Banks and Nonbanks Must Meet Needs of Underbanked and Unbanked Populations

Posted by: Liz Jones

Online Lenders Alliance member companies continue to respond to growing demand

December 13, 2012 (Washington, D.C.) — The Federal Deposit Insurance Corporation (FDIC) today released the results of its 2011 FDIC Survey of Banks’ Efforts to Serve the Unbanked and Underbanked, highlighting both strengths and weaknesses in their ability to meet the needs of underserved consumers.

The following statement can be attributed to the Online Lenders Alliance President and CEO Lisa McGreevy:   “Today’s FDIC report, which examines how banks are trying to serve and retain the unbanked and underbanked consumers, comes on the heels of an earlier FDIC report that confirmed what nonbank lenders have known for years:  consumers are increasingly choosing to manage their finances outside the traditional banking system.  For years, OLA companies have been responsive to these consumers by providing the safe, flexible and innovative credit products they have been demanding.  We applaud traditional banks’ efforts to do the same and will continue working with them to meet consumers’ financial needs.”

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The Online Lenders Alliance is a professional trade organization representing the growing industry of companies offering consumers small, short-term loans online. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.   An executive summary and the complete FDIC report can be found here.

Contact:

Peter Barden
(202) 551-1440
pbarden@mercuryllc.com

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