1

 FEDERAL DEPOSIT INSURANCE CORPORATION

 + + + + +

 ADVISORY COMMITTEE ON ECONOMIC INCLUSION

 + + + + +

 MEETING

 + + + + +

 THURSDAY

 MAY 13, 2021

 + + + + +

 The Advisory Committee convened at

1:00 p.m. EDT via Video Teleconference, Jelena

McWilliams, Chairman, presiding. 

PRESENT: 

RAPHAEL BOSTIC, President and CEO, Federal

Reserve Bank of Atlanta 

NAOMI CAMPER, Chief Policy Officer, American

Bankers Association 

MAURICE JONES, CEO, OneTen

MARGARET LIBBY, President, MyPath

LISA MENSAH, President and CEO, Opportunity

Finance Network 

JONATHAN MINTZ, President and CEO, Cities for

Financial Empowerment Fund

PAMELA PATENAUDE, Moultonborough, New Hampshire

JENNIFER TESCHER, President and CEO, Financial

Health Network 

CHRISTINA TETREAULT, Senior Policy Counsel,

Consumer Reports 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
2 

ALSO PRESENT: 

JELENA McWILLIAMS, Chairman, FDIC

MARTIN GRUENBERG, Board of Directors, FDIC

DAVID UEJIO, Acting Director, Consumer Financial

Protection Bureau 

DAVID EHRICH, Co-Founder and Executive Director,

Alliance for Innovative Regulation (AIR)

KEITH ERNST, Associate Director, FDIC Division of

Depositor and Consumer Protection

JOHN GONZALEZ, Regional Community Affairs

Specialist, FDIC, DCP

ELAINE HUNTER, Regional Community Affairs

Specialist, FDIC, DCP

SULTAN MEGHJI, Chief Innovation Officer, FDIC

JONATHAN MILLER, Deputy Director, FDIC Division

of Depositor and Consumer Protection

ROB MORGAN, SVP Innovation and Strategy, Office

of Innovation, American Bankers Association

ELIZABETH ORTIZ, Deputy Director, FDIC, DCP

LUKE REYNOLDS, Section Chief, FDIC, DCP

DAVID ROTHSTEIN, Senior Principal, Cities for

Financial Empowerment Fund

MIA SOWELL, Senior Community Affairs Specialist,

FDIC 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
3

 C O N T E N T S 

AGENDA ITEM: PAGE 

Opening Remarks. . . . . . . . . . . . . . . . . . 4 

Expanding Inclusion through Technology

and Innovation 

Panelists: 

Members Roundtable . . . . . . . . . . . . . . . .13 

Moderator: Keith Ernst . . . . . . . . . . . . . .71 

Sultan Meghji. . . . . . . . . . . . . . . . . . .78

David Ehrich . . . . . . . . . . . . . . . . . . 101 

Expanding Account Access: #GetBanked 

Moderator: Elizabeth Ortiz . . . . . . . . . . . 134 

Panelists: 

Mia Sowell . . . . . . . . . . . . . . . . . . . 139 

Luke Reynolds. . . . . . . . . . . . . . . . . . 149 

Elaine Hunter. . . . . . . . . . . . . . . . . . 159 

John Gonzalez. . . . . . . . . . . . . . . . . . 168 

David Rothstein. . . . . . . . . . . . . . . . . 177 

Rob Morgan . . . . . . . . . . . . . . . . . . . 188 

Closing Remarks. . . . . . . . . . . . . . . . . 201 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
4 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

P-R-O-C-E-E-D-I-N-G-S

 (1:03 p.m.)

 MR. MILLER: Hello, everybody. 

Welcome to the meeting of the Advisory Committee 

on Economic Inclusion. I'm just going to read a 

statement at the start of the meeting, and then 

I'm going to turn it over to Chairman McWilliams.

 Under the Government in the Sunshine 

Act, whenever a quorum of the FDIC's Board of 

Directors deliberates on agency business such as 

regulation or a matter of policy, the Board's 

meeting generally is required to be open to the 

public and is subject to certain notice 

requirements.

 This meeting is not a Board Meeting 

called for such purposes. Accordingly, general 

discussions which may occur among Board members 

at this meeting on subjects relevant to the 

FDIC's responsibilities but which do not pose 

specific issues for official Board resolution 

either now or reasonably anticipated in the 

future do not constitute a meeting that is 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
5 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

required to be open to the public and subject to 

the notification requirements in accordance with 

the Sunshine Act.

 Similarly, informal or exploratory 

discussions among Board members do not constitute 

a meeting that is required to be open to the 

public and subject to the notification 

requirements provided that any such discussions 

are preliminary in nature, that there are no 

relevant proposals for action pending before the 

FDIC, and that the merits of any proposed agency 

action would be open to full consideration by the 

Board at a later time.

 If during the course of this meeting 

staff identifies matters that should be discussed 

by Board members at a subsequent Board meeting in 

order to comply with the Sunshine Act, staff will 

advise the Board members that those matters 

should be deferred and presented to the Board in 

a meeting at a later date at which time Board 

members can engage in full deliberations on the 

proposals. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
6 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Thank you very much, and Chairman 

McWilliams, let me turn the meeting over to you.

 (Pause.)

 MR. MILLER: Chairman McWilliams, you 

may be on mute.

 CHAIRMAN McWILLIAMS: All right. So 

now I should be -- can you hear me okay?

 MR. MILLER: Yes. We hear you now.

 CHAIRMAN McWILLIAMS: All right. 

Well, good afternoon and welcome to this meeting 

of the Advisory Committee on Economic Inclusion, 

better known as the ComE-In.

 And the reason that Jonathan had to 

give that disclosure is because we have an 

unusually high number of FDIC Board Members in 

attendance today, which I am very grateful for. 

And we run into the issue of having a quorum for 

the purposes of the Board Meetings. But it's 

really a good thing because the issues we're 

going to discuss today are very timely, 

especially in light of the pandemic and the 

impact of the pandemic on low and moderate income 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
7 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

communities.

 I want to thank you all for joining us 

virtually for the second year in a row and for 

dedicating your time to the issues we're going to 

cover.

 The FDIC has seen meaningful 

improvements in recent years in reaching the last 

mile of unbanked Americans. Based on results of 

our biannual survey, the proportion of U.S. 

households that were banked in 2019, 94.6 percent 

was the highest since the survey began in 2009. 

But despite these improvements, much remains to 

be done as we know that over 7 million households 

do not have a banking relationship to deposit 

their checks or with which to save for unexpected 

expenses. And this was only exacerbated last 

year as banks rushed to provide payments from PPP 

and other government programs to consumers and 

individuals as well as small businesses, and we 

knew that at that point in time -- anecdotally we 

heard issues, especially for people who did not 

have an existing banking relationship in terms of 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
8 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

obtaining that check.

 Though there are many signs of hope 

for our communities, we are still in the midst of 

a pandemic that continues to disrupt the daily 

lives of all Americans. I like to believe that 

there is light at the end of the tunnel but even 

with that, we are particularly mindful of the 

disproportionate economic and health challenges 

that minority and low and moderate income 

communities have borne throughout the pandemic 

and going into the pandemic.

 Our meeting this afternoon will start 

with a member roundtable. We want to hear from 

you and from the work you're doing on the ground, 

the communities that you work with every day. 

Your input is really valuable to us to help us 

inform our process here at the FDIC and how we 

approach these issues. As you know, we have had 

longstanding, I would say, priorities as a 

corporation, as a government agency to work on 

financial inclusion issues, and that work will 

not cease. In fact, we're just looking how can 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
9 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

we even expand our efforts and do more.

 Before turning to our program today, 

which I promise is excellent, I would like to see 

if any of the other Board members have any 

comments they would like to make. Director 

Gruenberg?

 DIRECTOR GRUENBERG: Yes. Thank you, 

Jelena.

 CHAIRMAN McWILLIAMS: Thank you.

 DIRECTOR GRUENBERG: I also would like 

to welcome the members of the FDIC's Advisory 

Committee on Economic Inclusion and thank them 

for taking the time to participate in today's 

meeting, particularly pleased to welcome Acting 

CFPB Director and FDIC Board Member David Uejio. 

I am very pleased he can take part in today's 

meeting.

 One of the many lessons we've learned 

in the challenge of coping with the pandemic is 

the critical importance for everyone in the 

United States to have access to a bank account 

and to be able to receive payments by direct 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
10 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

deposit. This is true in normal times and takes 

on a particular urgency during times of stress 

and the value of being able to receive direct 

deposit of public benefits is especially acute.

 In that regard, I would like to 

acknowledge the work of this advisory committee 

in conjunction with the career staff of the FDIC 

in developing the so-called safe account template 

of a low-cost account-based debit card as a 

vehicle to provide affordable access to the 

banking system for everyone in the United States. 

I think this was a real contribution.

 As we know, the safe account template 

served as the basis for the Bank On account, 

which is now being promoted by the Cities for 

Financial Empowerment and is being offered by 

banks across the country and is also being 

supported by the leading banking industry trade 

associations. That progress traces back to the 

work of this committee, so I wanted to take this 

opportunity to acknowledge that. And we'll hear 

more about that work on one of the panels this 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
11 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

afternoon.

 So let me conclude by saying I 

particularly look forward to the roundtable 

discussion with the committee members this 

afternoon, and I want to thank you all again for 

participating in today's program. Thank you.

 CHAIRMAN McWILLIAMS: Thank you, 

Marty. Do we have Director Uejio with us, and if 

so, Dave, do you have any comments you would like 

to share?

 DIRECTOR UEJIO: Sure. Thank you. 

I'm certainly glad -- I'm happy to keep my 

remarks brief, very excited to share about all of 

the great work of the committee. Thank you for 

this opportunity and good afternoon, committee 

members. It is a pleasure to be here with you 

today.

 I'll be keeping my remarks brief, but 

did want to mention that during my tenure as the 

Acting Director of the CFPB, I have made racial 

and economic equity a central focus and indeed 

one of my top two priorities at the Bureau. So 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
12 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

this conversation is very important to me 

personally. And in doing so, we think a great 

deal about the component tree they're in and 

really think that it is important for there to be 

freedom from discrimination and free access to 

capital for underserved communities.

 So I'm very interested to hear about 

the work of the committees and look forward to 

getting a briefing on the things that you are 

doing and seeing through your work in this space. 

Thank you and turning it back to the Chair.

 CHAIRMAN McWILLIAMS: Thank you, Dave, 

very much. Thank you. I will now turn it to 

Jonathan Miller to get us started with an 

excellent program we have today. And thank you, 

again, for your time and interest in helping us 

get to the bottom of these issues that matter for 

everybody in the United States of America. Thank 

you. Jonathan?

 MR. MILLER: Thank you very much, 

Chairman McWilliams. So as the Chairman 

mentioned, we're now going to start our member 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
13 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

roundtable where we go around and hear a little 

bit about the challenges and work that our 

committee members are doing. So Raphael Bostic, 

if you would start off, please?

 MEMBER BOSTIC: Sure thing, Jonathan. 

Thank you and good afternoon. I want to first 

say thank you to Chair McWilliams and Board 

Members Gruenberg and Uejio for allowing us to 

get together. This is really a good committee, 

and I've always enjoyed it. And Dave, this is 

two weeks in a row for us so I have to say it's 

good to see you again.

 We are doing a lot on the economic 

inclusion front and, you know, I could talk about 

this a lot, for hours. I know I only have seven 

minutes. I'm going to try to keep this quick, 

but I would want to mention our "racism in the 

economy" series that, people, I hope you're all 

subscribed to and watching as well as webinars 

that our bank is doing to offer advice to 

recovering -- how to recover from the pandemic to 

small businesses. We're doing this particularly 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
14 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

with small businesses of color because that is 

going to be an important -- really important body 

of institutions for us if we're going to see a 

recovery really happen.

 But I'm going to spend most of my time 

today talking about a new initiative which we are 

calling "the Special Committee on Payments 

Inclusion." This committee is really a follow-up 

to a whitepaper that our bank released in 

September of 2020, and that paper was motivated 

by two organizational strategic priorities; the 

one is to increase economic mobility and 

resilience, and the second is to promote safer 

innovation in payments.

 And in the paper, we noted that 

innovations in payments are proliferating, which 

is a good thing, but we also observed that these 

innovations and this progress have the unintended 

consequence of excluding people, particularly 

those who primarily use cash and those who lack 

access to our credit or debit card. Now at our 

bank, we've taken on a model of an economy that 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
15 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

works for everyone. And if we're really going to 

take that notion seriously, this idea -- or this 

reality that innovation might actually lead to 

excluding people is something we have to take 

seriously and find solutions to. So the 

committee is really our response to that.

 Now we are not alone in being 

interested in this topic, so what we thought we 

would do is bring together representatives from 

the banking sector, from the payments industry 

itself, retailers, academics, and folks from the 

Government to come together to find those 

solutions and to figure out what kind of 

innovations can advance economic mobility and 

resilience in my District, in the 6th District, 

and beyond. And our north star is to advance 

ubiquitous access to safe, efficient, and 

inclusive payments for everyone.

 And what we're going to do is we're 

going to have this be as evidence-based as 

possible. We're going to convene a -- going to 

try to build a research agenda that will guide us 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
16 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

and answer questions that will help us to find 

solutions. And then ultimately, we're going to 

come up with recommendations to industry and 

policy makers on things that might be done.

 We have 17 members on the committee, 

and I'd say it is a broad-based group. And I 

want to thank the FDIC in particular for agreeing 

to provide a member, Mark Pearce, to this 

committee. We're really looking forward to the 

guidance and the insights that he and other will 

give.

 We're standing this up. One thing 

we're trying to do at our bank is be clear and 

explicit about the charge for particular 

institutions and bodies, to give this a charter, 

and with a charter, we intend -- with a charter, 

we intend this to be up for about two years. And 

at the end, we're going to hopefully have a good 

set of recommendations to move things forward.

