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Journal Article
Spotlight: Financial services: Banking within reach of more Mexicans
Skelton, Edward C. (2010-10)
In 2008-09, Mexico was wracked by the global financial crisis, suffering its largest one-year economic contraction since at least the 1930s. But the banking sector withstood the shock and made important strides in one area--bringing previously unbanked households into the financial system. Boosting Mexico's economic development by helping small businesses fulfill their potential depends on improving access to finance and fully linking these engines of economic growth and opportunity to the formal economy.
Southwest Economy , Issue Q4 , Pages 15

Journal Article
Landmark payday loan act in Illinois
Pestine, Harry (2006-02)
On June 9, 2005, Governor Rod R. Blagojevich signed a landmark Payday Loan Reform Act that for the first time will regulate the payday loan industry in Illinois and strengthen protection to consumers, especially working families and members of the military against predatory and abusive practices. The Act became effective in December 2005. ; ?Payday loans are supposed to help working people cover unexpected costs and emergencies. They?re not supposed to break their bank accounts. We needed to do something about this, and we have achieved it,? said Gov. Blagojevich upon signing the law during a ...
Profitwise , Issue Feb , Pages 23-24

Working Paper
From cashing checks to building assets: a case study of the check cashing/credit union hybrid service model
Choi, Laura (2013)
This case study examines the pilot effort of Community Trust Prospera (CT Prospera), a division of Self-Help Federal Credit Union, to combine the accessible services of a check-casher with the longer-term depository and lending relationship opportunities of a mainstream financial institution. CT Prospera is based upon the ?micro branch? business model, which centers around a retail branch that has a small physical footprint, similar to a check cashing outlet, and is designed to create an inviting, safe, and accessible environment for clients who may not feel comfortable entering a traditional ...
Community Development Working Paper , Paper 2013-01

Journal Article
Bank on Houston Effort Sees Big Returns as Residents Open Thousands of Accounts
Community Development, Federal Reserve Bank of Dallas (2009)
Exceptionally high numbers of unbanked Houston residents are experiencing the advantages of having a bank account as the Bank on Houston program wraps up its second quarter of operation.
e-Perspectives , Volume 9 , Issue 2

Journal Article
Who Are the Unbanked? Characteristics Beyond Income
Minhas, Sabrina; Hayashi, Fumiko (2018-04)
As the U.S. economy recovered from the Great Recession, more households entered the banking system. Still, 9 million households were unbanked in 2015. Understanding the characteristics of these households is critical in designing effective policies for financial inclusion. Policymakers often consider low income to be the defining characteristic of the unbanked. However, this broad characterization may mask large differences in banking status within low-income groups. {{p}} Fumiko Hayashi and Sabrina Minhas examine which household characteristics beyond income are associated with households? ...
Economic Review , Issue Q II , Pages 55-70

Discussion Paper
Payments, credit, and savings: the experience for LMI households
Cheney, Julia S. (2007)
The Payment Cards Center and the Community Affairs Department invited Michael Barr, University of Michigan Law School and faculty investigator for the 2005-2006 Detroit Area Study (DAS), to collaborate in organizing a conference, ?Payments, Credit, and Savings: The Experience for LMI Households,? held May 21-22, 2007, at the Federal Reserve Bank of Philadelphia. This year?s DAS survey was designed to gain a better understanding of 1) how and why LMI households use a wide array of financial services as well as the costs and benefits of such services and 2) how LMI households would respond to ...
Consumer Finance Institute discussion papers , Paper 07-13

Working Paper
Driver of choice? the cost of financial products for unbanked consumers
Maniff, Jesse Leigh; Hanson, Josh; Hayashi, Fumiko (2015-11-01)
This paper examines whether some of the unbanked consumers' choice of general purpose reloadable (GPR) prepaid cards over checking accounts and alternative financial service (AFS) products can be explained by the cost incurred by those consumers. We compare the three types of products by constructing consumer models based on the actual behavior of GPR prepaid cardholders and applying those models to the fee schedules of actual products offered in the market. Overdrafts are a major factor affecting the cost rankings. For consumers who regularly or occasionally overdraw their accounts, checking ...
Research Working Paper , Paper RWP 15-15

Journal Article
Reaching the unbanked and underbanked
Beard, Martha Perine (2010-01)
Bankers may find census and survey data useful when exploring reaching the unbanked and underbanked in their communities.
Central Banker , Issue Win

Conference Paper
Banking on remittances: increasing market efficiencies for consumers and financial institutions
Smith, Wayne; Howe, Sybill; McQuerry, Elizabeth; Cruz-Taura, Ana; LeVeen, Jessica; Lucio, Edwin; Sanchez, Juan M.; Hogarth, Jeanne M.; Hilgert, Marianne A. (2005)
Proceedings , Paper 967

Journal Article
Strategies for banking the unbanked : how bankers are overcoming entrance barriers
Robbins, Eric; Contreras, Patrick (2006-01)
As consumer demographics continue to change, an increasing percentage of the U.S. population is represented by those of Hispanic origin. For financial institutions, this change is significant because many Hispanic consumers lack formal banking relationships. The are unbanked. This article discusses future population projections and how these changes are playing out in the Tenth District states. The authors also describe survey results from the Federal Reserve Bank of Kansas City's survey of Hispanic consumers in Garden City, Kansas. These survey results help explain why many Hispanic ...
Financial Industry Perspectives , Issue Jan

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