Banking the Unbanked Joseph A. Smith NC Commissioner of Banks September 27, 2005 Why We Care Whether People Are Banked Asset-based social policies reward work, encourage taking responsibility for financial future & retirement.
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Joseph A. Smith
NC Commissioner of Banks
September 27, 2005
…earn 60 % of all income,
… own less than 30 % of all net worth, and
… own less than 20 % of total financial assets.
* Controlling for other factors, NC Financial Services Survey 2001
Minority purchasing power will rise from 1/5 to nearly 1/3 of US purchasing power by 2040.
US Department of Commerce MBDA Minority Purchasing Power 2000 to 2045
Glenn Canner and Wayne Passmore, The Community Reinvestment Act and the Profitability of Mortgage-Oriented Banks, March 3, 1997
“EFT could soon result in millions of Americans being brought into the banking system for the first time” -Treasury Secretary, Robert E. Rubin
At least once per mo.
Did not add to savings last yr.
once every few months