 Let me just close by saying that this 

issue would be solved, this issue of exclusion 

would be solved if we found a solution to the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
17 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

issue of people being unbanked. But we've had 

this issue and problem for a long time. Actually 

the unbanked was an issue when I started as a 

professional. I got my PhD 25 years ago, we were 

talking about this. And Chairman McWilliams 

noted that there has been progress made, but she 

also noted that the problem still persists. So 

you know, one of the things that we're going to 

think about is whether there are some alternative 

parallel approaches that also might help move the 

dial in this regard.

 We had our kickoff meeting last week. 

Our conversation was very interesting, lots of 

topics that have been raised, like why are people 

using cash; what are the use cases for that; what 

are the market needs for people; what are the 

frictions that are preventing them from either 

getting a bank account or being able to access 

some of these new payment vehicles. And so we're 

going to continue to have these conversations, 

and I'm just really excited about it. I think 

it's going to be something that's is going to 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
18 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

really produce some alternative and additional 

avenues for economic inclusion.

 So we're going to keep working, and 

I'm really looking forward to giving you all 

updates on our progress as we go through these 

next two years. So I'll stop there, and I'll 

send it back to Jonathan.

 MR. MILLER: Thank you very much, 

Raphael. Came in in plenty of time, too. 

Jonathan Mintz?

 MEMBER MINTZ: Thank you so much. I'm 

really pleased to be here, and I appreciate the 

opportunity. I appreciate the work of this 

panel, and I think this meeting comes at a great 

time.

 You know, I'm just going to make 

really just one or two quick observations. You 

know, we've all been working on banking access 

for many years from the FDIC leadership all the 

way to grassroots community efforts. And I have 

to say I have never seen this work, this topic be 

more front and center in the American 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
19 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

consciousness. You know, sometimes working at a 

national level, and I'm sure working at a federal 

level, you can wonder whether needles really move 

at a programming level, at an individual level. 

And I think what we're seeing in the banking 

access field is really a very new present front 

and center phase.

 Part of that is, of course, the 

pandemic. You know, a crisis not only creates 

opportunities sometimes, but it also lays bare 

key underlying conditions. And I think that 

America learned and witnessed up close a really 

compelling explanation for why we talk about 

banking access, why banking access matters, why 

being banked is more than an adjective.

 When the IRS and the Government told 

Americans that if they didn't have a bank 

account, they were going to have to wait months 

longer to get their stimulus payments and then 

have to navigate what to do with those checks, I 

think that message was driven home loud and 

clear. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
20 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

You're going to hear a lot more on 

today's panel about the work of Bank On and other 

related efforts, and I'm not going to steal that 

thunder. But you know, what I'm seeing is an 

explosion of local programming, whether it's 

weaving banking access into jobs programs, into 

new guaranteed income programs, into utility 

allowance connections, into municipal employee 

programming, on and on and on, the idea of 

banking access being part of those local payment 

streams is becoming an increasingly mainstream 

idea. And again, you'll hear more about that.

 You are seeing -- without commenting 

on the individual merits, you are seeing an 

explosion as well in state and in federal banking 

access policy ideas. And whatever you think 

about those individual ideas -- and I'm sure we 

all have our own opinions -- the fact that that's 

what so many of our policy leaders are talking 

about and paying attention to I think is 

incredibly encouraging and exciting.

 You have the American Bankers 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
21 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Association telling its thousands of members this 

is priority number one, and we're not asking you 

to take a hit. We are inviting you to step 

forward into Bank On certified accounts and the 

opportunity to bring people this last mile that 

the Chairman referred to, to bring them home into 

the system.

 And you have the IRS, the mother lode 

of direct payments to America talking about and 

referring people to opening Bank On certified 

accounts, as Mr. Gruenberg mentioned, you know, a 

product of the FDIC's safe account pilot years 

back, telling people and having the White House 

telling us all that thinking about making these 

upcoming child tax payments banking access 

payment opportunities, that kind of elevation of 

this work is sort of breathtaking.

 And what I want to say is that none of 

that would have been possible, we would not be 

here to meet that moment that we find ourselves 

at without the leadership of the FDIC, from 

senior leadership through career staff, the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
22 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

dedication to making this work and to making it 

literal yet at such a large scale has brought us 

to a very exciting point.

 So thank you very much. Looking 

forward to you all hearing more about the work at 

the panel, and I'm interested in hearing about 

everyone else's work. Thank you.

 MR. MILLER: Thank you, Jonathan, and 

that's a terrific segue to our next speaker, 

Naomi Camper from the ABA.

 MEMBER CAMPER: Great. Thank you. 

Can you hear me? Terrific. First, let me 

amplify the last thing that Jonathan Mintz said, 

which is without the vision of the FDIC and the 

staff and the creation of the unbanked survey 

that has shone a spotlight for years and years on 

the problem of people being outside the banking 

system, we would not be able to measure our 

progress or even to quantify the scope of the 

problem. So thanks to all of you who are little 

boxes on the screen without a picture, but we see 

you and we know the work that you've put into 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
23 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

this.

 I want to -- I know I have seven 

minutes. No one's used that time, so I'm going 

to try to come in under as well. I want to lean 

in on the moment we have before us, because we 

know the power of this committee to get things 

done. Jonathan Mintz just mentioned July as a 

banking access moment when millions of families 

will be getting the first of a recurring monthly 

payment for child tax credits. This is an 

incredible opportunity for us to have a call to 

action for those who are currently unbanked and 

give them a reason to become banked and give them 

a timeframe to do it. And we can only have the 

advance runway to make this a successful get 

banked moment if the IRS can re-launch its "Get 

My Payments" portal. It did so for the first 

round of stimulus payments, and it made it 

interactive. It allowed -- our understanding is 

10 million people had the opportunity to enter 

direct deposit information into the GMP portal, 

and it allowed them to avoid getting a paper 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
24 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

check, the slow nature of getting that, and also 

for those outside the system, it allowed them to 

avoid check-cashing and other fees and safety 

issues that go along with getting a paper check.

 If we can leverage this moment, if the 

IRS can give us some lead time, launch that 

payment portal, the industry, non-profits, 

government can all work together for a massive 

call to action to get people banked. And that's 

where the Bank On initiative comes in, and that's 

where the FDIC's leadership in creating the safe 

accounts and the standards that are now embodied 

in the Bank On national standards, we have a 

growing number of banks offering certified 

accounts. We have scale across the country, and 

we have a standard that we know works for those 

households who, for a variety of reasons, remain 

outside the system.

 So the scaffolding is all here, and 

the moment is upon is. So I would just urge us 

all to use our voices as ComE-IN members and 

observers to make this moment, the most of it, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
25 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

happen.

 Also, just we're talking about 

challenges and opportunities, so just to provide 

a little bit of perspective into how the banking 

industry is thinking about the challenges and 

opportunities, we heard from the beginning, of 

course, the pandemic -- and Director Gruenberg 

mentioned this -- the pandemic really reemphasized why banking accounts are important. 

We saw it with PPP. We saw it with EIP and a 

whole variety of challenges through the pandemic.

 At the same time, we're seeing in the 

policy arena a lot of discussions that really go 

to the heart of what it means to be banked or to 

be a bank. We see the OCC pushing boundaries 

about who merits a banking charter. The Fed is 

looking into who should have access to the 

payment system, and President Bostic mentioned 

the new initiative that's underway. Members of 

Congress are exploring whether the U.S. Postal 

Service or whether the Federal Reserve should 

essentially take on consumer banking functions, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
26 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

and the list goes on.

 And as Jonathan mentioned, we'll all 

have our different opinions about that, but the 

discussion really is front and center. So it's 

not going to surprise anyone that the American 

Bankers Association believes that banking 

accounts are the right answer.

 We would love -- well we haven't 

gotten from 7 million down to 0. We do think 

that the progress is mounting. But we also want 

to reinforce that we don't think a banking 

relationship is simply transactional and 

embodying just a few discreet transactions. And 

so the growth that goes along and the growth 

potential of having a true banking relationship 

is what we're after. It's not just about a 

direct deposit. It's about credit. It's about 

mortgages. It's about investment accounts. It's 

about opportunities. So we're keeping our eye on 

that ball.

 We also recognize the importance of 

coalitions and partnerships with non-profits and 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
27 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

governments, because one of the reasons that 

there are people outside the banking system is 

the need to establish or reestablish trust with 

them. And so we are very grateful for the 

collaboration that we see every day.

 There are a lot of other things we've 

been involved with. We don't have time to talk 

about it. I did want to flag one last thing that 

we haven't really talked about, but for the 

committee's radar screen is just the increase in 

fraud that banks and their customers are 

encountering with a lot of the issues related to 

the pandemic. So I will end there because I 

don't want to have Jonathan Miller give me the 

evil eye. But you know, happy to talk to anybody 

on the committee about our foreclosure prevention 

efforts, our fraud prevention efforts, our 

continued working through PPP and EIP.

 With that, I will turn it back. So 

Get My Payments portal, let's open it up and 

let's work together. Thank you.

 MR. MILLER: Thank you so much, Naomi. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
28 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

That was terrific. Pam Patenaude.

 MEMBER PATENAUDE: Thank you, 

Jonathan. Thank you, Chairwoman McWilliams, for 

hosting us today, and hello to the other members 

of the FDIC Board and my fellow advisory board 

members.

 I'm happy today to report on some 

progress that's being made in Puerto Rico. The 

pandemic certainly has slowed down the recovery 

efforts, but I'm happy to say that the new 

Administration, under the leadership of Secretary 

Fudge at HUD, has unlocked critical resources for 

the island recently. They made provisions to 

provide an additional $3.2 billion of the $20 

billion that was allocated to Puerto Rico for the 

community development block grant disaster 

recovery funding.

 The numbers are not overwhelming. To 

date only 828 families have been helped with the 

R3 program, which is the recovery -- housing 

recovery program. And the main obstacle there is 

the inability to prove ownership. Title issues 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
29 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

have plagued the island for decades but owners 

are having a very difficult time. Many times 

families have multiple homes on one plot of land, 

and other members of the family have to sign off. 

So that progress continues to be slow. I don't 

know what the solution is to that problem but I 

know that is what's going to hold back the 

recovery. It's been 24 months since Maria made 

landfall, so I'm hopeful as this pandemic eases, 

that we will begin to see the money flow faster 

on the island.

 And then I'd just like to touch on the 

work that I'm doing. I'm working with several 

states on implementing the home ownership 

assistance fund program, the $9.9 billion that 

was appropriated through the American Rescue Act. 

I'm happy to say that the Treasury guidance 

encourages the grantees, the states or the state 

HFAs to target the program to socially 

disadvantaged individuals, and that is defined by 

the SBA definition.

 Those programs are literally just in 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
30 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

the formulation stage right now, and what I hope 

to be able to do is help states identify the 

populations that may not have asked -- may not be 

in a forbearance program and may not have 

communicated with their servicers.

 So I want to yield back my time, 

Jonathan, to my fellow advisory board members. 

Thank you.

 MR. MILLER: Thank you so much, Pam, 

for both those reports. I'll be interested to 

hear going forward about the home ownership 

assistance fund. It's so important and we know 

that the concern for the folks who have not been 

in touch with their servicers. Jen Tescher.

 MEMBER TESCHER: Good afternoon, 

everybody. It's nice to be here and I really 

have enjoyed the comments that have been made so 

far and hearing everyone's passion on the issues.

 We have been putting out a tremendous 

amount of research the last few months at the 

Financial Health Network, and I'm going to just 

share a couple highlights with you, because I 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
31 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

think it really speaks to some of the issues 

we've been talking about so far.

 So you know, we've been talking about 

the importance of banking access, how much the 

pandemic demonstrated that. We put out a paper 

in partnership with Brookings around the uses, 

payment methods, and cost to recipients of the 

Economic Impact Payments, essentially the 

stimulus payments that were made. We used 

publicly available data and our own pulse data to 

estimate how long recipients waited to receive 

their EIP, how much in fees some of them may have 

paid to access it, especially those that didn't 

have bank accounts, and how they ultimately used 

their EIP.

 So at the time we wrote this report, 

it was 1 in 20 eligible recipients had still not 

received their EIP after six months. Only 45 

percent of the EIPs were distributed in the first 

wave. It took almost four months to distribute 

90 percent of the EIP money. This is the first 

wave, the CARES Act wave. One in 10 Americans 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
32 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

received a paper check under the CARES Act 

despite having a bank account. So those weren't 

even unbanked people. Those were folks who had a 

bank account but chose to receive a paper check. 

Over 3 million paper checks from that EIP 

distribution were cashed through check cashers, 

and we estimate that a family of five could have 

paid $195 or more in check cashing fees in some 

states. And if you do the math, CARES Act EIP 

recipients paid an estimated $66 million in check 

cashing fees to essentially gain access to 

stimulus relief money.

 The most common uses of those funds 

were for spending, housing, and bills, not 

surprisingly.

 And the report, at the end, goes on to 

talk about some recommendations to ensure that 

future direct stimulus programs run more 

smoothly. Now certainly, things have gone more 

smoothly since that very first round. And as 

Naomi mentioned, a big part of that was the IRS 

portal. And I really echo her call for the IRS 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
33 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

to relaunch that portal, because the child tax 

credit represents almost an even more important 

opportunity, because it's not a one-time lump 

sum. It's going to -- portions of it are going 

to be paid monthly.

 And I would go a step further and 

recommend that the IRS not just put up the portal 

and allow people to enter direct deposit 

information but that they enable taxpayers and 

potential recipients of the child tax credit to 

apply for and open a bank account right on that 

portal. There are lots of ways they could think 

about doing this, leveraging private sector 

accounts, but I think the more we can give the 

people the opportunity in the moment to get that 

account, the better off we're going to be.

 We also released a report called our 

FIN health spend report. For the last decade, 

we've been releasing a report that sort of totals 

the amount of money in interest and fees that are 

being spent by underserved consumers on financial 

services every year. And this year we made a 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
34 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

methodological improvement, and it enables us to 

not only describe how much people are spending in 

aggregate but to break down how much people are 

spending by race and ethnicity, by income, by 

their level of financial health. And I think 

it's important here because as important as it is 

as a baseline to get people into bank accounts. 

