FDIC panel will examine bank service to underserved

WASHINGTON (11/3/06)—The Federal Deposit Insurance Corp. (FDIC) Thursday approved the creation of an advisory committee on economic inclusion to look at bank service to underserved populations. The committee will be comprised of 17 members, two of whom have strong credit union connections.

An agency announcement said the new panel will provide the FDIC with advice and recommendations on important initiatives focused on expanding access to banking service and may include a review of basic services such as check cashing, money orders, remittances, short-term loans and others that "promote asset accumulation by individuals" and increase financial stability.

Martin Eakes, CEO of Self-Help/Center for Responsible Lending and of Self-Help CU, Durham, N.C., and President/CEO Ted Beck of the National Endowment for Financial Education (NEFE), are the two members most closely tied to credit unions. The Credit Union National Association (CUNA) and state leagues, as partners with NEFE, were responsible for 10% of the High School Financial Planning Program materials given to 345,000 students in 4,330 schools last year.

In announcing the new advisory committee, FDIC Chairman Sheila C. Bair said, "The committee members represent a cross section of interests from the banking industry, state regulatory authorities, government, academia, consumer or public advocacy organizations, community-based groups, and others impacted by banking-related practices."

The committee will be headed by New York State Superintendent of Banks Diana L. Taylor and the other members are:

  • Kelvin Boston, executive producer and host of PBS' MoneyWise with Kelvin Boston;
  • Lawrence K. Fish, chairman/CEO of Citizens Financial Group, Inc.;
  • Rev. Dr. Floyd H. Flake, senior pastor, Greater Allen A.M.E. Cathedral of New York;
  • Ester R. Fuchs, professor, School of International and Public Affairs, Columbia University;
  • Ronald Grzywinski, chairman, ShoreBank Corporation of Chicago;
  • Wade Henderson, president/CEO, Leadership Conference on Civil Rights, and counselor to the Leadership Conference on Civil Rights Education Fund;
  • Alden J. McDonald, Jr., president/CEO of Liberty Bank and Trust Company, New Orleans, La.;
  • Manuel Orozco, senior associate at the Inter-American Dialogue; and senior researcher, Institute for the Study of International Migration, Georgetown University;
  • Maria Otero, president/CEO, ACCION International;
  • John W. Ryan, EVP, Conference of State Bank Supervisors;
  • Robert K. Steel, under secretary of the Treasury for domestic finance;
  • Peter Tufano, Sylvan C. Coleman professor of financial management, Harvard Business School, and senior associate dean and director of faculty development;
  • Elizabeth Warren, Leo Gottlieb professor of law, Harvard University; and
  • Deborah C. Wright, chairman/CEO, Carver Bancorp, Inc.
The Advisory Committee on Economic Inclusion is slated to meet twice a year.

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