Top Banking Regulators Commend Expansion of National Safe Banking Partnership

Top banking regulators, including the Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency's (OCC's) Acting Comptroller Michael J. Hsu, celebrated the growth of the Bank On movement at the 2023 Bank On National Conference in Washington, DC. Over 375 Bank On nationally certified accounts are now available, representing more than 60% of the domestic deposit market. The conference brought together stakeholders from various sectors to discuss topics such as state-led Bank On coalitions and young adult banking. The FDIC's latest survey revealed that the number of unbanked households in the US has reached a record low, with 4.5% of households being unbanked in 2021. Bank On aims to provide safe and affordable financial products and services to improve financial inclusion.

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SOURCE: Cities for Financial Empowerment Fund via PR NewsWire