The work doesn't stop there, right? If we really 

want to improve people's financial health, we've 

got to be thinking about how they use those 

accounts, how those accounts are priced and 

structured, et cetera.

 So just a couple of statistics here. 

Across the two dozen-plus financial products and 

services that we benchmarked, people spent $303 

billion in interest and fees last year. And not 

surprisingly, consumers struggling with financial 

health, Black and Latinx households and low to 

moderate income consumers spent a greater share 

of their income on interest and fees contributing 

to the widening gap.

 So as an example, Black households 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
35 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

spent on average 6 percent of their income on the 

financial services we studied. Latinx households 

spent 5 percent. White households spent 3 

percent. Or another view on that would be the 

most financially vulnerable households spent, on 

average, 13 percent of their annual income on the 

products studied, whereas financially healthy 

households spent just 1 percent.

 Another couple -- another few stats 

that are just really depressing. Black 

households are 2.7 times more likely to use pawn 

loans than White households. Latinx households 

are 3.1 times more likely to use payday loans 

than White households, and low and moderate 

income households are 1.8 times more likely to 

have overdrafted than non-LMI households.

 It's one of the reasons why one of the 

things that we're thinking about and focusing on 

is how can we permit financial institutions to 

collect demographic information on their 

customers so that they can understand outcomes 

across different racial, ethnic differences while 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
36 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

at the same time not using that data in a way 

that would be improper or illegal, frankly, for 

lending. Like on the one hand, we're really 

encouraging financial services firms to recognize 

that they have a role to play in closing race 

gaps, but we're hamstringing them by not enabling 

them to gather and then disaggregate their own 

data to understand amongst their own customer 

bases what those gaps look like. And so that's 

one thing that we're really interested in and 

starting to have some conversations about.

 I think I'll pause there. There's 

more I could say, but everyone else has done such 

a nice job. I don't want to be the outlier.

 MR. MILLER: Thank you so much, Jen. 

A lot of really interesting data. We'll look 

forward to digging into it at some point. Thank 

you so much. So next, Margaret Libby?

 MEMBER LIBBY: Great. Thank you, 

Jonathan, and it's just -- it's great to be here 

with all of you and hear all of the reflections 

and calls to action that folks have shared to 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
37 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

date. And I want to echo or start by echoing a 

couple of the comments of other committee members 

in really recognizing and acknowledging the 

leadership of the FDIC around this banking access 

financial inclusion issue, you know, stretching 

back to the safe account. And I think so much --

you know, as others have said, so much of that 

work is paying off, you know, in these recent 

months. And just also to acknowledge the 

comments that there is still, you know, work left 

to be done.

 And I think one of the areas that we 

see in our work where there is a need to kind of 

extend these banking rails that we're talking 

about which really, I think, are the economic 

rails in a lot of ways that our economy and 

payments, as we've all seen and folks have 

commented on, it's the economic rails if you're 

not in banking, you're really -- you're not able 

to participate and benefit from so much of this 

stimulus and kind of rebuilding that's happening.

 And so the thing that we really see in 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
38 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

our work is just this need to extend those rails 

to working young people who are old enough 

legally to have a job and earn their own income 

independently but not old enough to bank on their 

own. And that presents a major challenge for a 

number of young people who don't have adults in 

their lives. And so whether that's foster youth. 

There are a number of kinds of young people that 

this is a serious issue for, and I think, you 

know, with Jen's data around the costs, the high 

costs of banking and being underbanked for Black 

and Latinx families, if we think about all of 

those families as young people, a few years, you 

know, prior to where they are now and the 

opportunity of youth employment and youth 

workforce systems as a platform that exists in 

communities all around the country as a really 

powerful touchpoint to engage Black and Latinx 

low income young people and young adults in 

banking. I think that's something that I would 

love for this committee to, you know, continue to 

think about and focus on. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
39 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

And I think going back to sort of 

crediting the FDIC for real leadership around 

this issue, Luke Reynolds, who I think we might 

be hearing from later, was part of and kind of 

leading a project around youth -- or noncustodial savings accounts for young people with 

a dozen or so regional banks. And so I think 

there are a lot of lessons in that work that I 

would love to see surfaced, and even looking at 

how some of those approaches can be extended to 

transactional accounts or checking accounts so 

it's not just the savings but both kinds of 

accounts so that young people have that access. 

And I think that will serve us well to do that 

work while people are in their early stages of 

their financial lives. So that's one thing I 

wanted to start with.

 And I think there is a really -- you 

know, we're speaking about technology also this 

afternoon, and I think, you know, when you think 

of the work permit touchpoint which every young 

person that's getting involved in these programs 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
40 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

needs to move through, all the data that is being 

supplied for that work permit is the data that 

would satisfy the KYC requirement. So with the 

right kind of secure technology built around that 

work permitting process that could auto enroll 

young people or at least do the KYC process and 

give them an opportunity to select, you know, an 

account or a banking relationship that makes 

sense for them. I think that's a really powerful 

touchpoint for us to look at in terms of 

technology and thinking about what that could 

like.

 Okay. So the second thing that I want 

to touch on is a couple of projects that we are 

doing in partnership with our BIPOC -- low income 

BIPOC youth and young adults.

 And so one is around supporting them 

to really think about what are the economic 

challenges that they and their peers are facing, 

and what are the solutions that they feel are 

going to best position them with the economic 

footholds that they really need to move out of 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
41 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

poverty in their life spans, which really, you 

know, when you think about 18 to 24-year-olds, 

which is the group that we've been working with, 

this is what we're calling the youth economic 

bill of rights project, they -- this is the 

second major economic setback that they've 

experienced in their young lives. And they're 

growing up in communities that have been plagued 

by redlining and a number of other discriminatory 

policies and practices that, you know, were 

already putting their communities in challenging 

or, you know, with a number of challenges. And 

so when you think about adding two economic 

setbacks in their lives, we're really seeing a 

need, and I think that young people are as well, 

in rethinking the way that we invest in young 

people.

 I think there's been a lot of great 

work and thinking and policy and stimulus and 

recovery efforts focused on small businesses and 

families. And we're -- you know, we love all of 

that, and I think in addition to that, we really 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
42 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

believe we need to think about young adults as 

separate from the families efforts that we've 

made to date, because in a lot of cases, they are 

on their own, and especially for the low income 

BIPOC youth that we are engaging around this 

project, they are on their own.

 And so thinking about targeted 

investments that can really make a difference in 

their ability to transition into adulthood with 

the economic footholds that they really need to 

live independent financial and economic lives. 

This economic bill of rights project is really 

kind of illuminating what the challenges are that 

they're facing and what some of those solutions 

are in this. Banking access is one of them, 

credit access, access to financial coaches, I 

think that has been touched on, the idea that 

banking access is incredibly important but having 

a way to really learn and engage and really make 

the right kinds of financial decisions is key.

 And there are a number of others, but 

one example that I'll share in terms of these 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
43 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

targeted investments -- and I know, Jonathan --

I'm keeping my eye on the time -- is a guaranteed 

income project that is targeting emancipated 

foster youth in Santa Clara County in California. 

We're participating by providing optional 

financial coaching. And about a little over half 

of the young people receiving these monthly 

$1,000 payments have opted in to receiving the 

financial mentoring services. And I think, you 

know, it's an example. We're seeing more of 

these pilots pop up, and we're excited to see 

those focused on youth and young adults to really 

support them as they make this transition.

 The final project is this wealth 

equity lab which is engaging Black and Brown tech 

pipeline organizations in the work of imagining 

what the next iteration of our technology is 

going to look like to provide access to safe 

financial products with the touchpoints to get 

individual financial mentoring and coaching. And 

so I think we're very excited about this approach 

of really having the end user define the problem 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
44 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

and the need and be engaged in helping to build 

out the technology. And so excited for the 

technology section -- or session a little bit 

later, and I will pause there, and yes, thank you 

so much for all of your thoughtful comments to 

date. I'm looking forward to the rest of our 

session.

 MR. MILLER: Thank you so much, 

Margaret. I appreciate your thoughtful comments 

and the interesting projects you're working on. 

Next we'll hear from Christina Tetreault.

 MEMBER TETREAULT: Good morning, 

everyone, from California so -- and good 

afternoon to folks who are outside the California 

time zone. It's wonderful to be here and I want 

to echo my fellow committee members' statements 

about how informative these meetings are and how 

much I enjoy hearing what other folks are working 

on. Because I have the pleasure of going later 

in the round robin, a lot of things I was going 

to mention, I've been madly scribbling off so as 

not to be redundant, but I do what to echo at a 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
45 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

very high level that consumer reports research 

continues to document the disproportionate 

economic impact of the pandemic on Black and 

Latinx families, and the challenges cannot be 

overstated.

 There is also -- and this may seem a 

little off topic -- a looming potential crisis 

when student loan payments resume. So federal 

student loans have been in forbearance and that 

will end this fall, and 40 percent of people with 

education debt do not have a degree. And even 

the tiniest balances can be overwhelming for 

families with limited or no incomes. So we are 

very concerned about how repayment restarting 

will happen, and eager to see additional 

information reach those borrowers. And so I 

definitely just wanted to flag that here.

 The other thing I wanted to talk 

about, and Naomi mentioned it earlier, is the 

incidence of fraud, so all types of fraud. The 

identity theft, for example, where folks are 

finding out that they are -- that claims were 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
46 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

made for unemployment in their name; imposter 

frauds where people are tricked into sending 

money because they're told that, say, their 

utilities are in danger of being cut off; and 

then the financial desperation fraud. So these 

are scammers who specifically prey on people who 

are at the economic margins, and they promise 

relief, and so we are seeing all types of those 

frauds spiking.

 And I'll use that as a transition to 

talking about credit reporting and again, this 

seems, okay, you know, how is this relevant when 

we're really very concerned about people who 

often exist outside the economic -- the three big 

credit bureaus and the credit reporting system as 

it exists. But what we have been seeing is this 

spike in complaints and errors, and what we've 

seen in going out and doing direct engagement 

with consumers is that we have a handful of 

stories -- I don't know how widespread this is --

where folks who didn't think they had a credit 

history are pulling their credit reports and 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
47 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

actually finding that they've been the victim of 

identity theft.

 So you know, one example is a person 

who pulled their credit report and found out they 

had a Walmart credit card which they had 

absolutely never applied for. So that, I'll just 

put a pin in that, but there's more coming from 

Consumer Reports on the credit reporting research 

so stay tuned.

 However, I will not be delivering that 

research because May 7th was my last day at 

Consumer Reports. That work there is in good 

hands, and if anyone needs contacts at Consumer 

Reports, I'm happy to make those connections. 

But I will be starting Monday with the California 

Department of Financial Protection and 

Innovation, and I will be standing up the Office 

of Financial Technology Innovation.

 And for folks who are not familiar 

with the office, the OFTI was established with 

the passage of the California Consumer Financial 

Protection law last year. And the Office of 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
48 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Financial Technology Innovation will work with 

entrepreneurs and licensees to encourage the 

creation of innovative and responsible financial 

products and services. So I'm very much looking 

forward to assuming that role on Monday, and I 

thank you for the opportunity to speak today and 

look forward to the rest of the program. Back to 

you, Jonathan.

 MR. MILLER: Thank you so much, 

Christina. We'll look forward to your 

participation in your new role. I'm sure you'll 

have a lot of interesting -- very interesting 

things to report back in that role. 

And Lisa Mensah, thank you so much for 

waiting so patiently. We look forward to hearing 

from you.

 MEMBER MENSAH: Thank you, Jonathan. 

Very nice to go last because I get to hear from 

all of my friends and to follow really thoughtful 

people.

 I love being part of an advisory group 

on economic inclusion, because I now have the job 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
49 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

of representing 350 CDFIs of the 1,000 that are 

out there that really fight for economic 

inclusion all the time. And what I like about 

this committee is we can talk about both what 

that means at the individual and what that means 

at the institutional level of banks.

 And I feel like CDFIs are uniquely 

devoted to fighting for the lives and livelihoods 

of low income consumers and minority consumers, 

often the same, and also fighting for low income 

communities and the institutions that are needed 

to rebuild those communities.

 You asked us to talk both about 

opportunities and challenges, and I have to begin 

with opportunities. I feel a little like 

Jonathan Mintz in the unusualness of this moment 

in time, a horrible painful crisis with way too 

many folks dead, but it has meant that the 

country has reawakened to more of a commitment to 

racial justice and to a commitment to looking 

deep at who can help now.

 And in that fight, I feel CDFI's have 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
50 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

had unusual opportunity to stand up, to raise our 

hands, to say we've been here for 40 years, we 

are the specialists in lending deep in low income 

communities, and you need us now, both in the 

crisis and in as you rebuild. I was pleased to 

hear yesterday from the Deputy Secretary of the 

Treasury who said if you're going to unlock 

opportunity, you're going to build back better, 

which is this Administration's goal, you have to 

unlock things that have been stuck. We can't 

just do repair. And I think that has been a 

moment so -- that we can stand up as a field, a 

field that invests in small business, that 

invests in facilities, in housing, in providing 

consumer accounts, whether we're credit unions of 

community banks or loan funds. And so we are 

ready to unlock.

 For us, the opportunity has presented 

itself with new partners and as well as enhanced 

opportunities with both partners. So the new 

partners are some of the corporations who've 

stood with OFN and stood up new commitments to 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
51 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

reaching deep in communities. For us, that was 

Google last summer and who committed $180 

million, $10 million of grant, and $170 million 

of debt and to the Google efforts; and then 

secondly, Twitter, who joined us in launching a 

finance justice fund last November, committed 

$100 million. And those two companies have 

started to move others, and we hope there will be 

soon new announcements.

