The Meeting of the Advisory Committee on Economic Inclusion 

of the 

Federal Deposit Insurance Corporation 

Held in the Board Room 

Federal Deposit Insurance Corporation Building 

Washington, D.C. 

Open to Public Observation via Webcast 

October 7, 2021 – 1:00 P.M. 

The meeting of the Advisory Committee on Economic Inclusion 

(“ComE-In” or “Committee”) was called to order by Jelena 

McWilliams, Chairman of the Board of Directors of the Federal 

Deposit Insurance Corporation (“Corporation” or “FDIC”). 

Committee members present at the meeting: Raphael Bostic, 

President and CEO, Federal Reserve Bank of Atlanta; Naomi 

Camper, Chief Policy Officer, American Bankers Association; 

Margaret Libby, President, MyPath; Lisa Mensah, President and 

CEO, Opportunity Finance Network; Jonathan Mintz, President and 

CEO, Cities for Financial Empowerment Fund; Jennifer Tescher, 

President and CEO, Financial Health Network; and Christina 

Tetreault, Deputy Commissioner, Office of Financial Technology 

Innovation, California Department of Financial Protection and 

Innovation. 

Committee Members Maurice Jones, CEO, OneTen, and Pamela 

Patenaude, Moultonborough, New Hampshire, were absent from the 

meeting. 

Members of the Corporation’s Board of Directors present at 

the meeting: Jelena McWilliams, Chairman, Martin J. Gruenberg, 

Director, and Acting Comptroller Michael Hsu. 

Corporation staff in attendance: James L. Anderson, 

Rebecca L. Anseth, Amber B. Beck, Mary Calkins, Leonard N. 

Chanin, Karyen Chu, Justin Cole, Kymberly K. Copa, Chelsea A. 

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Cruz, Debra A. Decker, Diane Ellis, Keith S. Ernst, Eric S. 

Fultze, Victor Galloway, Ledina Gocaj, Ryan M. Goodstein, 

Patricia S. Gurneau, Glenn A. Kivlen, M. Anthony Lowe, Jennah 

Mathieson, Sultan Meghji, Brandon Milhorn, Arthur J. Murton, 

Elizabeth Ortiz, Jason A. Pan, Mark E. Pearce, Nikita Pearson, 

Harrel M. Pettway, Nicholas J. Podsiadly, Betty J. Rudolph, 

Marguerite Sagatelian, Jarrod Sanders, Richard M. Schwartz, 

Nefretete Smith, Mia C. Sowell, Mona L. Thomas, Susan Welsh, and 

Lauren A. Whitaker. 

Steven Key, Deputy to the Director (Acting Comptroller) 

Michael J. Hsu, also attended the meeting. 

Opening Remarks 

Elizabeth Ortiz, Deputy Director for Consumer and Community 

Affairs, opened the meeting by noting that although several 

members of the Board of Directors were expected to participate, 

it did not constitute a meeting of the Board of Directors 

subject to the public notice requirement under the Government in 

the Sunshine Act (“Sunshine Act”). General discussions that may 

occur among Board members at the meeting on subjects relevant to 

the FDIC’s responsibilities, but which do not pose specific 

issues for Board resolution, would not constitute a meeting 

required to be open to the public and subject to the Sunshine 

Act’s notification requirements. Ortiz further stated that 

staff would identify any specific issues or proposals requiring 

further deliberation by the Board and defer those items for 

discussion at a later time. 

Ms. Ortiz then introduced Chairman McWilliams, who presided 

at the meeting. 

Chairman McWilliams welcomed the members to the third ComEIn meeting held virtually. Chairman McWilliams highlighted the 

FDIC’s financial inclusion work, acknowledging that the pandemic 

has exacerbated the challenges facing low- and moderate-income 

families. Chairman McWilliams emphasized the importance of 

these meetings, which provide a platform for the FDIC to hear 

from Committee Members and expand its views on what is going on 

in Members’ communities. 

