The FDIC came out with some useful information in December. It chartered the Census to conduct a survey of the un- and underbanked in the US. Largest sample for a report of its kind. The results can be found at www.economicinclusion.org. Roughly, the findings affirm CFSI smaller, but deeper survey from 2008: 9 million unbanked households (17 million adults); 21 million underbanked households (43 million adults). Sadly, but not surprisingly, a greater percentage of ethnic minorities and lower income are un- and underbanked. What it lacks in details is made up in validation. It’s good the FDIC is starting to measure. It affirms what we already knew: big market, big need.
I suppose they intend the survey to encourage banks to pay attention. That’s a slow process, but efforts like this will help a lot. Starting to provide these kind of data might be evidence that the FDIC will offer carrots to encourage banks to really consider the underbanked. Sticks alone won’t do the trick.