 We are thinking about the Juneteenth 

timing in our year as being a time to celebrate 

true opportunity, what does it look like, what 

does it mean to use your freedom in America. And 

we hope more companies will come with us then.

 The new partners are great. The old 

partners are essential, and the old partners for 

this field have been banks. And they are the 

groups you regulate, the FDIC, and we don't 

believe we will get to full economic inclusion 

without out banks. So Naomi mentioned the belief 

in the need to invigorate the regulated big major 

banking sector, and you all have talked about 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
52 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

accounts that have reached consumers.

 It's not only the consumer touch 

that's needed for economic inclusion. It's the 

kind of thing and same partnerships the banks 

have done with CDFIs to build the childcare 

centers, to build the affordable housing, to 

build the home ownership opportunities and the 

small business communities that revitalize. So 

we see this as a moment of opportunity for 

reinvigorating those partnerships to make -- we 

raised our hand and said there's actually a line 

of CDFIs who need affordable capital at this time 

to do the work they've started to do, the mission 

they want to do.

 It is beyond PPP. That has been our 

task to join banks in moving lots of PPP dollars. 

We're in the last push for the last two weeks, 

but I really think the partnerships with banks 

are so important for the future. And for this 

reason, we watch very carefully. So our concerns 

and challenges, we are watching very carefully 

the future regulatory environment; the need for a 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
53 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

CRA, if modernized, to not ever go backwards; and 

the need to connect with the partners that we 

feel have ground-in opportunities, so it means 

CDFI partnerships that we think are possible.

 So we are convinced there are 

opportunities for bold partnerships. We are 

calling it the moment of financing justice, and 

I'm just very proud that there's a field ready to 

stand up and take their place now. It has been 

under-resourced for far too long, and we're 

finally seeing a moment to do this. Many of you 

heard that at the very end of the CARES Act, the 

very -- as the CARES Act, the very end of the 

year, there was an unusual opportunity, $12 

billion of appropriations to the CDFI fund; $1.25 

billion in rapid response dollars, and we are 

expecting to hear about those dollars in the 

coming month or so. And that will reach the 

entire field of CDFIs and will be a powerful kind 

of boost to the net assets that will allow us to 

borrow more. So even more essential is the 

moment for strong partnerships with the banking 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
54 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

sector.

 The next two tranches are yet to come, 

but this is a moment of opportunity, a moment in 

the spotlight for a difficult reason, because the 

country needs us. And the challenges, we are 

watching how to make good, how to make sure 

people don't just use this as a photo op but 

really to say 10-year money, 15-year money, long 

commitments to a field that needs to be here to 

really drive economic inclusion.

 So I'll be brief. I think I'm looking 

forward to some interchange, but it is a moment 

in crisis to -- that has revealed more 

opportunity for serious partnerships at both 

private and public sector levels. Thank you, 

Jonathan.

 MR. MILLER: Thank you so much. And 

to close our roundtable, Maurice Jones.

 MEMBER JONES: Thanks, John. Can you 

hear and see me okay? Yes, great. Well good to 

be with everybody.

 I thought I'd share a little bit about 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
55 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

the OneTen Coalition that I've recently joined. 

OneTen is a coalition now of about 45 companies, 

overwhelmingly Fortune 500 companies, who have 

come together and committed to hiring, advancing, 

and promoting a million Black talent who do not 

yet have four-year degrees into family sustaining 

careers and jobs over the next 10 years. And 

just to give you some context for this, if you 

look at the country today and you look at jobs 

that pay $60,000 or above, right now today 79 

percent of them require a four-year degree. If 

you look at jobs that pay $40,000 and above, 71 

percent of them require a four-year degree. If 

you look at the U.S. labor force, 66 percent of 

it has a four-year degree now -- I'm sorry -- 66 

percent of it does not have a four-year degree. 

And if you look at Black talent in the labor 

force, 76 percent of Black talent do not have a 

four-year degree.

 So we're in a country right now where 

we are in many ways creating two Americas, and 

one way is we are now looking at limiting 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
56 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

catapulting into the middle class to folks who 

have four-year degrees, and that's by far a slim 

minority of the country, and it's 

disproportionately impacting Black talent and 

other talent of color.

 So these companies have come together 

and they're basically making a handful of 

commitments; one, to put jobs on the table, a 

million jobs. And these are not just new hires 

but in fact, I think the biggest opportunity is 

going to be internal mobility, promotions and 

advancements.

 The second piece of what they're doing 

is -- and by the way, the jobs have to pay a 

living wage. The jobs have to have a low risk of 

automation. The jobs cannot require a four-year 

degree, and the jobs, you have to -- it can't 

require more than five years of experience for 

one to be eligible and competitive.

 The second piece that the companies 

are committing to is actually in addition to 

putting jobs on the table that don't require 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
57 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

four-year degrees, making their hiring and 

promotion practices more inclusive, the biggest 

piece of which is actually removing four-year 

degree requirements from existing jobs that they 

had. There are a number of other things they can 

do, but recredentialing existing jobs to create 

more opportunities for folks without four-year 

degrees is the second commitment that the 

companies are signing up for.

 The third piece is where we have 

created a community of practice, and that 

community of practice is essentially a forum 

within which the CEOs and the CHROs meet four 

times a year to share best practices in areas 

such as skills-based hiring, using 

apprenticeships to develop and bring in more 

diverse talent, launching OneTen ecosystems in 

cities throughout the country, retention and 

advancement and promotion issues, how to work 

with hiring managers to promote more hiring and 

advancing of folks without four-year degrees, how 

to work and create a culture within the company 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
58 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

that is more conducive to Black talent and other 

talent of color in particular thriving.

 And so this community of practice may, 

in fact, be the most powerful vehicle of this 

whole OneTen journey for changing corporations 

and changing corporate practices and making them 

more inclusive.

 The fourth area that they're 

committing to is a 10-year commitment here, and 

10 years is a metaphor for a longtime commitment 

to really make change.

 And then the fifth area they are 

committing to is they're each making in addition 

to jobs, then the other piece is they're making a 

financial contribution to the operations of the 

OneTen organization, to the operations of the 

organization and also making investments in a 

couple of other infrastructures that I want to 

talk to you about.

 The way that this works is we start 

with jobs, translating those jobs into skills. 

We aggregate in addition to that talent 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
59 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

developers who are in the workforce 

development/talent development space. We go 

through a process of endorsing them so we are 

endorsing talent developers who have a track 

record that suggests that they'll be good at 

preparing Black talent for these jobs. We're 

talking community colleges, national online 

players, local hands-on players, the entire gamut 

of programs of companies, apprenticeship 

programs, et cetera. And so we send a demand 

signal to those groups and use that demand signal 

to influence the content of the offerings that 

these folks are going to be putting on the table 

both now and as they evolve to try to meet this 

demand.

 And the final two pieces are sourcing 

Black talent through these talent developers and 

also working -- and this actually may be the 

bigger opportunity -- working with Black talent 

that's already in the companies. Walmart, for 

example, is one of our coalition members. They 

have 300,000 Black talent in the company today. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
60 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

The question is what we can do to be more 

helpful in internal mobility for that company, 

upskilling and reskilling.

 And then the final piece of the 

ecosystem are the wraparound services that talent 

needs to thrive -- transportation, child care, 

housing, coaching, and the like. All of that is 

the ecosystem that we're building both online and 

face-to-face in about 35 markets around the 

country.

 So that's, you know, what we're 

seeing. I think from our standpoint so far, 

early on what we are seeing is an opportunity to 

aggregate demand. That's going to be the most 

important piece of this. So we need jobs, jobs, 

jobs -- quality jobs.

 And then the other big piece of this 

is how to align and scale the talent development 

system in the country. The biggest piece of the 

talent development system in the country right 

now for this work are the community colleges. 

But even with the community colleges and all the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
61 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

rest, in order for us to really skill and upskill 

and reskill a million talent over the next 10 

years, we will need to scale and improve what we 

have out there and frankly, take what is 

effectively a pretty fragmented infrastructure 

and build a more high functioning team.

 And so that's the effort that we're 

about. I'm excited about it. It's bold. The 

commitment now is real. I mean we're taking what 

was a moment in 2020 and hopefully turning it 

into a movement. There's a lot of work but boy, 

is it fun. And I look forward to sharing the 

peaks and the valleys of the journey with you as 

we go along. So thank you for letting me share.

 MR. MILLER: Thank you so much, 

Maurice, and to all the members of the committee. 

We are remarkably ahead of schedule, so I thought 

I might give each of you an opportunity to 

respond, to comment, to question or just reflect 

on anything your fellow committee members may 

have said. If you have an interest in doing so, 

just please raise your hand, and I'll call on you 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
62 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

in the chat. Raphael.

 MEMBER BOSTIC: Yes. I just wanted to 

emphasize what a couple of our committee members 

said about the lessons that we will learn from 

the three waves of economic impact payments that 

went out. Now our bank in Atlanta was 

responsible for executing the instructions from 

the Treasury, and I will tell you that we learned 

a lot about account management, about how you fix 

errors, and really about how you engage with the 

public. And I think there are real opportunities 

there that I'm hopeful we can learn some lessons 

on that can be used in a more general setting. 

So this is something that I think that all of us 

will need to be more -- actually we need to keep 

our focus on so that we don't get distracted by 

other things and really take advantage of a 

crisis to draw -- to take us to a new place 

that's better for everyone.

 MR. MILLER: Thank you, Raphael. 

Anybody else have any comments or thoughts? I'll 

-- if not. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
63 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MEMBER LIBBY: Jonathan?

 MR. MILLER: Oh, go ahead, yes.

 MEMBER LIBBY: Yes. I just wanted to 

underscore, I think, this idea that Maurice 

brought up about the 10-year commitment, and I 

love the idea that that's a metaphor for a long 

time.

 But I think it's -- and this is what 

-- I was talking to one of my financial coaches 

yesterday who's been doing financial coaching 

with unaccompanied homeless minors in San 

Francisco, and just his reflections on the kinds 

of challenges that young people who've grown up 

in poverty are dealing with as they -- you know, 

like with -- there's a number of challenges. And 

I think this idea that we're in a moment and 

there are so many ways that we can be creative to 

leverage that, but this is a long-term process. 

I think that it really is going to be -- like 

there's complexity to the challenges, and they're 

not just related to the pandemic, right, which I 

think a lot of us have underscored, that these 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
64 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

have been longstanding challenges that were 

exacerbated by what we've seen happening in our 

country in the last year or so.

 But just this idea that all of these 

approaches, I think we really need to be thinking 

about them with a long-term view and the 

complexity of the challenges. So just really 

appreciated that idea of the time horizon and the 

importance of that.

 MR. MILLER: Thank you very much, 

Margaret. Anybody else have any comments they'd 

like to make, observations? Oh, Jonathan Mintz. 

Thank you.

 MEMBER MINTZ: I would be guilty of 

poor board management if I didn't agree with 

Naomi Camper. No. I do really want to 

underscore the point that Naomi drove home, which 

is I think that when it comes to that last mile 

that the Chairman talked about, banking the 

unbanked, I think that this opportunity of the 

money that's going to the population that will be 

eligible for these child tax payments with 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
65 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

recurring payments over several months, I 

honestly think that is the biggest opportunity of 

knocking off the last mile I've ever seen in my 

career.

 And I think that given that we have 

the infrastructure in the banking side of the 

equation with Bank On accounts, so many of which 

can be opened right online, with the success that 

the IRS experienced, thanks to the FDIC's 

encouragement, on that first stimulus payment and 

the interactive portal that allowed people to 

enter in a bank account and directed them to Bank 

On accounts and to the FDIC if they didn't have 

an account yet. You know, we've heard estimates 

of 10-12 million people took advantage of that 

opportunity.

 So I think the -- I think if we all 

were to really say what's the one thing that 

would make the biggest, quickest, largest 

difference on banking access, I think Naomi was 

absolutely right, it is this opportunity of the 

child tax payments. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
66 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MR. MILLER: Thank you so much 

Jonathan, and let me just assure the public this 

hasn't been scripted. Naomi, go ahead.

 MR. CRUSE: Sorry. It has not been 

scripted, I promise. I do want to add -- and 

you'll get to this on the next panel, but one of 

the things that's been really encouraging and 

gratifying over the last sort of six to eight 

months that we've been making a real concerted 

effort with all of the ABA's membership, 

challenging them and encouraging them to open 

certified accounts or to get existing accounts 

certified is the interest in it, the enthusiasm 

about it, and the uptake from banks of all sizes. 

And I know that when the Bank On movement first 

started and CFE fund was first promoting its 

accounts, they tended to be offered by larger 

institutions. That is no longer the case, and 

it's banks and it's credit unions. It is 

regulated financial institutions across the 

board, I think, who have really paid attention to 

what are the reasons that people are unbanked and 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
67 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

how do these accounts solve for those, how do 

they make people feel comfortable. So you know, 

just reiterating that the work that the FDIC did 

and put in so much effort to finding out why, not 

just how many, has really been important as banks 

and other regulated institutions go out and try 

to invite hesitant would be customers into our 

institutions.

 MR. MILLER: Thank you, Naomi. 

Anybody else, any other comments or questions 

from our committee members? Lisa, go ahead, yes.

 MEMBER MENSAH: Tech challenge. I've 

been trying to put things in the chat. I also am 

not scripted but Naomi raised an interesting 

point about the value of relationship in a 

banking relationship. And I find this an 

interesting point when we're -- one of the things 

the PPP program taught us is that banks couldn't 

reach all small businesses and non-profits. And 

so it gave special interest in fin techs and in 

next generation new institutions. I'm sort of 

interested in what other people are hearing. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
68 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

We are concerned as a field, that some 

are great, some non-banks are great. We have 

many depositories in our membership and many nondepositories that aren't regulated. But I am 

concerned that not all solutions to inclusion are 

fair or on the level. And I think this is going 

to be there is a push. I think Naomi raised a 

big point on what is a bank or what is -- who 

should be in this sector. And I think the topic 

of inclusion is, I think, promised and we're 

concerned. We could believe -- feel this in CRA 

and we feel it in who's answering the call. So 

we think, as I said, I thought that was put to 

race.

