The Unbanking of America: How the New Middle Class Survives
by Lisa Servon · 10 Jan 2017 · 279pp · 76,796 words
to these changing situations, policymakers’ view of personal finance has remained static. The Federal Deposit and Insurance Corporation (FDIC) conducts the biannual “National Survey of Unbanked and Underbanked Households.” The survey classifies respondents as “banked” (they use only banks and credit unions), “unbanked” (they have no bank account), or “underbanked” (they have bank
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five African American households and nearly 18 percent of Latino households are unbanked. Policymakers, alarmed by these statistics, have been working hard to enfranchise the unbanked and underbanked. They insist that a formal relationship with a mainstream financial institution will improve these people’s lives. Convinced that having a bank account enables one
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.” Meanwhile, banks are getting mixed messages from the federal government regarding how to think about the “underserved.” On the one hand, recent focus on the “unbanked” and “underbanked” has put pressure on banks to reach out to these potential customers. On the other hand, the creation of the CFPB has banks and alternative
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from their courage, sharing, and perseverance. Notes Introduction: We’re All Underbanked xiv the percentage of Americans: Susan Burhouse et al., “2013 National Survey of Unbanked and Underbanked Households” (Washington, DC: FDIC, October 2014). https://www.fdic.gov/householdsurvey/2013report.pdf xv Payday lending grew: Eva Wolkowitz, “2013 Financially Underserved Market Study” (Chicago
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figure is from Silver-Greenberg, “Over a Million Are Denied Bank Accounts.” xvii “banked” (they use only banks): Burhouse et al., “2013 National Survey of Unbanked and Underbanked Households.” One in five African American households: Ibid. “mainstream banking services”: Julie Menin, “Bad Alternative to Banks,” letter to the editor, New York Times, November
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and the Decline of the American Dream (Oxford, UK: Oxford University Press, 2008). A recent study conducted by: Burhouse et al., “2013 National Survey of Unbanked and Underbanked Households.” xix put their trust in banks: GlobeScan, “Seven Years on from the Financial Crisis, Trust in Banks Remains at All-Time Low” (Toronto, Ontario
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, March 24, 2015). http://www.cfsinnovation.com/Document-Library/Understanding-Consumer-Financial-Health Consumer Financial Protection Bureau: Susan Burhouse et al., “2013 National Survey of Unbanked and Underbanked Households” (Washington, DC: FDIC, October 2014). https://www.fdic.gov/householdsurvey/2013report.pdf 57 percent of Americans: For more on this idea and why it
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Pricing Study.” Bankrate.com, September 28, 2001. Burhouse, Susan, Karyen Chu, Ryan Goodstein, Joyce Northwood, Yazmin Osaki, and Dhruv Sharma. “2013 FDIC National Survey of Unbanked and Underbanked Households.” Washington, DC: FDIC. Calum, Paul S. “The Impact of Geographic Deregulation on Small Banks.” Business Review, November/December 1994. Campbell, Dennis, Asis Martinez-Jerez
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FDIC’s Small-Dollar Loan Pilot Program: A Case Study After One Year.” FDIC Quarterly, vol. 3, no. 2 (2009). –––. “2013 FDIC National Survey of Unbanked and Underbanked Households.” Washington, DC: FDIC, October 2014. Federal Reserve. “Changes in US Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances.” Federal
No Slack: The Financial Lives of Low-Income Americans
by Michael S. Barr · 20 Mar 2012
