Title 12 — Banks and BankingRelease 119-73

§1831z Bi-annual FDIC survey and report on encouraging use of depository institutions by the unbanked

Title 12 › Chapter CHAPTER 16— - FEDERAL DEPOSIT INSURANCE CORPORATION › § 1831z

Last updated Apr 6, 2026|Official source

Summary

The FDIC must do a survey twice a year to see what insured banks and similar institutions are doing to bring people and families who rarely or never had a checking, savings, or other transaction or check‑cashing account (called the "unbanked") into the regular banking system. The survey must look at outreach and financial education, which efforts work best, converting money‑order/wire/remittance customers, cultural, language, ID and cost barriers, and an estimate of the unbanked market’s size and value. The FDIC Chair must send a twice‑a‑year report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs with the survey findings and any recommended laws or administrative actions.

Full Legal Text

Title 12, §1831z

Banks and Banking — Source: USLM XML via OLRC

(a)(1)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)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)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), together with such recommendations for legislative or administrative action as the Chairperson may determine to be appropriate.

Reference

Citations & Metadata

Citation

12 U.S.C. § 1831z

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73