 MR. MILLER: Thank you very much, 

Lisa. I'm glad I noticed your hand waving. Any 

-- oh, Jen Tescher.

 MEMBER TESCHER: Yes. I feel the need 

to sort of respond to Lisa and others that while 

I think banks are a very important option for 

people, that we shouldn't -- we should be careful 

that we don't toss aside anything that might look 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
69 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

new or unfamiliar because it doesn't have what we 

currently think of, because it isn't what we 

currently think of as a bank. And I want to be 

really careful about the kinds of products and 

institutions that we're suggesting consumers do 

business with.

 But I also recognize that the world is 

changing a lot, and there are some very 

interesting things coming to the fore. And I 

just want to be careful that we use a scalpel as 

opposed to a mallet as we're trying to 

distinguish between good and bad.

 MR. MILLER: Thanks very much, Jen. 

Appreciate your thoughts there. Raphael Bostic.

 MEMBER BOSTIC: Yes. This is actually 

taking me back to where I started which is, you 

know, our task force on innovation and financial 

inclusion recognizes that a lot of the new stuff 

that's happening, a lot of the new services are 

going to emerge from institutions that may or may 

not be banks. And I think it's important that we 

have a conversation about what our expectations 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
70 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

are from the innovators in terms of how they 

think about inclusion and how they make products 

available -- products and services available so 

that inclusion is really achieved. So we might 

-- and now let me say one other thing. I think 

we might have it in our head to be afraid of all 

this happening in terms of the regulated 

institutional space. But that's not really how 

the world is working anymore, and I think we need 

to make sure that as we engage, we do it with the 

market that we actually have. And that's going 

to be a lot of non-banks. It's going to be a lot 

of FinTechs. It's going to be a lot of smaller 

institutions that may not have the sophistication 

or sensitivity to these issues, so you know, I'm 

going to try to make sure that our bank goes to 

where they are and make sure they're aware of it, 

and I would encourage all of us to do the same.

 MR. MILLER: Thank you very much, 

Raphael. Last call before we head into break? 

Anybody else?

 (No response.) 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
71 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MR. MILLER: All right then. Why 

don't we take a break then to 2:40? Thanks again 

to all the members of the Committee, and I'll see 

you at 2:40.

 (Whereupon, the above-entitled matter 

went off the record at 2:23 p.m. and resumed at 

2:40 p.m.)

 MR. MILLER: Hello, and welcome back, 

everybody. We're now going to move to our first 

panel discussion, which will focus on expanding 

inclusion through technology and innovation. 

We sort of had a perfect segue at the 

end of our last discussion to that topic, so 

Keith Ernst, FDIC, is Associate Director for 

Analytics, who will moderate that discussion. 

Keith, let me turn it over to you.

 MR. ERNST: Great, thank you. Good 

afternoon, Chairman McWilliams, Directors 

Gruenberg, Uejio, and members of the Committee. 

At the onset, let me say what a 

pleasure it is to be back here with you, so many 

great perspectives and such great experience that 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
72 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

this committee brings to the table. I know it 

was deeply appreciated by all of us here at the 

FDIC.

 Now, in past common conversations, 

we've considered technology. We've often focused 

on its potential, its potential to lower 

operating costs, to improve outcomes, and in so 

doing, to expand the reach of the nation's 

banking system.

 The core question we've grappled with 

has often been, which technologies are we going 

to focus on and how will it further economic 

inclusion?

 FDIC research, for example, has helped 

call attention to the potential of mobile 

financial services, and that's been both in our 

qualitative research and in our quantitative 

research.

 So, in our qualitative research, it's 

really helped call attention to the potential for 

technology to make a match between consumer needs 

and expectations and what the technology can 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
73 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

deliver, perhaps in ways that traditional banking 

has not for some members of the public.

 And that may be through timely 

information that gives consumers a sense of 

control, or it might be through the convenience 

of features like remote deposit capture that 

enable consumers to deposit a check using a 

smartphone and to get access to funds in a timely 

and secure manner.

 Quantitatively, FDIC research has 

pointed at how technology like this can meet 

needs in perhaps unexpected and surprising ways. 

As far back as 2013, FDIC survey data suggested 

that Black and Hispanic bank households were 

making use of mobile financial services at 

relatively higher rates compared to White, nonHispanic, bank households.

 Now, this Committee has gone on in 

areas like this to observe the notable increase 

in mobile financial services uptake, to the point 

where, in the FDIC's most recent set of findings, 

it had become the most common primary means of 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
74 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

account access, with more than a third of bank 

households using mobile financial services to 

access their bank account, compared to just about 

23 percent who are using online services, their 

desktop or their tablet at home.

 And while focus on specific 

technologies has proven useful, I think the 

details I just provided truly illustrate some of 

the types of conversations we've had around the 

table, the motivation for today's panel is really 

a little different.

 Today, we'll focus not on a specific 

technology, but on the more general question of 

how to foster the responsible adoption of 

technology to support economic inclusion, and 

this afternoon, we have two distinguished guests 

to help the committee consider this topic.

 While we typically skip over the bio 

details of our guests, it is worth taking a 

minute to recognize the experience and 

perspective of our presenters, and in part 

because it gives me an opportunity to introduce 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
75 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

one of our newer employees at the FDIC, Sultan 

Meghji, who joined in February 2021, so just a 

few short months ago, as the organization's first 

Chief Innovation Officer.

 He is recognized as an expert in 

financial technology. He co-founded Neocova, a 

financial technology firm providing secure cloudnative artificial intelligence-based software for 

community banks and credit unions.

 He has experience working in digital 

banking in Kenya, Tanzania, and Uganda, and he's 

worked with think tanks in central banks to 

create peer-to-peer banking solutions in Africa 

and Central Asia.

 He is a nonresident scholar in the 

cyber policy initiative at the Carnegie Endowment 

for International Peace, and he has played the 

role of advisor to U.S. Treasury, the Group of 7, 

the Office of the Comptroller of the Currency, 

and the FBI, in the areas of cybersecurity, 

quantum computing, and artificial intelligence.

 He's also, here at the FDIC, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
76 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

establishing FDiTech, and we'll have a chance to 

hear from him and more details about this new 

office, including his aspirations to make 

contributions within and outside the organization 

to promote the use of technology to support 

economic inclusion, and how inclusion is a key 

focus for that office.

 But let me say now before introducing 

our second speaker, David Ehrich, that from the 

outside, I've been able to see him assembling 

what really has just been a great team, so I have 

no doubt that that office will do great things.

 Now, I'd like to say a word or two 

about David Ehrich, and then I'll go over just a 

little bit how the session will unfold and we'll 

get started with the conversation in earnest.

 David Ehrich is co-founder and 

Executive Director of AIR, the Alliance for 

Innovative Regulation, a nonprofit dedicated to 

the digital modernization of the regulatory 

system, a small ambition there, I suppose; cofounder of Petal, a FinTech credit card 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
77 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

pioneering the use of cash while underwriting to 

help consumers build safe and affordable credit 

access when they don't have a credit score; and 

David was also appointed to the CFPB's Consumer 

Advisory Board.

 Now, at AIR, he's focused on asking 

important questions, like how technology can be 

of service to a more inclusive banking system, 

and I think key to their approach seems to be 

their thinking about how regulators themselves 

can better understand, anticipate, and make use 

of technology, both to meet their mission and to 

support its adoption within industry.

 On a personal note, I'd also say that 

David is someone who has time and again 

generously shared his expertise and perspective, 

and so I think we're in for a treat today with 

our conversation.

 My plan here is to start with a few 

questions to each of our panelists in turn. I 

want to encourage committee members to go ahead 

and use your raise-hand function. You know, the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
78 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

value in these meetings really is in the exchange 

of ideas, and I think even in this morning's 

panel, we were reminded again of why. 

Don't feel like we need to queue up in 

turn. I'm used to seeing many hands go up and 

finding ways to recognize people in due time, so 

please, when the spirit moves you, put the hand 

up and we will come to you. We value your 

perspectives and we want to hear your questions 

and thoughts.

 But now let me turn to Sultan. 

Welcome, Sultan. I wonder if you could, just as 

an initial question, tell us about this new 

office within FDIC, FDiTech, its objectives, and 

more generally the opportunity that attracted you 

to join us?

 MR. MEGHJI: Well, fantastic, thank 

you, Keith. Great to see you again, David, and 

to the Chairman, Directors, and the other 

members, thank you for having me today. 

It's exciting to be here on something 

like day 90, and I only know that because about 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
79 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

every day or two, the Chairman says, well, what 

have you done for me today? So, I'm keeping a 

very close track on the number of days I've been 

here.

 So, let me break that question apart 

into a couple of pieces. First is, you know, 

what are we building? We're building a new 

organization inside of the FDIC specifically 

focused on bringing innovation, not just into 

FDIC, but also into the member organizations.

 And so as we continue to build it up, 

you'll really see two different features of how 

we do things. The first will be inwardly 

oriented, so looking at how the FDIC does what it 

does, and there's a lot of work there.

 And just Monday, we had a new member 

join us as my deputy. Her name is Zunera Mazhar. 

She comes to us from the Department of Education 

and CIS, and before that, a career in banking, 

and so not only has she worked through 

transformation programs at other agencies, but 

also understands the banking sector intimately, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
80 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

having been sitting there at the teller station 

and a variety of other roles.

 The second piece, the external piece, 

is really focused on engagement and a variety of 

other activities, and through that we've brought 

a noted expert in the field from CFPB, Jennifer 

Lassiter, in to join us to run those programs, 

and the two of them combined are really quite a 

powerhouse.

 And then here as someone new to FDIC, 

I've been continually impressed with the people 

on board, and so it's set a very high bar for me 

in terms of bringing new people into the 

organization. They have to kind of live up to 

that expectation.

 Let me talk very briefly about the 

core themes of innovation that we're hankering on 

right now, and the first one has direct relevance 

to this discussion because it's inclusion.

 And it is fundamentally about how do 

we ensure that we are building and encouraging 

the build of an inclusive, diverse, and equitable 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
81 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

banking system for all Americans, and not just 

for Americans on the consumer side, the 

individual side, but also in terms of small 

business, in terms what minority and women-owned 

businesses bring to this great nation.

 I actually got into banking originally 

because I'm from basically a small town in the 

middle of Illinois that no one's ever heard of, 

and that town contracted over the last few 

decades because the bank closed. 

It was a one branch bank in the middle 

of a cornfield, originally an ag bank, and when 

it closed and got taken over by a law firm's 

spreadsheet in Springfield, Illinois, it ended up 

really having a detrimental economic impact to 

that small town.

 And that took me down the path when I 

visited the town a while ago to say, well, what 

does the actual impact of a bank like that have 

on its local community in terms of not just, you 

know, business activities, but consumer 

activities? 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
82 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Did the local people in this small 

town have a place to go, not just for basic 

depository functions, but where to get a home 

mortgage, or a car loan, or any of the other 

things we need in order to live our lives?

 And it took me down the path of 

realizing that there's a direct through line 

between access to banking and economic 

empowerment. And without that capability, that 

town really struggled, and only now, many decades 

later, is it starting to come back.

 And so after now a few decades in 

marketing and mostly in technology, but in 

banking as well, I've gotten to a point where I 

saw an opportunity with FDIC because of its reach 

and because of the leadership it's already 

demonstrated, not just in terms of ensuring that 

we have a safe and sound banking system, but 

encouraging wonderful activities, for example, 

the Bank On initiative and other activities 

around serving underbanked and unbanked 

communities, but also the leadership role it's 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
83 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

been able to take in terms of bringing light to 

this discussion.

 You know, there are very few 

organizations in this country that have that 

direct touch point, and so that's all just the 

first theme of innovation, so that was a really 

long answer.

 The other three are much more 

straightforward. It's resilience. So, how do we 

ensure that we're building a resilient banking 

system, one that is not just aware of the 

activities, the things like cyber attacks and 

things like that, but also planning for this 

continual evolution and continual disruptions 

that are brought on by everything from state and 

non-state cyber actors, through to climate 

change, and everything in between?

 The third theme is around 

amplification. It's how do we take the great 

experts in this field, whether they're inside 

agencies like ours, or out in the market, and 

remove the friction from their day-to-day lives, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
84 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

right?

 A process established 40 years ago 

when it was done with pen and paper makes perfect 

sense, but when you're doing it entirely 

digitally, you probably want to rethink how some 

of that process is executed. 

So, what can we do so that experts 

spend more of their time being the experts and 

less of their time manhandling a process, or a 

spreadsheet, or wanting to take their laptop and 

hurl it out the window? Because we've all been 

there, I'm sure.

 And then finally, we have to think 

about the future. You know, one of the things 

that is really important to me is ensuring 

America's position on the world stage, and 

economically that we're really leading this 

world, as we have in the 20th century.

 I'm a member of Bretton Woods, which, 

for those who don't know, was responsible for the 

creation of things like the World Bank and IMF, 

and also was instrumental in the creation of the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
85 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Marshall Plan after World War II.

 Well, what did that do? That 

established, through American leadership, an 

economic system that allowed us to prosper and to 

use all aspects of our foreign policy to ensure 

that we are maintaining a place in the world and 

a leadership function for free market capitalism 

and democracy, which I still think are the two 

best things after peanut butter and chocolate 

together.

 And so what do we do about the 21st 

century? How do we take that same thinking and 

apply it to how we do things in the 21st century? 

And so that's what protecting the future is 

about.

 And then of course my favorite 

catchphrase which is, you know, what happens when 

Elon Musk builds a bank on Mars? I hope to heck 

that it's working with the American banking 

system and not something else, so how do we think 

about that?

 So, those are the themes and that's 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
86 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

what brought me here, a very long answer to your 

question, Keith, but thanks for giving me the 

opportunity to sell what we're doing.

