WASHINGTON The Office of the Comptroller of the Currency
(OCC) today published the Fall 2004 edition of Community Developments
newsletter highlighting efforts by banks in using technology to reach those
Americans who do not have access to banking services.
Technology is rapidly transforming the banking industry
and expanding its ability to reach the unbanked, Comptroller of the Currency
John D. Hawke, Jr. said in an article introducing this edition of the
newsletter. Payroll cards and other
stored value cards, when accompanied by reasonable fees and linked to
mainstream banking services, represent a promising way to increase consumer
choice and to lead the unbanked consumers up the ladder of financial
sophistication, Comptroller Hawke noted.
The newsletter describes strategies to provide retail
financial services to underserved communities and the approximately 10 million
households in the U.S. that do not have access to banking services. It also contains success stories illustrating
how banks are being innovative in developing and providing the technology and
financial literacy needed to reach this market.
Electronic payments now surpass cash and checks as
consumers preferred payment method for in-store purchases, noted Barry Wides,
Acting Deputy Comptroller for Community Affairs. The growth of payroll cards and other stored value technologies
enable banks to help more consumers benefit from using the electronic payments
system.
The new issue of Community Developments provides a
useful tool that banks can use to help to provide services to the unbanked
through international remittances, access accounts, payroll cards, Individual
Development Accounts and financial services for low-income renters. The newsletter also offers insights on
Community Reinvestment Act compliance, news-you-can-use from the OCCs district
offices, as well as useful Web sites.
The newsletter can be accessed quickly by selecting
Community Affairs on the OCC Internet home page, www.occ.treas.gov, and choosing
Publications and Resource Materials.
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