset-building programs.
The FDIC continues to expand its AEI efforts to increase measurable results in the areas of new bank accounts, small-dollar loan products, remittance products, and delivery of financial education to more underserved consumers. For example, during calendar year 2011, over 494 banks and organizations joined AEI nationwide, bringing the total number of AEI members nationwide to 1,613. More than 404,591 new bank accounts have been opened; more than 270,476 consumers have been provided financial education. Twenty-four banks are in the process of offering or developing small-dollar loans, and seventeen AEI banks are providing deposit accounts consistent with the FDIC Model Safe Account Template through the AEI.
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