 MR. ERNST: No, no, a great intro, and 

I'm sure we'll have follow-up questions from 

committee members as we go along, but let me just 

go to my next question here.

 Because I think what may be of real 

interest to the Committee is while it's still 

early days in your tenure here, can you tell us 

more about the kinds of initiatives you 

anticipate bringing to this committee?

 I mean, you know, you talk, you know, 

about innovation being one of the four pillars. 

How do you see that manifesting itself?

 MR. MEGHJI: Absolutely, and it's a 

great question and one that I really look forward 

to engaging with this community on more.

 The first thing I would say is I've 

only met a few of the committee members one-toone, and so I invite every single one of them to 

reach out to me and let's find a few minutes to 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
87 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

chat.

 The reality is that there is so much 

we can do that it's really about prioritizing a 

couple of initial first steps, and that first 

thing is just what this is, which is engaging and 

listening.

 You know, I've built a couple of 

companies and I always like going to where the 

customers are. In fact, I heard two different 

committee members make a version of that same 

sentence, statement earlier, and that's the same 

thing we're doing.

 You know, we're not going to build a 

program without listening to our key 

stakeholders, like members of this community, 

members of the public, stakeholders, et cetera, 

and people like David, by the way, as well, who 

it's exciting to be on this panel with.

 That's the first thing and I'm, you 

know, 90 or so, 80 or so days into that journey, 

and there's going to be a lot more of that.

 Something you might have seen fairly 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
88 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

recently, we announced Office Hours, these are 

focused on artificial intelligence, and we've had 

an amazing response so far and I really look 

forward to engaging through the Office Hours 

Program.

 You know, we'll do a couple of other 

things in terms of information gathering and 

you'll probably see an RFI or two come out, and 

you'll see other Office Hours and opportunities 

like that, so that's kind of category number one 

of activities.

 Category number two is now once we 

have that, once we've really understood what's 

going on out there, where are the places we can 

actually move forward on?

 You know, from August of last year 

until just really this last week, we've been 

running something called rapid phrase 

prototyping, which is an opportunity for us to 

engage and let the market come to us with 

suggestions of things that they think would be 

meaningful and useful to us. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
89 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

And it started with, I think, about 20 

or so organizations, and it actually grew to a 

little over 30, and then through the various 

phases, it got down to, I think, 11 or so. I 

think 11 is the number. I could be wrong there. 

And we've gotten a lot of really amazing things.

 And the thing that I enjoyed watching 

as I joined this organization is that it opened 

people's minds to the art of the possible, and 

it's really engaged and energized in a discussion 

about what we can do to not just be more 

efficient, as you highlighted, Keith, at the very 

beginning, but also ways to kind of just do a 

better job, right?

 You know, the risks to our universe 

are all famous. You know, the notion of risk 

management is a phrase in everybody's mind now 

days and what can we do about that, and so that's 

really exciting.

 And then the next phrase downstream of 

that is going to be engagement, and there are a 

number of things we're looking at, and I already 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
90 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

highlighted Jennifer Lassiter joining us from 

CFPB, where she's run a number of tech sprints, 

and these are opportunities where we bring -- we 

channel light basically on a problem and begin a 

discussion about how we can solve parts of those 

problems.

 Well, don't be at all surprised if we 

do a tech sprint or two this year. Don't be at 

all surprised if inclusion is one of the anchors 

of that either.

 So, those are going to be just an 

initial couple of things we're doing, a lot of 

other stuff coming down the line. I'm not quite 

ready to announce all of it just yet.

 MR. ERNST: Understood, well, thank 

you for giving that glimpse in. You know, you 

mentioned obviously an interest in engaging and 

collaborating with stakeholders on this 

Committee. You've talked about the Office Hours, 

you've established and the RFIs we've put out.

 Can you talk a little bit -- just a 

little bit more, are there other mechanisms 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
91 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

through which people should be thinking about 

connecting with you and with your office, you 

know, about the value you're looking to get out 

of these engagements, how people can come to them 

and get the most out of it from their point of 

view?

 MR. MEGHJI: Absolutely, and I've said 

the word transparency before and I'll continue to 

say it again. I hope that we create the most 

transparent, most open, innovation program 

amongst the regulatory community.

 I want the entire stakeholder 

community, everyone listening to the sound of my 

voice, everyone who has looked at anything we've 

done that's highlighted our open email and some 

other things like that, to know that we want to 

hear from them. 

You know, this is -- you know, for so 

long, you know, the regulatory community has been 

an opaque organization to so many people out 

there and I really want us to consider a more 

open view of it. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
92 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

And, you know, one of the things that 

I think a lot of us have dealt with for a long 

time is that the FinTech community has really met 

the customer where the customer is and, you know, 

and the banking community could have done a 

better job of that. 

And I think for us as regulators, we 

really need to hear what people are doing and 

where they're thinking, and to make sure that, 

you know, we engage early and often. 

I've historically called that being 

regulatory forward, from my time in the private 

sector, and I'd like to see us do a mirror of 

that.

 It's a big challenge, I think, for 

people to change that, you know, bring in a 

different culture of transparency in places where 

it hasn't necessarily been. But the one thing 

that's been really exciting since joining is 

seeing just how many people are engaged and 

wanting to hear it.

 You know, I was in a briefing 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
93 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

yesterday and we were talking about some 

artificial intelligence that we're using 

internally, and it was just amazing and awesome.

 And that's one of those things where 

I don't think we've really done a good job 

talking about what we've done and the value that 

technology in some of the projects we've done 

internally have been outside.

 And so obviously we want to not just 

bring information in, but we also want to be able 

to put information out. And so being able to do 

both of those, I think, in a more transparent way 

is going to be a big piece of what we talk about 

moving forward.

 MR. ERNST: Great, thank you. Now, 

you know, you mentioned Bretton Woods, but I'm 

going to go back into some of your other 

experiences.

 You know, I read in the beginning some 

of your really sort of diverse work experiences 

ranging from developing nations to, you know, a 

cloud-based service provider who was on the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
94 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

cutting edge trying to serve community banks and 

credit unions. 

And I wonder how do those experiences 

inform your views about what it takes to 

recognize potential technology when it comes to 

something like economic inclusion?

 MR. MEGHJI: It's such a great 

question, Keith, because, you know, the world has 

become digital. You know, I'm old enough that 

the world was not digital, you know, when I was a 

kid growing up. 

You know, I'm a child of the Cold War, 

right, so, you know, watching -- you know, and I 

had the opportunity of working on the first web 

browser just as one example of that, right, and 

watching the world become digital over time has 

been a real thing and a real evolution to our 

culture.

 And there are parts of the world where 

they didn't have the infrastructure. They didn't 

have the mature banking ecosystem that we have, 

that we were fortunately enough to have, for 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
95 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

example, in the 20th century.

 And so when I got the opportunity to 

spend some time in Africa and Central Asia 

working on kind of last-mile community banking 

into, you know, villages in places like Kenya and 

Tanzania, one of the most interesting things we 

learned was that the last mile was key.

 You heard the Chairman talk about that 

already and that is a big anchor for a lot of the 

things we're thinking about is how do we enable 

that last mile? And digital technology, to me, 

is the most effective way of solving that last 

mile discussion.

 Other amazing community groups and 

other organizations from municipalities 

themselves all the way through to every other 

local organization, it's great, but the way to 

enable them, the way to really make that 

meaningful impact and anchor people in this 

system, my belief is that digital technology is 

the only way we'll do that, and so, you know, 

that, to me, was kind of part one. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
96 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Part two is we are in the midst of a 

fairly large generational change here in the 

United States, and as we continue to see people 

who grew up as we call them digitally native, you 

know, they would prefer to pick up their phone, 

versus engage in almost any other way, and 

certainly the pandemic has reinforced that.

 And so for us as a community, there's 

a lot of energy we can put into making sure that 

it's not, you know, banking and then digital 

banking; it is digital banking, full stop.

 And to me, that is also part of this 

discussion, is really understanding what the 

impacts of that generational evolution is, and 

how we can evolve that.

 You put those two together and it's 

really a coda to a lot of the work that I've done 

in my career, and it's almost like a perfect 

storm of backgrounds that allowed me to land in a 

role like this to be able to do these kinds of 

things.

 MR. ERNST: And it's really 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
97 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

interesting to hear you frame it that way, 

because so much of what I think this Committee 

has talked about and what the FDIC research has 

shown in the past is that the technology itself 

is important, but what's really important is 

understanding how it's positioned and how it's 

connecting with consumers and delivering on its 

potential, right? You know, a phone in a vacuum 

is not very useful. Right?

 MR. MEGHJI: Absolutely, absolutely, 

well, and it's an amazing opportunity, right? I 

mean, just as one example, I've spent, you know, 

most of my career in artificial intelligence and, 

you know, there are amazing opportunities for 

artificial intelligence out there, right?

 There are also places we need to be 

very thoughtful about the risk that putting 

technology in can provide, you know, so there are 

a lot of discussions around that, but, you know, 

the vast majority of artificial intelligence in 

the banking system is really around the theme of 

amplification, as I described it. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
98 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

It's around automating processes. 

It's around looking for errors or looking for bad 

behavior, including, by the way, discrimination, 

and highlighting implicit bias that people might 

not even realize is going on. 

And so there are amazing opportunities 

for us to use these technologies to make the 

system better for everyone, especially those 

people who are not serviced at the same level as 

the rest of the population.

 MR. ERNST: And that really brings me 

to sort of my last prepared question for you, and 

it's almost a perfect setup. How do you see the 

adoption of technology by regulatory agencies 

themselves as integral to supporting economic 

inclusion?

 MR. MEGHJI: It's just not optional. 

It's the only way. You know, we could double the 

staff at the FDIC, if we could figure out how to 

pay for it, and we still would not have the 

resources we needed in order to solve some of 

these problems, right? 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
99 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

The only way to solve them, the only 

way to highlight them, is through technology, and 

a lot of that's around data: its ability to see 

what's going on, understand it, measure it, make 

changes, and then measure the impact, right?

 It's kind of measure, change, and then 

measure what your impact was, right? We're an 

incredibly quantitative organization, which is 

one of the great things about FDIC, and you look 

at the great work our research division, just as 

one example, puts out on a daily basis. It's 

absolutely fantastic stuff.

 But at the end of the day, without 

technology, we'll never hit the scale we need to 

in order to really understand what's actually 

happening there and the impact of it. Because 

it's not just that we're making a change, it's 

that we measure the change.

 And we can test different ways that we 

can make changes, and perhaps one type of 

technology is really meaningful for one subset of 

activities, but it might not be the right thing 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
100 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

for everything.

 Banking, historically, has been very 

comfortable with one-size-fits-all solutions, and 

that's a very general sentence meant in a general 

way, and for us as regulators, you know, we've 

been part of that logic, right?

 And, you know, as we move into much 

more complicated cohorts, and I'll say it like 

that and not just of consumers, but of banks, but 

of non-banks, but of ourselves, there's a lot 

that we can do with technology that allows us to 

do that in a much safer and much more sound way.

 MR. ERNST: Great, thank you. I think 

I am going to test our committee members' 

patience by suggesting that I'm going to shift 

the conversation for David and then really try 

and draw everybody in the room into this 

conversation. 

So, Sultan, wonderful talking with 

you. Thank you for getting us started there. 

David, if I can ask you to come off mute? 

I guess my first question to you --

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
101 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

let me see if I'm -- I'm not quite seeing you 

here yet. I'm going to wait until we have you up 

on screen, I think.

 MR. EHRICH: Can you hear me?

 MR. ERNST: Yes, there we go.

 MR. EHRICH: I'm there.

 MR. ERNST: We've got you, wonderful. 

Welcome, David. You know, I guess I would start 

by asking you how was my description of AIR? How 

should committee members understand the 

organization? Did I do a decent job? What do 

they need to know about your group?

 MR. EHRICH: You know, first, I want 

to thank Chairman McWilliams and also the FDIC 

Board of Directors and the Advisory Committee for 

inviting me to be here today. It's an honor and 

a pleasure to join this important conversation.

 And Keith, your description of AIR is 

excellent. You know, you were there from the 

very beginning. You were one of the first people 

I reached out to when Jo Ann Barefoot and I were 

thinking about forming AIR. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
102 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

One way to think about AIR is to start 

with the question: how confident are we that our 

bank examiners have all of the right tools that 

can help them identify UDAP violations, or 

discriminatory lending practices, or other 

challenges to financial inclusion?

 And I think that as you think about 

our financial services ecosystem, it's very 

complex, our regulators have a very, very tough 

job, but they're frequently working with analog 

reports that are based on delayed and sample 

data, and today's technology has just moved so 

much further beyond that.

 You know, as Sultan described, we have 

this opportunity for our --

(Audio interference.)

 MR. EHRICH: -- professionals to spend 

less time massaging and standardizing data, but 

actually, you know, spending their time analyzing 

and identifying illegal activity, and that's all 

possible with computers.

 What Sultan has really laid out, I 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
103 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

think, very effectively is that we're really 

thinking about scale. How do we improve our 

effectiveness? And one of the ways to improve 

our effectiveness is through scale, and how you 

do that is through technology. And at AIR, we 

really think about the future of regulation and 

we think about the art of the possible. 

How can you use technology to really 

recreate how we think about regulation and how we 

think about, how we can affect regulation for the 

objectives that we put regulation in place for, 

for safety and soundness, for consumer 

protection, for financial inclusion, to stop 

financial crime? And for all of these reasons, 

technology is a really strong and important 

anchor for us to consider.

 So, AIR, as a nonprofit organization, 

we operate at this intersection of technology, 

innovation, and regulation, and we work with 

regulators and central banks around the globe to 

really advocate for a digitally-native regulatory 

system. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
104 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Like what Sultan referred to when we 

think about our kids and how comfortable they are 

with, you know, the digital system today, imagine 

if our regulatory system could operate like that.

 We are really committed to the use of 

responsible technology to help consumers and 

small businesses build their financial health, 

and we have key focus areas, which include gender 

and racial equity, green finance, and financial 

inclusion in emerging markets.

