Remarks by
Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
FDIC Economic Inclusion Summit:
Strategies to Bring Consumers into the Financial Mainstream
Arlington, VA
April 26, 2017
Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
FDIC Economic Inclusion Summit:
Strategies to Bring Consumers into the Financial Mainstream
Arlington, VA
April 26, 2017
1
Welcome and thank you for joining us at this Economic Inclusion Summit. As the title of
today’s event suggests, we will explore strategies for bringing consumers into the financial
mainstream. As will become apparent, the panels have been structured to promote dialogue and
to invite members of the audience to participate. This is an important agenda, and the experts on
the panels bring a wealth of experience from which we can all learn.
Benefits of Economic Inclusion
In the United States, a relationship with a financial institution is fundamental to households’ full
participation in the economy. Just as graduating from school and getting a first job are
milestones, a bank account is a key step on the road to financial well-being.
Something as basic as an insured deposit account affords households the ability to safely deposit
and store income, make payments toward monthly obligations such as rent or a mortgage, and
engage in convenient daily transactions – such as buying groceries or more durable household
goods. Bank accounts also come with a host of protections, such as those concerning electronic
funds transfers and other rules that limit consumer liability for unauthorized transfers.
In addition, while an account may provide the foundation for economic participation, the benefits
from a banking relationship can help families to save, establish credit histories, and obtain credit
on favorable terms. When delivered with attention to the needs of consumers, this bundle of
products and services can help families realize their goals and, in so doing, strengthen their
confidence in the banking system, which goes to the core mission of the FDIC..
So, for the remainder of my remarks this morning, I will focus on FDIC efforts to enhance
economic inclusion and lessons we have learned along the way.
Welcome and thank you for joining us at this Economic Inclusion Summit. As the title of
today’s event suggests, we will explore strategies for bringing consumers into the financial
mainstream. As will become apparent, the panels have been structured to promote dialogue and
to invite members of the audience to participate. This is an important agenda, and the experts on
the panels bring a wealth of experience from which we can all learn.
Benefits of Economic Inclusion
In the United States, a relationship with a financial institution is fundamental to households’ full
participation in the economy. Just as graduating from school and getting a first job are
milestones, a bank account is a key step on the road to financial well-being.
Something as basic as an insured deposit account affords households the ability to safely deposit
and store income, make payments toward monthly obligations such as rent or a mortgage, and
engage in convenient daily transactions – such as buying groceries or more durable household
goods. Bank accounts also come with a host of protections, such as those concerning electronic
funds transfers and other rules that limit consumer liability for unauthorized transfers.
In addition, while an account may provide the foundation for economic participation, the benefits
from a banking relationship can help families to save, establish credit histories, and obtain credit
on favorable terms. When delivered with attention to the needs of consumers, this bundle of
products and services can help families realize their goals and, in so doing, strengthen their
confidence in the banking system, which goes to the core mission of the FDIC..
So, for the remainder of my remarks this morning, I will focus on FDIC efforts to enhance
economic inclusion and lessons we have learned along the way.