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Chairman McWilliams tasked the FDIC to approach financial 

inclusion not only through the lens of whether someone has a 

checking account or credit card, but whether the financial 

system is working for them. Chairman McWilliams highlighted the 

FDIC’s work to promote the creation of positive banking 

relationships through its #GetBanked public awareness campaign 

in Atlanta and Houston. She also noted the addition of consumer 

resources to the FDIC’s website and the work of FDITech, the 

FDIC’s new Office of Innovation, to identify tools and data that 

can help meet the needs of the unbanked. Lastly, Chairman 

McWilliams announced the launch of the Mission Driven Bank Fund 

(“Fund”). She noted the Fund’s initial investors have pledged 

$120 million to further support minority depository institutions 

and community development financial institutions. 

Chairman McWilliams thanked the Committee members and FDIC 

staff, and then invited Director Gruenberg’s remarks. 

Director Gruenberg welcomed the Committee members and said 

he values their engagement and contributions to the discussion. 

He observed there was much to discuss at the meeting, with the 

uncertainty of the moment raising questions about the next few 

months, particularly the impact on low-and moderate-income 

communities and communities of color across the country. He 

said feedback from the Committee would be extraordinarily 

helpful to the FDIC. The pandemic, he said, has underscored the 

importance of access to the banking system for everyone in the 

U.S., and having an account with affordable terms has become a

necessity in our economy. Hence the basic mission of ComE-In is

equally or more relevant than ever. Finally, he said housing

affordability has reached extraordinary severity in both the

rental and homeownership markets, and the FDIC welcomes feedback

from Committee Members on that issue.

Chairman McWilliams thanked Director Gruenberg for his 

comments. Next she invited Director Hsu’s comments. 

Director Hsu welcomed the Committee Members and expressed 

his excitement about the meeting agenda, noting that, as Acting 

Comptroller, reducing inequality is one of his top priorities. 

He underscored Chairman McWilliams’ and Director Gruenberg’s 

comments regarding the extent to which the pandemic’s disparate 

impact on low- and moderate income communities revealed that 

“it’s expensive to be poor.” Director Hsu noted that banking 

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both exacerbates and alleviates that dynamic, and that the 

current period offers opportunities to tackle those issues headon. He reiterated Chairman McWilliams’ observation that 

serving those communities goes beyond simply opening the 

account, to demonstrating that the banking system has people’s 

backs. 

Director Hsu then expressed his interest in hearing 

Committee members’ thoughts on cryptocurrencies, particularly as 

a way to increase inclusion, given his understanding that some 

underserved communities have adopted cryptocurrency at a 

disproportionately higher rate than some other populations. 

Next, Chairman McWilliams introduced Mark Pearce, Director, 

Division of Depositor and Consumer Protection, to moderate the 

members’ roundtable discussion. 

Members’ Roundtable 

Mr. Pearce introduced a roundtable discussion on challenges 

and opportunities for inclusion facing the communities and 

organizations the Committee members represent. The Committee 

members discussed a range of issues, including the following: 

Member Bostic observed how cryptocurrency volatility makes 

it a riskier investment for low-wealth individuals. Member 

Bostic discussed a special committee the Atlanta Federal Reserve 

Bank (“Atlanta FRB”) has convened focusing on ensuring that 

innovations in payments are inclusive. Member Bostic also 

mentioned the Atlanta FRB strategic priority to increase 

mobility and resilience and their Advancing Careers for LowIncome Families initiative. He highlighted the Career Ladder 

Identifier and Financial Forecaster tool, CLIFF, which helps 

individuals receiving public benefits map their career choices 

to steer them towards financial self-sufficiency. It also 

clarifies the incentive problems created by certain public 

benefits that are tied to income. 

Member Camper emphasized the unified CRA rulemaking and the 

importance of having clear guidance. Member Camper discussed the 

BankOn initiative and ABA’s efforts to promote adoption of 

certified, Bank On accounts by its members. Member Camper 

expressed concern about policy proposals that de-link deposit 

taking and lending, such as credit accounts, postal banking, 

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public banks, and special purpose charters. Member Camper 

suggested that these proposals may encourage people to stay out 

of the banking system and noted that some alternatives present 

challenges, such as uneven regulation or consumer protection. 

Member Camper also expressed enthusiasm for the opportunity 

represented by technology and innovations that can assist banks 

in reaching low-income consumers. Member Camper closed her 

comments highlighting the increase in fraud that has occurred 

throughout the pandemic. 