, and Michelle J. White. 2002. “The Household Bankruptcy Decision.” American Economic Review 92:706–18. FDIC (Federal Deposit Insurance Corporation). 2009. FDIC National Survey of Unbanked and Underbanked Households (www.fdic.gov/householdsurvey/full_report.pdf). FRS (Federal Reserve System). 2010. The 2010 Federal Reserve Payments Study (www. frbservices.org/files/communications/pdf
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School of Business (www.fdic.gov/bank/analytical/cfr/2005/jan/ CFRSS_2005_elliehausen.pdf). FDIC (Federal Deposit Insurance Corporation). 2009. FDIC National Survey of Unbanked and Underbanked Households (www.fdic.gov/householdsurvey/full_report.pdf). Green, Paul E., and V. Srinivasan. 1978. “Conjoint Analysis in Consumer Research: Issues and Outlook.” Journal of
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Non-Bank Financial Institutions for the Department of Treasury.” Report prepared for the U.S. Treasury Department (April 4). ———. 2008. “Banks’ Efforts to Serve the Unbanked and Underbanked.” Report prepared for the Federal Deposit Insurance Corporation (December). Doyle, Joseph J., Jose A. Lopez, and Marc R. Saidenberg. 1998. “How Effective Is Lifeline Banking
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Substitutes General-purpose reloadable prepaid cards (GPR cards) are an attractive alternative to traditional bank accounts for a number of customer niches (Keitel 2011), especially unbanked and underbanked households. However, unclear consumer protections and high fees prevent GPR cards from attracting more LMI households. First, a patchwork of overlapping regulatory powers has created
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is likely to absorb the joint location decisions of businesses and households, thereby overstating the importance of geographic access for increasing the financial welfare of unbanked and underbanked LMI households. The data that we use to investigate the question of geographic access are from the Detroit Area Household Financial Services (DAHFS) study and
How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
by Mehrsa Baradaran · 5 Oct 2015 · 424pp · 121,425 words
,” Pew Charitable Trust, 2012, 32, accessed March 17, 2015, www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2012/PewPaydayLendingReportpdf.pdf. 56. FDIC, “National Survey of Unbanked and Underbanked Households,” Executive Summary, September 2012, 5, accessed March 17, 2015, www.fdic.gov/householdsurvey/2012_unbankedreport_execsumm.pdf; Gregory Elliehausen and Edward C. Lawrence, “Payday
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2011), accessed March 17, 2015, www.nber.org/papers/w17072; A 2011 FDIC survey put 29.3 percent of households without a savings account. FDIC, “Unbanked and Underbanked Households,” 3. 62. Dan Mangan, “Medical Bills Are the Biggest Cause of U.S. Bankruptcies: Study,” CNBC, June 25, 2013, accessed March 17, 2015, www
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.theatlantic.com/business/archive/2014/07/its-expensive-to-be-poor-money/374361/. 8. Barr, No Slack, 120. 9. FDIC, “2013 FDIC National Survey of Unbanked and Underbanked Households,” October 2014, accessed March 17, 2015, www.fdic.gov/householdsurvey/2013report.pdf; University Neighborhood Housing Program, “Banking in the Bronx: Assessing Options in a
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, 2015, www.huffingtonpost.com/2014/08/29/free-checking-accounts-down_n_5730166.html?1409312196. 25. FDIC, “Addendum to the 2011 FDIC National Survey of Unbanked and Underbanked Households: Use of Alternative Financial Services,” June 2013, accessed March 17, 2015, www.fdic.gov/householdsurvey/2013_afsaddendum_web.pdf. Michael Barr’s survey results
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before they will open checking accounts, and 81 percent of banks require third-party screens to open savings accounts. FDIC, “Banks’ Efforts to Serve the Unbanked and Underbanked,” December 2008, 11, accessed March 17, 2015, www.fdic.gov/unbankedsurveys/2008survey/index.html. 27. Ibid., 193. The number of individuals currently on record is
