12 U.S.C. § 1831z : US Code - Section 1831Z: Bi-annual FDIC survey and report on encouraging use of depository institutions by the unbanked

Search 12 U.S.C. § 1831z : US Code - Section 1831Z: Bi-annual FDIC survey and report on encouraging use of depository institutions by the unbanked

(a) Survey required
(1) In general
The Corporation shall conduct a bi-annual survey on efforts by
insured depository institutions to bring those individuals and
families who have rarely, if ever, held a checking account, a
savings account or other type of transaction or check cashing
account at an insured depository institution (hereafter in this
section referred to as the "unbanked") into the conventional
finance system.
(2) Factors and questions to consider
In conducting the survey, the Corporation shall take the
following factors and questions into account:
(A) To what extent do insured depository institutions promote
financial education and financial literacy outreach?
(B) Which financial education efforts appear to be the most
effective in bringing "unbanked" individuals and families into
the conventional finance system?
(C) What efforts are insured institutions making at
converting "unbanked" money order, wire transfer, and
international remittance customers into conventional account
holders?
(D) What cultural, language and identification issues as well
as transaction costs appear to most prevent "unbanked"
individuals from establishing conventional accounts?
(E) What is a fair estimate of the size and worth of the
"unbanked" market in the United States?
(b) Reports
The Chairperson of the Board of Directors shall submit a bi-
annual report to the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate containing the Corporation's findings and
conclusions with respect to the survey conducted pursuant to
subsection (a) of this section, together with such recommendations
for legislative or administrative action as the Chairperson may
determine to be appropriate.