Member Libby brought up the issue of non-custodial accounts 

for minors old enough to work, but not old enough to bank on 

their own. Member Libby discussed the movement among multiple 

organizations trying to improve financial inclusion for youth, 

highlighting an initiative for ‘opportunity youth’ who are 

disconnected from school and work. Member Libby highlighted 

pilot programs focused on providing guaranteed income and 

opportunities to integrate payments with bank account access and 

financial education. Lastly, Member Libby identified the issue 

of scams targeting youth and noted that her organization is 

trying to combat them. 

Member Mensah highlighted that new resources have been 

committed to institutions and services fostering financial 

inclusion, including to Community Development Financial 

Institutions (CDFIs). Member Mensah reiterated the importance of 

the Community Reinvestment Act (CRA) and her appreciation that 

regulators are working together. Member Mensah also discussed 

the Mission Driven Bank Fund and the importance of those funds 

to members on Native reservations, deeply rural communities and 

urban areas. 

Member Mintz also expressed excitement about the CRA effort 

underway. He added a concern that cryptocurrency may be luring 

people away from the mainstream banking system. Member Mintz 

then discussed how being unbanked hinders other local government 

efforts to advance economic stability, while consumers who have 

a banking relationship are more likely to increase savings and 

improve credit scores. Member Mintz provided an update regarding 

the Federal Reserve Bank of St. Louis’ BankOn National Data Hub 

that aggregates the data provided voluntarily by banks offering 

certified BankOn accounts, citing the number of accounts opened 

and the degree to which these accounts are reaching consumers 

living in minority communities. Finally, Member Mintz expressed 

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excitement about the child care tax credit payments as an 

opportunity to integrate bank access into government programs 

that offer recurring, large-scale payment streams. 

Member Tescher noted that having a bank account is just the 

beginning, and we need to start using frameworks to define and 

measure financial health. Member Tescher discussed Queen Maxima 

of the Netherlands’ financial inclusion work for the United 

Nations. Member Tescher advocated that the FDIC reevaluate its 

unbanked survey to explore more than just account ownership and 

product usage, including the outcomes of individuals’ engagement 

with those products. Member Tescher brought up the issue of 

overdraft and cited research that showed that Black and Latin 

households were more likely to report overdrafts than their 

white counterparts. 

Member Tetreault discussed the work she is doing in her new 

role at the California Department of Financial Protection and 

Innovation. Member Tetreault described the work of her agency to 

support responsible innovation and job creation through a 

combination of engagement, research and synthesis. She 

highlighted recent reports on consumer lending and the 

pandemic’s impact on housing and the related challenges of 

keeping people in their homes. Member Tetreault noted how more 

young people and people of color are investing in cryptocurrency 

and that consumer complaints regarding cryptocurrency are 

increasing. 

Mr. Pearce summarized the topics discussed by the members. 

Following the roundtable discussion, Ms. Ortiz thanked the 

presenters and announced that the meeting would stand in recess. 

FDIC Inclusion Tech Sprint 

The Committee reconvened at 2:35pm. Ms. Ortiz invited 

Sultan Meghji, Chief Innovation Officer, to introduce the panel 

that shared the results of FDITech’s recent Inclusion Tech 

Sprint: “Breaking Down Barriers: Reaching the Last Mile of the 

Unbanked.” 

Justin Cole, Presidential Innovation Fellow, Office of 

Innovation, provided an overview of the Tech Sprint. Then 

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Chelsea Cruz, Senior Community Affairs Specialist, described the 

Tech Sprint’s collaborative characteristics, common themes, and 

challenges. Fonta Gilliam, CEO, Wellthi, then shared solutions 

developed by the Discover-Wellthi partnership. Next, Kate 

Goldman, FinTech Program Lead, Milken Institute - Team 

iLluMInate, described her company’s approach to user-centered 

design. Then Tanya Van Court, Chief Executive Officer and 

Founder, Goalsetter, described her company’s approach to 

inclusive product innovation. Next, Winston Damarillo, Chief 

Executive Officer, Talino Ventures, and Faith Bautista, Chief 

Executive Officer, National Asian American Coalition, explained 

how their joint product, Spring, provides highly accessible 

loans to micro, small, and medium-sized enterprises, and 

explained how their partnership manages risk and retains high 

retain rates for small businesses. 

