FDIC's Alliance for Economic Inclusion Provides Gateway into Financial Mainstream
The Alliance for Economic Inclusion (AEI) is the Federal Deposit Insurance Corporation's (FDIC) initiative to establish broad-based coalitions of financial institutions, community-based organizations, and other partners in 12 markets across the country to bring all unbanked and underserved populations into the financial mainstream. The focus is on expanding basic retail financial services for unbanked and underserved populations, including savings accounts, affordable remittance products, small-dollar loan programs, targeted financial education programs, alternative delivery channels, and other asset-building programs.
The FDIC indicated that as of January 2009, 952 banks and organizations have joined the AEI nationwide. Community Affairs Officers in the FDIC's eight regional and area offices continue to identify local partners, convening meetings in each of the markets and facilitating open discussions of local financial service needs. Each independent regional coalition has formed working groups to identify barriers and opportunities and develop products and marketing strategies to reach the underserved populations identified.
The alliance's geographic areas of focus are
- Austin and South Texas
- Black Belt region of Alabama
- Boston and Worcester, Massachusetts
- Chicago, Illinois
- Detroit, Michigan
- Kansas City, Missouri
- Little Rock, Arkansas
- Los Angeles, California
- Louisiana and Mississippi Gulf Coast
- Rochester, New York
- Wilmington, Delaware
To learn about the alliance's various markets across the country, contact the FDIC's Community Affairs Officer in your region. Contact information can be found on the FDIC's Alliance for Economic Inclusion Web site.
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