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Reserve Bulletin, September 1984, 685, accessed March 17, 2015, www.federalreserve.gov/econresdata/scf/files/1983_bull0984.pdf. 54. FDIC, “2013 FDIC National Survey of Unbanked and Underbanked Households: Executive Summary,” Oct. 2014, 3, accessed March 17, 2015, www.fdic.gov/householdsurvey/2013execsumm.pdf. 55. See, e.g., David Malmquist et al., “The
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on Emerging Issues in Banking” (Jan 2003), accessed April 7, 2015, www.fdic.gov/bank/analytical/fyi/2003/012903fyi.html. 13. FDIC, “National Survey of Unbanked and Underbanked Households,” Executive Summary (September 2012), 4. Available at www.fdic.gov/householdsurvey/2012_unbankedreport_execsumm.pdf. 14. The United States Postal Service is an independent
The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance
by Eswar S. Prasad · 27 Sep 2021 · 661pp · 185,701 words
loans, or auto title loans. FDIC statistics on financial inclusion in the United States are available at Federal Deposit Insurance Corporation, FDIC National Survey of Unbanked and Underbanked Households, October 2018, https://economicinclusion.gov/downloads/2017_FDIC_Unbanked_Underbanked_HH_Survey_ExecSumm.pdf. The survey found that proportions of the
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unbanked and underbanked were higher among lower-income households, less educated households, younger households, Black and Hispanic households, working-age disabled households, and households with volatile income. The
Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World
by Don Tapscott and Alex Tapscott · 9 May 2016 · 515pp · 126,820 words
, and storing value. Blockchain cuts settlement times on all transactions from days and weeks to minutes and seconds. This speed and efficiency creates opportunities for unbanked and underbanked people to participate in wealth creation. 6. Funding and Investing: Investing in an asset, company, or new enterprise gives an individual the opportunity to earn
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and custody Blockchain takes settlement times on all transactions from days and weeks to minutes and seconds. This speed and efficiency also creates opportunities for unbanked and underbanked to participate in wealth creation Investment, wholesale banking, foreign exchange traders, hedge funds, pension funds, retail brokerage, clearinghouses, stock, futures, commodities exchanges; commodities brokerages, central
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reputation-based identity that allows them to participate equally in the economy. The implications of this equality are profound. Lubin imagines a future where the “unbanked and underbanked will become increasingly enfranchised as microlending services will enable investors across the globe to construct diverse portfolios of many microloans of which the usage and
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, 76, 178 Bandcamp, 235 Bank of Canada, 9, 294, 296 Bank of England, 9, 294 Bankruptcy laws, 174 Banks. See also Central banks; Financial services unbanked and underbanked, 170–72, 175–78 Barclays, 68–69, 75 Barclays Accelerator, 68–69 Barhydt, Bill, 187–88 Beauregard, Steve, 297 Behavioral change, 257 Bengloff, Rich, 230
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, 309–11 Turing completeness, 278 22Hertz, 237–38 Twister, 246 Twoway peg, 60 Uber, 17, 118, 134, 135, 164–65, 270 Ulbricht, Ross William, 9 Unbanked and underbanked, 170–72, 175–78 Unemployment, 173 UNESCO, 249 UNICEF, 189–90 Unicoin, 190 Unique node list, 32 Universal Music, 229, 230 Usage data analytics, 233
The Color of Money: Black Banks and the Racial Wealth Gap
by Mehrsa Baradaran · 14 Sep 2017 · 520pp · 153,517 words
more for loans than white customers.87 Most black neighborhoods are “banking deserts," neighborhoods abandoned by mainstream banks.88 The FDIC’s surveys on the “unbanked and underbanked" reveal that 60 percent of blacks are either unbanked or underbanked.89 In striking contrast, only 3 percent of whites do not have a bank
