United Way for Southeastern Michigan

Wednesday, May 21, 2008

Alliance event explores region's 'un-banked assets'

Several dozen people got together at the Detroit Branch of the Federal Reserve Bank of Chicago recently to learn more about a partnership aimed at helping under-served populations in our region become financially stable.

The event was the first CEO Breakfast held by the Alliance for Economic Inclusion, of which United Way for Southeastern Michigan is a partner, and it was intended to encourage more executives of area banks and credit unions to get involved in a coordinated effort to bring the un-banked and under-banked back into the financial mainstream. Representatives from 11 institutions attended, and they heard discussions on potential products and services for low- and moderate-income households. UWSEM President and CEO Michael Brennan opened the session by stressing that reaching out to these populations is the right thing to do. These consumers too frequently turn to payday lenders and check cashing outlets that charge high fees. In fact, the Center for Financial Services Innovation reports that Americans spend at least $10.9 billion on more than 324 million alternative financial transactions a year.

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Labels: Financial Stability, monthly enewsletter