FedTalk: Financial Inclusion and the Unbanked

According to a 2021 study by the Federal Deposit Insurance Corporation (FDIC), 4.5 percent of American households do not have a bank account.
What do we know about why people do not hold bank accounts?
What is the economic impact of not being part of the banking system?
How successful have programs been at increasing the number of people who have bank accounts?
Speakers include:
Paola Boel, Vice President, Federal Reserve Bank of Cleveland
Lisa A. Nelson, Assistant Vice President, Federal Reserve Bank of Cleveland (Moderator)
David Rothstein, Senior Principal, CFE (Cities for Financial Empowerment) Fund
Susan Schaaf, Senior Examiner, Federal Reserve Bank of Cleveland