WASHINGTON— The FDIC “shares the Bank On movement’s commitment to advancing Americans’ economic inclusion in the banking system,” according to its chairman, Martin Gruenberg.
Gruenberg’s comments were shared during the Cities for Financial Empowerment Fund 2023 Bank On National Conference, according to a report by Cadwalader.
Gruenberg told the meeting hat the Bank On account standards are consistent with the FDIC’s own SAFE Account template, and he praised the work and growth of the Bank On coalition since 2015, noting that the effort has grown from four insured depository intuitions to over 300 institutions, representing more than 61% of domestic deposits, that now offer certified accounts, the report stated.
Survey Results Cited
In addition, Gruenberg cited the 2021 National Survey of Unbanked and Underbanked Households, released by the FDIC in October 2022, and said it is his belief programs such as Bank On have helped to reduce the number of unbanked and underbanked households, Cadawalader reported.
In his view, “the easiest way for most consumers to have confidence that their money is safe is to deposit it in an insured bank account, the report added.
Gruenberg concluded by pointing to the stress some institutions and crypto providers have experienced recently.
‘Not Lost a Penny’
“I would be remiss if I did not remind you that since the FDIC started insuring accounts in 1934, depositors have not lost a single penny in insured deposits to a bank failure,” he said.
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