 So, we think of our work at AIR in 

three strategic pillars. We think about it in 

terms of educate, accelerate, and standardize. 

Where educate is creating new intellectual 

capital, like our reg tech manifesto and our case 

study on innovation from the Financial Conduct 

Authority in the U.K.

 We also think about our work in terms 

of accelerate. How can we help accelerate the 

adoption of new technologies across the whole 

ecosystem in financial services? We run tech 

sprints and we have an accelerator where we 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
105 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

identify and implement new digital solutions for 

regulators, and one example of that is we worked 

with FinCEN, for example, to help create --

(Audio interference.)

 MR. ERNST: David, I think we've got 

you turned on mute somehow here. Let me see if I 

can help you. There you go. I think you're 

back.

 MR. EHRICH: Where did you lose me?

 MR. ERNST: So, why don't you start 

from -- if we go back to, you know, you had 

described sort of the role that AIR played in 

thinking about technology and regulators, and you 

were starting to talk about sort of its 

implementation within industry.

 MR. EHRICH: And did you hear about 

our work in terms of our three pillars?

 MR. ERNST: Yes, you had just sort of 

introduced that and that's where we lost you.

 MR. EHRICH: That's perfect. And so 

our position is that technology is driving 

incredible transformation in financial services, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
106 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

and we need to be able to see the impact of that. 

In some cases negative impact on consumers like 

bias in AI or how our data is being used without 

our knowledge or permission.

 And financial regulators have a key 

role to play in navigating those waters, because 

we have to take actions to protect consumers, but 

at the same time, we want to deliver on the 

promise that technology can provide to improve 

financial inclusion, and financial fairness, and 

all of our objectives for regulatory action.

 So, when I think about the role of the 

FDIC here, we are super excited about working, 

you know, about the work that the FDIC is doing, 

and about Sultan as a new member of the FDIC 

community, and also Jennifer Lassiter. 

I've had the opportunity to work with 

both of them in their private capacity, and I'm 

just really excited to see the direction that the 

FDIC is taking in this capacity.

 MR. ERNST: Great, thank you for that 

great introduction to AIR, and obviously this is 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
107 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

hard work, and one of the things AIR has become 

known for already is its sponsorship of tech 

sprints as a way of approaching this challenge.

 And Sultan mentioned it before, but I 

wonder if you could take a few minutes for 

members of the Committee, or maybe some of our 

viewers who are participating in the meeting 

remotely, to help them understand a little bit 

more about what that means, what these events 

are, how they work, but maybe just importantly 

what they can accomplish?

 MR. EHRICH: And I think it's 

important to just take a little bit of a step 

back here. The word that we use for tech sprints 

is actually a very common activity in the tech 

community, only they term them hackathons.

 But in the regulatory community, we're 

a little bit uncomfortable with the word hacking. 

You know, it implies perhaps maybe illegal 

activity. In the tech community, it just means 

working. 

Hacking just means like working hard 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
108 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

at something, and so a hackathon is when a group 

of people come together to solve a problem, and 

we have been working to do this, solving problems 

specifically for regulatory concerns and 

regulatory issues.

 It's actually a strategy that was 

outlined and really adapted for regulators by the 

Financial Conduct Authority in the U.K. They 

have been a real leader in this space in terms of 

thinking through what regulatory innovation looks 

like and how you get there.

 And tech sprints have been a very 

valuable tool to actually try to achieve this 

elusive goal of innovation. How do you actually 

innovate? Well, tech sprints can be a very 

powerful way to get there.

 And what tech sprints are is really an 

event, a very intense problem solving event. It 

could take place over a weekend, or a week, or 

two weeks, but the idea is that you're focusing 

on a single problem statement.

 And you bring together a group of 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
109 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

people from a very diverse set of sources that 

have very different points of view, and that 

together you actually create new solutions. You 

co-create new solutions, which none of the 

individuals would be able to think through or 

create in isolation, right?

 So, the idea is that you bring 

together a policy expert or a regulator together 

with a technologist, and they're coming from two 

entirely different worlds; where the technologist 

isn't aware of the regulatory issues and the 

regulator isn't always necessarily aware of the 

latest technologies that can actually solve some 

of their problems.

 And you bring these two groups of 

people, who typically don't spend enough time 

together, and you bring them together to problem 

solve intensely on a single problem, and what 

happens is remarkable. Because you get a sharing 

of understanding, you get a sharing of 

experience, you get a sharing of different 

aspects of problem solving that people in the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
110 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

isolation of their own verticals don't have an 

opportunity to see how to think or deal with this 

across multiple verticals.

 MR. ERNST: Yeah, that's a really 

helpful response, and I know AIR recently worked 

with the FDIC and also with the Financial Conduct 

Authority to look specifically to develop a tech 

sprint focused on women's economic empowerment as 

a subject. 

And I know members of the committee 

here know that women-headed households are a key 

population segment when it comes to thinking 

about economic inclusion challenges. They are 

among different household types, especially 

female parent-headed households, the most likely 

to be unbanked. 

Eighteen percent of female parent 

households in our most recent study were 

unbanked, and that's much higher than some other 

family types or the 5.4 percent overall among all 

households.

 And I wonder if I can ask you to help 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
111 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

the Committee understand sort of this in a more 

applied setting? So, you know, if you can talk a 

little bit about what the objective was here? 

What were some of the solutions? And again, 

maybe most importantly, what do you think 

participants and observers took away from this 

particular experience?

 MR. EHRICH: You know, the tech 

sprints operate on two levels, two very important 

different levels. One on level, they're driving 

tactical digital solutions to specific problems, 

but -- did I lose you, Keith? Are you there? 

You're back?

 MR. ERNST: I'm sorry. I'm here. I'm 

here.

 MR. EHRICH: No problem. Can you hear 

me still?

 MR. ERNST: Yes, yes, we have you.

 MR. EHRICH: So, I was saying that the 

tech sprints operate on two very distinct levels, 

and on the very tactical tangible level, they're 

creating digital prototypes, very specific 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
112 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

digital prototypes, to the questions that they're 

trying to solve.

 But on this more macro level or more 

meta level, tech sprints are very powerful 

because they do create cross-pollination of 

ideas, and they do create dialogue, and they are 

very helpful in being able to spotlight very 

specific issues.

 In this case, as we all know, women 

have been disproportionately impacted by COVID. 

What we can anticipate is that we will see this 

play out even as we begin to emerge from the 

COVID financial crisis; that women will most 

likely be impacted adversely even as we begin to 

emerge, that they will emerge less quickly, and 

this is also true for businesses that are owned 

by women.

 But in this case, what we were able to 

do is bring together experts from a variety of 

different backgrounds, and some of the very 

interesting solutions that were proposed may have 

been very specific, like, for example, the impact 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
113 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

of victims of intimate partner violence.

 So, in this case, you have an 

opportunity to use financial technology to help 

rebuild a woman's life after she has experienced 

an incredible displacement, where, in some cases, 

she leaves the house without ID. 

In many cases, there's financial abuse 

that's taking place in the relationship that 

makes it impossible for this victim to have 

access to financial instruments, all of which is 

needed if this person is going to successfully 

rebuild their life independently, so we have a 

number of solutions that we're focusing on that.

 Another solution that I thought was 

very interesting was more structural in its 

approach. 

If you think about the people who have 

been impacted adversely by the financial crisis, 

that's going to impact their credit scores and 

that is going to be a hangover that will stay 

with them for quite some time, but for many of 

them, the impact of the financial crisis is going 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
114 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

to be a very short duration. 

For a whole segment of the population, 

there's going to be people who were impacted 

adversely, but, you know, actually do get a job 

and do get themselves back on their feet, but 

they're going to be carrying that credit score 

hangover for a long time.

 So, one of the ideas that was created 

in the tech sprint was to create a financial 

stability score. Could you have a score that ran 

parallel with a credit score, recognizing that 

something went wrong in the credit cycle, but 

that this person today, with more recent 

information, is actually more stable and is in a 

much better place to access safe and affordable 

credit?

 A third idea that came through, which 

I thought was very interesting, was also systemic 

in nature. It was really structural. It was 

looking at how to create social impact funding 

vehicles to actually be able to provide low-cost 

loans to women and women-owned businesses. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
115 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MR. ERNST: Those are really 

interesting solutions, and as you talk, it is 

really easy to imagine the range of perspectives 

you would need to have around the table for those 

to come together in any sort of credible fashion, 

recognizing that within the short period of time 

they are together, you know, they are not 

necessarily putting a solution into production, 

but they are sort of getting their arms around 

it.

 Can you talk just a little bit about 

the kinds of perspectives you had in the room for 

this particular event?

 MR. EHRICH: Absolutely, we had 

accessed a number of different perspectives. We 

started with listening sessions, a series of 

listening sessions with NGOs, the people who were 

holding the expertise in terms of the challenges 

that women were facing generally, but then also 

specifically related to the pandemic.

 And also trends that they had seen 

through the pandemic in terms of were there 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
116 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

specific interventions that were working, or 

specific interventions that weren't working, so 

that we could help define our problem statement 

with that in mind.

 We also worked very closely with 

regulators, with technology developers, and also 

with FinTechs that were trying to develop 

solutions to help address these populations and 

these specific problems.

 MR. ERNST: Great, and I have one more 

question and then I'm going to tell the Committee 

members that I am going to be opening the floor 

here in a minute to see if we have questions and 

engagement, and I'm sure we will.

 But I guess, David, you know, the last 

question before I do that I would ask you is, you 

know, it's easy for me to imagine sort of the 

benefit to participants being in the room and 

having this experience and having these 

conversations. 

How do you think people who are not in 

the room benefit from these conversations taking 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
117 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

place, and how can they plug into and sort of get 

access to some of what was learned in that 

setting?

 MR. EHRICH: I think that we can think 

about this in a couple of different levels, 

right? So, there's the opportunity to 

participate in a tech sprint that we're running, 

but part of our objective at AIR is to 

disseminate this technology.

 This is a new approach to innovation 

that's really helpful, because it is a rapid 

prototyping and it does bring together these 

different parties that often don't spend enough 

time together.

 And so, for example, what we're really 

hoping to do is help spread the use of tech 

sprints across multiple participants in the 

ecosystem.

 So, I had the opportunity to work 

closely with the CFPB and with Jennifer Lassiter 

on the tech sprint strategy that the CFPB 

executed against, and we also are working with 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
118 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

regulators around the world to do this. 

We're working right now on a tech 

sprint in South Africa, that we're working 

closely with the FDIC, to assess credit lending, 

and the kind of work that Sultan was involved 

with, really taking credit access to the last 

mile, both in the townships and in rural parts of 

South Africa.

 But I think in a world where 

technology companies are using tech sprints every 

day, using tech sprints on a weekly basis -- a 

firm like Apple will use tech sprints as a 

recruiting tool. 

So, they'll set up 30 tech sprints 

over the course of a week and bring technologists 

in to solve specific problems. They have this 

opportunity to observe them at the table, to 

observe them in their problem solving mode.

 We could get to a place where we're 

using tech sprints, you know, on a drop of a coin 

to solve or address specific questions that we 

have, and it could be iterative on a single 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
119 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

problem. 

You could do a tech sprint, put it 

into the accelerator, and start to build it. You 

actually hit a blockade where you're not sure if 

you should go left or right. You do another tech 

sprint. 

And I think that this is the path that 

our technology companies have started to adopt, 

but we have yet to see that kind of adoption in 

the financial services sector, both in 

traditional financial institutions and the 

regulatory environment, and that's one of the 

great values of being able to interact with 

FinTechs and the new technology that is coming 

along.

 MR. EHRICH: Great, thank you so much. 

There's so much here we could dig into, but let 

me go ahead and invite the Committee members to 

offer their perspectives and questions.

 This has been a really interesting 

conversation for me, but we're about 45 minutes 

in, so I want to make sure our Committee members 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
120 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

have their chance now too. 

So, I'm looking for hands and I see, 

Christina, with your hand up first.

 MEMBER TETREAULT: Thank you so much. 

A quick question for both panelists is I'm hoping 

they can talk about the potential or any thoughts 

on blockchain and crytocurrency in financial 

inclusion?

 MR. EHRICH: Sultan, do you want to go 

first?

 MR. MEGHJI: I was just going to say, 

David, you've got to start.

 (Laughter.)

 CHAIRMAN McWILLIAMS: I'm going to 

mute them both before they answer.

 (Laughter.)

 MR. EHRICH: I mean, Christina, I was 

going to remind the Committee that blockchain is 

perhaps outside of the purview of the FDIC at the 

moment, although that might not be true at some 

point in the future. Who knows?

 But, yes, blockchain has some very 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
121 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

interesting implications on financial inclusion. 

When you think about certain aspects of the 

financial value chain that actually cost a fair 

amount of money, right, like processing payments, 

for example, it's a fairly expensive process 

today. That could be managed on the blockchain 

in the future at zero cost, right?

 When you think about some of the 

challenges that we face in terms of account 

opening, they are, you know, in some cases 

related to the requirements that we have around 

KYC. 

Imagine if we had a digital ID that 

could automatically open up a bank account on the 

blockchain and could secure that that person was 

who that person said they were.

 These are the kinds of opportunities 

that we're looking about in the future. When we 

think about what is the future of regulation, 

when we think about the art of the possible, 

these are some of the questions that are looming 

on the horizon. They have yet to be defined, but 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
122 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

it's a very interesting opportunity.

 MR. MEGHJI: And I'll say that there 

are two ways to interpret the question. One is 

about it from a banking services perspective and 

the other is from a purely technological 

perspective.

 Underlying a lot of digital assets, 

there's a variety of new and interesting 

technologies that allow for a variety of 

different capabilities in the back office, as 

well as underlying technologies like payments and 

things like that.

 I will refrain from commenting on any 

currency-based discussions or anything like that, 

but I will say there are a lot of interesting 

things. 