Member Mintz asked the panelists’ what the most successful 

strategy is for connecting the largest numbers of people to the 

panelists’ projects, and how the panelists think about scale as 

it relates to their solutions. 

Ms. Van Court responded that the most effective strategy 

for connecting people to Goalsetter’s work has been to go to 

where people are, and to partner with entities such as the 

National Bankers’ Association, non-profits that serve Black and 

Latino communities, with individual banks, and with larger 

organizations in the financial services sector, such as FiServe. 

Ms. Gilliam agreed, and said in terms of scale, in addition 

to the direct-to-consumer approach, the business-to-business 

approach helps develop solutions that can be integrated into the 

banking infrastructure that already exists, to scale much 

faster. 

Following the Inclusion Tech Sprint discussion, Ms. Ortiz 

thanked the panel and announced that the meeting would stand in 

recess. 

Housing Assistance Programs and Market Update 

The Committee reconvened at 3:30pm. Ms. Ortiz introduced 

Keith Ernst, Associate Director, Division of Depositor and 

Consumer Protection, to introduce and moderate the panel on 

housing assistance programs, including a housing market update. 

Ryan Goodstein, Senior Economist, Division of Insurance and 

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Research, FDIC, provided key data points about the housing 

market as a frame of reference for the discussion. Prasant Sar, 

Supervisory Policy Analyst, Federal Housing Finance Agency 

(FHFA), then detailed steps his group has taken to make 

forbearance options and other housing support available. Next, 

Tonya Tyler, Vice President, National Operations, NeighborWorks 

America, described the important role of housing counselors 

across the country. Then Sonia Joyner, Director of Home 

Ownership Programs, North Carolina Housing Finance Agency, 

provided a state-level view of the challenge to delivering 

assistance in a timely, effective manner. Introducing Ms. 

Joyner, Mr. Ernst noted that North Carolina was recently 

recognized as one of just three states to have deployed most of 

its funds from the first allocation from the federal rental 

assistance fund. Finally, Victor Galloway, Community Affairs 

Specialist, Atlanta Region, described how the FDIC supports the 

foregoing and related efforts. 

Following the panelists’ presentations, Mr. Ernst welcomed 

comments from the Committee members. Member Mintz asked about 

best practices and lessons learned for ensuring that mortgage 

servicers are engaging productively this time around with 

homeowners who are in trouble. 

Ms. Tyler responded by emphasizing the need to ensure that 

information is clear and consistent, and that mortgage servicers 

are connecting with housing counselors to ensure counselors and 

homeowners have all available information. 

Mr. Sar reiterated that clarity in communication is key, 

including a script for servicers provided by the FHFA, Fannie 

Mae, and Freddie Mac that conveyed in a uniform manner what 

actually constitutes forbearance. He said the script countered 

false messages that were circulating to the public, like the 

requirement of a lump-sum payment at the end of forbearance. He 

also cited the FHFA’s homeowner’s pamphlet for loss mitigation, 

which is published on the CFPB’s website. He said the FHFA also 

communicates directly with servicers via Frequently Asked 

Questions, so that servicers know the rules of the road for 

dealing with homeowners, particularly those in distress. 

Ms. Joyner then emphasized that the state agencies have 

collaborated to ensure they are all speaking the same language 

when communicating with servicers. Now that each state has 

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access to relief funds, she said, the state agencies want to 

ensure borrowers across the nation are treated similarly. 

Mr. Ernst then asked the panelists for their key takeaways 

from the current pandemic, and whether they see a need for 

adjustments going forward, as consumers need differential 

assistance as current supports are withdrawn over time, such as 

changes in unemployment compensation, or changes in foreclosure 

and eviction moratoriums. Mr. Sar responded that the FHFA is 

concerned about homeowners who have been in forbearance a long 

time, which necessitates dynamic adjustments. He contrasted the 

current housing crisis with the previous crisis, in that the 

pandemic crisis is very uneven, with many peaks and troughs, 

whereas the prior crisis featured staggering unemployment, house 

prices declined significantly over an extended period, and both 

the economy and its hardships are quite different now. He 

emphasized that FHFA, Fannie Mae and Freddie Mac remain prepared 

to institute changes as the data evolves. 

