New Reports: How Financial Institutions Reach the Unbanked

Posted by on November 5, 2004

The Office of the Comptroller of the Currency’s Community Affairs Department recently released the following two publications which look at products and services being offered by financial institutions to reach the unbanked.

The Power of Plastic: How Banks are Using Technology to Reach the Unbanked

The Fall 2004 Community Developments newsletter focuses on payroll cards, remittance products, electronic transfer accounts, and other technology-driven products geared to reaching the unbanked. It contains a discussion on how these products might qualify as “community development services” under the service test element of CRA. The “News from the Districts” feature contains updates from OCC’s District Community Affairs Officers about new community development opportunities that may be of interested to national banks.

http://www.occ.treas.gov/cdd/fall04index.html

Remittances: A Gateway to Unbanked Immigrants

This edition of Community Developments Insights examines the role of banks in providing money transfer services and reviews the goals of banks in offering these products. It describes how banks can use these products to attract unbanked immigrants into the banking system and become providers of a variety of financial products and services that immigrants can use. It addresses some of the key risks and regulatory issues presented by bank involvement in these products, as well as structural and cultural barriers to the growth of bank remittance products. Although immigrants in the U.S. remit funds to countries throughout the world, this analysis addresses the Mexican market because it is the largest and where banks have focused most of! their attention.

http://www.occ.treas.gov/cdd/Remittances1.pdf

If you would like to receive hard copies of these publications, please
e-mail Thomas.Goffe@occ.treas.gov