Breaking the Savings Barrier: Banking the Unbanked to Achieve an Ownership Society in America

For millions of Americans, the first step on the path of savings and ownership is opening a basic bank account, yet America has become a country divided by those who have ready access to banks and savings institutions, and those who do not. For the "haves," a wide array of "mainstream" institutions are at their disposal, and the ability to obtain loans to buy homes, build business and create financial stability and prosperity is a foregone conclusion. But for up to 22 million Americans, there are significant obstacles to accessing that system and using it effectively. So they turn to the other, "alternative" financial system, where high fees and a lack of savings opportunities can mire working Americans in a cycle of debt and make it tougher for them to achieve financial prosperity.

Promising research and policy initiatives -- which will be highlighted at this event -- show that the obstacles to full participation in the financial services system can be overcome through innovative financial products and strategies, and that the potential exists for "unbanked" and "under-banked " Americans to join the financial mainstream and become part of the President's ownership society.

Participants

• Jennifer Tescher
  Director, Center for Financial Services Innovation


• Michael Frias
  Community Affairs Officer, Chicago Region of the FDIC; and Coordinator, New Alliance Task Force


• Margaret Henningsen
  Co-Founder and Vice President, Legacy Bank


• Anne Stuhldreher
  Senior Research Fellow, New America Foundation


• Ray Boshara
  Director, Asset Building Program, New America Foundation