Mr. Ernst then asked the panel for any closing thoughts. 

Ms. Tyler responded that in addition to conversations like this, 

staying connected and in communication to share information 

within their network is key to understanding what is happening 

in real time. Ms. Joyner agreed, adding it was helpful to her, 

at a state agency, to hear the work others are doing, which 

helps counter any silo effect. She also said that panels like 

this help get the word out that funding and assistance are 

available for individuals struggling with foreclosure and 

eviction. Mr. Galloway emphasized the importance of being the 

trusted advisors to counter consumers’ fear of misinformation 

about forbearance or other options that breeds hesitancy to seek 

help. Relatedly, he stressed the importance of delivering 

consistent communication to bolster credibility. 

Tax Time Opportunity to Expand Account Access 

Following the housing panel, Ms. Ortiz thanked the 

participants and introduced Mia Sowell, Senior Community Affairs 

Specialist, Division of Depositor and Consumer Protection, to 

moderate the final panel of the day, concerning tax season 

opportunities to expand account access and financial well-being. 

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Ms. Sowell provided highlights of the recent public 

awareness advertising campaign to encourage unbanked individuals 

to join the banking system. Then she introduced the panelists, 

who presented as follows: 

Jenny Vongxay, Volunteer Income Tax Assistance (VITA) 

Program Coordinator, Connecticut Association of Human Services 

(CAHS), described how CAHS and VITA programs help families claim 

and receive the child tax credit, and provide other tax and 

banking assistance. Next, Daniel Dodd-Ramirez, Assistant 

Director, Office of Community Affairs, CFPB, described how his 

federal agencies and others partner with VITA and similar 

programs, to ensure families receive their tax refunds and child 

tax credits. 

Ms. Sowell thanked the presenters and welcomed questions 

from Committee members. Member Camper commented with regard to 

the data that most banks no longer consider BankOn accounts as 

“second chance accounts.” Instead, she said the data shows the 

number of people who lack other options besides opening a BankOn 

account roughly equals the number of people who can choose a 

full service account but make the affirmative choice to open a 

BankOn account, eliminating any previous stigma. 

Member Camper then asked Ms. Vongxay what CAHS and the VITA 

program could use from regulators and trade associations to 

ensure proper collaboration, and whether most of the people who 

come to VITA are already banked, and how VITA overcomes any 

hesitation to open an account. Ms. Vongxay responded that most 

VITA clients already have bank accounts, but during tax season 

many seek help contacting the IRS after changing banks, or 

otherwise receive their refunds or credits into a different 

account. She said VITA discourages clients from using thirdparty accounts that can divert and delay refunds, credits and 

economic impact payments. Meanwhile VITA advises clients to open 

BankOn accounts. 

Ms. Sowell then asked Mr. Dodd-Ramirez for resources or 

services the CFPB offers to families interested in preserving 

their tax refunds, noting that this year many families could 

receive their largest refunds ever. Mr. Dodd-Ramirez cited 

CFPB’s virtual financial coaching programs, as well as the 

CFPB’s Covid Response web page. 

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____________________________________ 

Closing Remarks 

Following the final panel, Ms. Ortiz thanked all who 

dedicated their time to the meeting, and then invited Chairman 

McWilliams to provide closing remarks. 

In closing, Chairman McWilliams thanked staff as well as 

Committee members for their comments and the work they perform 

on the ground. She also expressed her hope that Committee 

members, staff, and their families remain safe, and that the 

next meeting would be in person. 

There being no further business, the meeting adjourned at 

4:52 p.m. 

Debra A. Decker 

Deputy Executive Secretary 

Federal Deposit Insurance Corporation 

And Committee Management Officer 

FDIC Advisory Committee on Economic 

Inclusion 

October 7, 2021 

583
Minutes 

of 

The Meeting of the FDIC Advisory Committee on Economic Inclusion 

of the 

Federal Deposit Insurance Corporation 

Held Via Webcast 

Federal Deposit Insurance Corporation Building 

Washington, D.C. 

Open to Public Observation 

October 7, 2021 – 1:00 P.M. 

I hereby certify that, to the best of my knowledge, the attached minutes are accurate and 

complete. 

Jelena McWilliams 

Chairman 

Board of Directors 

Federal Deposit Insurance Corporation