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.edu/F_Banking /paper_90.pdf. 89. Susan Burhouse, Karyen Chu, Ryan Goodstein, Joyce Northwood, Yazmin Osaki, and Dhruv Shar, “2013 FDIC National Survey of Unbanked and Underbanked Households," FDIC, October 2014, https://www.fdic.gov/householdsurvey /2013report.pdf. 90. KPMG, “Serving the Underserved Market, 2011," 1, http://www.kpmg.com/US /en
The Truth Machine: The Blockchain and the Future of Everything
by Paul Vigna and Michael J. Casey · 27 Feb 2018 · 348pp · 97,277 words
Fails Everywhere Else (Basic Books, 2000). 7.7 percent of the population is “unbanked,”: Lori London, “The Top 10 Unbanked and Underbanked Cities,” goEBT, March 29, 2017, https://www.goebt.com/the-top-10-unbanked-and-underbanked-cities/. For the more than 2 billion adults worldwide: Global Findex Database, World Bank, 2014, http://www.worldbank.org
The Curse of Cash
by Kenneth S Rogoff · 29 Aug 2016 · 361pp · 97,787 words
in the Presence of Nominal Rigidities” (May). Mimeo, Harvard University, Cambridge, MA. Forthcoming in Econometrica. Federal Deposit Insurance Corporation. 2014. “2013 FDIC National Survey of Unbanked and Underbanked Households.” Washington, DC. Available at https://www.fdic.gov/householdsurvey/. Federal Reserve Bank of Boston. 2012. “Diary of Consumer Payment Choice.” Boston. ———. 2013. “Survey of
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, 1929–1939, 129; tax evasion in, 60–61, 83; terrorism and efforts to tighten enforcement of money-laundering regulations, 77; unauthorized immigrants in, 75; the unbanked and underbanked in, 98; underground economy, estimated size of, 62–63; Volcker’s disinflation effort, 119 universal financial inclusion, 98–100 Velde, François R., 19, 234n13 Venezuela
Blockchain: Blueprint for a New Economy
by Melanie Swan · 22 Jan 2014 · 271pp · 52,814 words
.93 Even in the United States, 7.7 percent of households are forecast to be unbanked or underbanked.94 Bitcoin neutrality means access for the unbanked and underbanked, which requires Bitcoin solutions that apply in all low-tech environments, with features like SMS payment, paper wallets, and batched blockchain transactions. Having neutrality-oriented
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. et al. “Half the World Is Unbanked.” McKinsey & Co, March 2009. http://mckinseyonsociety.com/half-the-world-is-unbanked/. 94 “2013 FDIC National Survey of Unbanked and Underbanked Households,” U.S. Federal Deposit Insurance Corporation, updated October 28, 2014, https://www.fdic.gov/householdsurvey/. 95 Mims, C. “M-Pesa: 31% of Kenya’s
Frugal Innovation: How to Do Better With Less
by Jaideep Prabhu Navi Radjou · 15 Feb 2015 · 400pp · 88,647 words
results will be made publicly available. Through these multiple initiatives, AmEx is attempting to understand and solve a complex, multi-dimensional socio-economic problem. The unbanked and underbanked spend 10% of their $1 trillion disposable income on fees, the same amount as they spend on food. Schulman asks:13 “Imagine if you could
Mastering Blockchain: Unlocking the Power of Cryptocurrencies and Smart Contracts
by Lorne Lantz and Daniel Cawrey · 8 Dec 2020 · 434pp · 77,974 words
A World of Three Zeros: The New Economics of Zero Poverty, Zero Unemployment, and Zero Carbon Emissions
by Muhammad Yunus · 25 Sep 2017 · 278pp · 74,880 words
The Future Is Faster Than You Think: How Converging Technologies Are Transforming Business, Industries, and Our Lives
by Peter H. Diamandis and Steven Kotler · 28 Jan 2020 · 501pp · 114,888 words
Smart Money: How High-Stakes Financial Innovation Is Reshaping Our WorldÑFor the Better
by Andrew Palmer · 13 Apr 2015 · 280pp · 79,029 words
Digital Bank: Strategies for Launching or Becoming a Digital Bank
by Chris Skinner · 27 Aug 2013 · 329pp · 95,309 words
Data-Ism: The Revolution Transforming Decision Making, Consumer Behavior, and Almost Everything Else
by Steve Lohr · 10 Mar 2015 · 239pp · 70,206 words