FDIC Efforts to Increase Consumer Participation in the Insured Banking System
In developing future Economic Inclusion Strategic Plans, perform an environmental scan of the current economic inclusion landscape. The environmental scan should include external resources, such as national partners and banks, to identify and understand trends in banking services and technology solutions that may affect the FDIC’s economic inclusion goals.
Resume the Bank survey, or implement another mechanism, to obtain the perspectives of banks, including bank efforts to address primary reasons cited by households for being unbanked, and data related to the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 questions. Data obtained should be leveraged to inform the development of the FDIC’s future economic inclusion strategic planning efforts.
Identify and describe internal and external stakeholder coordination and collaboration efforts, including inputs, responsibilities, and expected contributions in the FDIC’s future Economic Inclusion Strategic Plans.
Review Executive Orders related to advancing equity and improving economic opportunities in specific communities to identify and consider best practices that can be incorporated into the FDIC’s future economic inclusion strategic planning efforts.
Clearly identify and describe strategies to achieve the desired goals in the FDIC’s future Economic Inclusion Strategic Plans.
Develop and implement consistent assessment and progress reporting for all Economic Inclusion Strategic Plan goals and objectives, and ensure that the expressed intent of annual FDIC Performance Goals related to economic inclusion matches the goals and objectives articulated in the Economic Inclusion Strategic Plan.
Coordinate with the Division of Finance to develop and implement formal policy and guidance for the formulation of discretionary strategic plans that are consistent with strategic planning best practices from the Office of Management and Budget, the Government Accountability Office, and other organizations identified in this report.
Align the Economic Inclusion Strategic Plan with the policy and guidance developed in response to Recommendation 7.
Develop or use an existing tracking system to measure internal staffing costs related to individual economic inclusion programs and initiatives.
Develop procedures governing when to form or dissolve an Alliance for Economic Inclusion and for monitoring Alliances for Economic Inclusion to ensure the FDIC aligns Alliances for Economic Inclusion to geographical areas with the highest consumer needs or other factors that contribute to the achievement of Economic Inclusion Strategic Plan goals and objectives.
Develop a mechanism to help identify whether the FDIC needs to reallocate resources for economic inclusion initiatives to meet Economic Inclusion Strategic Plan goals and objectives.
Conduct a feasibility study for expanding the language availability for FDIC economic inclusion outreach products.
Develop clear guidance on running business reports out of Community Affairs Reporting and Events System, including the use of filters.
Ensure risk mitigation strategies identified for the economic inclusion-related Enterprise Risk Management Risk Inventory item clearly address and effectively reduce risks related to implementing strategic objectives, effective controls, and responsive programs to promote economic inclusion.