Despite the huge effort to expand financial services to the poor over the last several years — an effort that contributed to the housing bust — a staggering number of Americans remain unbanked.
AP: Bank regulators say nearly 26 per cent of U.S. households have little or no access to banking services, and the problem hits poor and minority families the hardest.
The Federal Deposit Insurance Corp. says many black, Hispanic and native American populations struggle to access savings accounts and other services critical to financial security.
The agency says 71 per cent of the households that have no access to banks earn less than $30,000 a year.
The data come from the second FDIC survey to review access to basic banking services. It’s part of an effort to bring the so-called “unbanked” into the financial mainstream.
The Census Bureau conducted the survey on behalf of the FDIC.