I'll just highlight one, which is 

called a zero-knowledge proof, and it is a way of 

analyzing data without you having to have access 

to the data and storing it on your own 

infrastructure.

 So, just imagine the ability for us to 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
123 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

get -- and probably some of the first 

capabilities out there are to analyze populations 

where we have a lot of different data in a lot of 

different places so that we can better figure out 

where we should be putting our energies in terms 

of focusing our inclusion programs.

 To me, that's an amazing opportunity 

that digital asset-based technologies will allow 

us to do, and it keeps me from getting in trouble 

with my boss.

 MR. EHRICH: And Sultan, I'll just add 

to that. Our very first tech sprint for which 

Chairman McWilliams was a judge was actually on 

AML and human trafficking, specifically looking 

at privacy-enhancing technologies like zeroknowledge proof to use as a potential way of 

sharing information legally to solve for AML.

 MR. ERNST: Great, thank you both. 

Other thoughts or questions from the Committee? 

While we're waiting, maybe I'll 

connect the two of you and see, David and Sultan, 

if there's anything in each other's presentations 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
124 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

that stood out for you or that made you want to 

ask a question?

 MR. MEGHJI: Well, David, who I have 

the good fortune of having known here for a 

little bit, I really embraced his definition of 

tech sprints. I won't say the H word, because 

I'm a government employee and I don't think I'm 

allowed to say that word.

 But I would ask David, you know, one 

of the things that I adore about tech sprints is 

their compressed timeline and the direct value 

that's created. You know, it's a very days and, 

you know, it's not weeks, or months, or years.

 The thing that I'm always curious 

about is how you take a tech sprint and extend it 

into the future. You extend that value past, you 

know, that very short window of time and turn it 

into something more systemic in terms of the 

nature of change.

 Do you want to spend a few minutes 

talking about that, because I know you have some 

good thoughts on that? 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
125 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MR. EHRICH: Yeah, absolutely. You 

know, the rapid prototyping aspect of tech 

sprints is very impressive, especially for those 

of us who come from large institutions of any 

type, whether they're financial institutions, or 

regulatory institutions, or just large 

institutions.

 I think everybody here knows how 

difficult and how mired the process of product 

creation can be, and so when you sit down and do 

this one week or two-day exercise and you see 

what can be accomplished in this very compressed 

period of time, it is really eye opening.

 And for those of us who are children 

of the Cold War, it is extremely eye opening, 

because it's so different than anything that we 

know. 

I mean, for me personally, having come 

from large financial institutions and then 

migrating into the FinTech world, it was an 

enormous transformation for me to see how work is 

done and how different it is, and that's part of 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
126 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

the value of bringing tech sprints to larger, 

more traditional, organizations. 

But, yes, at the end of the tech 

sprint, you do have this series of prototypes, 

and then the question is what do you do with 

them?

 If the tech sprint is commercial in 

nature, in other words, the teams that are 

building the solutions, they have a commercial 

interest in bringing them to market, that is one 

path that you can take in terms of encouraging 

the use of those prototypes.

 If the tech sprint is more of a 

systemic approach, or trying to address a 

structural issue that doesn't necessarily have a 

private market solution, or at least an easily 

visible private market solution, that's where 

there isn't an obvious path for prototypes that 

are being created, because there isn't an 

immediate return on investment from developing 

them.

 So, one of the things that AIR has 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
127 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

done to address this is we've created an 

incubator. So, we have the tech sprint of our 

program, which is really around creation and 

iteration; but then we also have an incubator 

part of the program, which is really about 

development and implementation.

 And so what we have done is we have 

created an open source repository on GitHub, 

where we take the solutions that have enough 

interest in them and have some sponsorship, and 

we put them in that incubator to develop it 

further in open source, so that you can create 

that solution, and then provide that solution not 

only to whatever the sponsoring organization is, 

but you now have it built out in open source, so 

you could take that to regulators around the 

globe, or you could take that to law enforcement 

around the globe.

 This is one of the paths that we're 

using specifically for our tech sprint on child 

sexual abuse materials. We came up with three 

really interesting risk assessments that could be 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
128 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

built into FinCEN's existing tools that they use 

to assess risk on trying to identify payments for 

CCEM.

 And in this case, we're building this 

out. We're building this out in open source with 

the intention of being able to implement that at 

FinCEN, but then we can make that available to 

any law enforcement agency in the U.S., at the 

state level, federal level, or internationally.

 MR. MEGHJI: David, just very quickly, 

I get so excited to hear you talk about open 

source. You know, for those of us who come from 

the tech community, and it's not generally well 

known, but I'll highlight it, you know, open 

source is the reason why we have the internet and 

the world wide web, and the mobile technology the 

way we have it today.

 And for the last, you know, 30 years 

basically, that's been the underlying mechanism 

by which technology is scaled globally, and so 

seeing more energy in open source in this sector 

is just really exciting, and kind of guarantees 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
129 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

that it gets adopted, which is great.

 MR. EHRICH: It's really important, 

Sultan, because as you know, one of the 

challenges with technology vendors is that they 

work very hard to create closed gardens. 

You want a walled garden where only 

your technology can be used, and therefore you 

have essentially a monopoly on whatever that 

process is, but then it becomes much harder to 

update that technology.

 And if a technology is built in open 

source, then multiple players can leverage that 

technology, they can use that technology, when it 

comes time to update that technology, you can 

update it across multiple platforms.

 So, it becomes a key effective tool 

for the creation of interoperability, and 

interoperability is also very important in this 

conversation because being able to -- for 

example, the work that the FDIC does in financial 

inclusion. 

Imagine if that work could be easily 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
130 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

coordinated in a digital way with the work that 

the CFPB does on financial inclusion, and by 

being able to link that if they had similar 

technology infrastructures, it would be much 

easier to do that, and so interoperability 

enabled by open source is part of the vision for 

what the regulator of the future could be.

 And for those of you who may be more 

interested, this is maybe a little bit arcane, we 

have published a white paper called the Reg Tech 

Manifesto, which really talks about what a 

digitally-native regulatory system could be and 

the roadmap for how to get there.

 I do want to warn my friends who are 

on the financial inclusion committee that it is 

120 pages long.

 (Laughter.)

 MR. ERNST: It is long, but it is an 

interesting read, so let me say that for it for 

sure.

 MR. EHRICH: Or at least the executive 

summary is. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
131 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

(Laughter.)

 MR. ERNST: No, I think the full 

document, you could spend some time. It may not 

be prime-time TV material, but it's worth the 

attention for sure.

 MR. EHRICH: And Keith, if I can just 

add one more thing about this power of the tech 

sprints and the accelerator? You know, this is 

one of the primary tools that the FCA has used, 

the Financial Conduct Authority, has used in the 

U.K. to anchor their innovation strategy.

 And so one of the reasons why this 

tool is so powerful is that really it solves the 

question to the answer of how do you innovate; 

like what is the process for how to innovate, and 

tech sprints and an accelerator is a way to do 

that.

 MR. ERNST: And it is really 

intriguing to hear. It's, for me personally, 

really intriguing and positive to hear the way 

you talk about the different perspectives coming 

together in that room, right? And perspectives 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
132 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

that maybe often are not joined, so you can 

really get a sense of where the value is created 

at that table, right?

 And you've talked a lot about sort of 

the solutions that come out of it, but I imagine 

part of what may be valuable in that conversation 

is learning where the roadblocks are too, right?

 Identifying what's hard and 

understanding why it's hard can be just as 

valuable as the solutions, I would imagine.

 MR. EHRICH: That's exactly correct. 

We did a tech sprint with the Department of 

Financial Services in New York State, and that 

was on the path to creating digital regulatory 

reporting.

 And what was fascinating was as we 

were preparing for that tech sprint and as we 

executed that tech sprint, that's exactly what we 

saw. Not only did we see what we could solve 

with the tech sprint, but we saw all of the gaps 

that needed to be solved. 

You know, and in that process, we 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
133 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

essentially created a roadmap for the innovation 

team at the DFS. They've got plenty of stuff to 

work on, which in many cases, you know, kind of 

fell out of the preparation for the tech sprint 

on digital regulatory reporting.

 MR. ERNST: Great, really interesting. 

Well, I'm getting the warning sign that we are 

coming close to the end, so let me tell our 

members this is perhaps the last call for 

questions.

 All right, well, let me then turn to 

both of you and say thank you very much. This 

has been an incredibly interesting conversation. 

I am sure we will have more opportunities to 

bring interesting developments back to the 

Committee's attention and to engage, but for 

today, just let me say thank you again and I 

really appreciate your participation and all of 

the information you shared with us.

 MR. EHRICH: It's really a pleasure to 

be here. Thank you, Keith.

 MR. MEGHJI: Thank you, Keith. Thank 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
134 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

you to everyone.

 MR. ERNST: Great, Jonathan Miller, 

back to you.

 MR. MILLER: Thank you so much, Keith, 

Sultan, and David, really terrific panel. At 

this time, we're going to take a break until 3:45 

and then we'll hear from our final panel. So, 

thank you and see you in a little bit more than 

five minutes. 

(Whereupon, the above-entitled matter 

went off the record at 3:37 p.m. and resumed at 

3:45 p.m.)

 MR. MILLER: Hello everybody and 

welcome back. We are ready to go to our second 

and final panel now. Which will focus on 

Expanding Account Access. You heard some talk 

about this early on in the roundtable. Ms. Ortiz, 

the FDIC's Deputy Director of Consumer and 

Community Affairs will monitor the discussion. 

Liz, thank you. 

MS. ORTIZ: Good afternoon everyone. 

Welcome, or welcome back, to today's second and 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
135 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

final panel, Expanding Account Access. Or, as I 

like to refer to it, #GetBanked.

 By now, I hope everyone has paid at 

least one visit to the #GetBanked landing page at 

fdic.gov. And if you haven't, feel free to do so 

now. One of the benefits of virtual meetings, 

you can look and listen simultaneously.

 And while doing that, I will take just 

a couple of minutes to anchor this effort in the 

FDIC's overall strategy to advance economic 

inclusion.

 The FDIC Economic Inclusion Strategic 

Plan envisions five opportunity areas. These 

are: financial capability, in-short accounts, 

consumer credit, mortgage credit, and small 

business financial services.

 We see this as a ladder, with each 

rung on the ladder representing a point of 

connection between consumers and their financial 

institutions.

 Taken together, they represent 

increased engagement for consumers, with the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
136 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

financial system incorporating transactions, 

savings, and the opportunity to build stability 

and wealth through home ownership and 

entrepreneurship.

 The #GetBanked initiative represents 

a three-pronged effort to motivate unbanked 

consumers to begin a banking relationship and 

open an account. These efforts work on their 

own, but are also mutually reinforcing.

 First, more banks. We envision more 

banks offering accounts that work for consumers.

 Second, increased consumer awareness 

about the benefits of a banking relationship. We 

need to tell the story that there's a better way, 

and reach consumers where they are.

 Three, strong local networks. These 

are the connective tissue, those strong 

community-based organizations, non-profits, local 

government agencies, that act as a bridge between 

consumers and communities that need access to 

financial services.

 Firing on all three cylinders creates, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
137 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

we hope momentum that not only moves the needle 

for the unbanked, but yields enough energy that 

this virtuous cycle keeps moving on its own. 

More customers, more success stories, more banks, 

which, in turn, leads to even more customers, 

more bank relationships. And so it continues, 

growing stronger with every turn.

 In this panel, we will hear from three 

pairs of speakers, with a pause after each 

section, for an opportunity to hear from the 

committee.

 First, Mia Sowell and Luke Reynolds 

will describe the details of the #GetBanked 

public awareness campaign, and how the lessons 

learned from the early days of the pandemic have 

informed FDIC's outreach.

 Next, Elaine Hunter and John Gonzalez, 

Community Affairs Specialists from Atlanta and 

Houston, respectively, will describe their 

efforts to engage with local community partners, 

and capitalize on our messaging.

 And then finally, we'll hear from our 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
138 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

partners, the American Bankers Association and 

Cities for Financial Empowerment, who are working 

together to encourage the nation's banks to meet 

the needs of consumers who need a safe and 

affordable bank account.

 Before turning this over to my 

panelists, I offer my own observation, that over 

the past year especially, we have learned a lot 

about the challenges of communities that are 

"underserved."

 Access to financial services is but 

one of many challenges faced by communities that 

are also struggling with access to healthcare, 

broadband, and other necessities that the 

pandemic brought into sharper focus.

 Working together with non-profit 

partners and industry, while experimenting with 

our own public outreach, has been an opportunity 

to learn what's possible, and where we can do 

more.

 So, feedback from you today about what 

we are doing now is always welcome. And in 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
139 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

addition, I would like you all to please consider 

offering suggestions and ideas for what else, or 

what next, because we really want to know that 

too.

 At this point, I want to turn it over 

to Mia Sowell. Mia?

 MS. SOWELL: Thank you, Liz. So, 

before we talk about the actual campaign, I'd 

like to spend a little bit of time to talk about 

the overall #GetBanked initiative, which is an 

effort that kicked off near the beginning of the 

pandemic last spring, when the first round of 

economic impact payments, or stimulus payments, 

were released.

 The pandemic emphasized the urgency of 

assisting people with low- and moderate-incomes, 

to gain access to affordable and sustainable bank 

accounts, because having a bank account was 

critical in order to receive those timely 

stimulus payments, income tax refunds, and other 

government payments, such as unemployment.

 For many people without bank accounts, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
140 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

they may not understand why it's important to 

have one, particularly if they never had a bank 

account, or have been accustomed to making due 

without one.

 The FDIC wanted to increase our 

messaging about the importance of getting banked, 

so that more Americans -- particularly those in 

low- and moderate-income communities who were 

hardest hit -- could access the government 

resources that could help sustain their 

households during the pandemic.

 The goals of the #GetBanked initiative 

are directly tied to the FDIC's vision for 

promoting affordable accounts, which is for all 

Americans to have access to secure and 

affordable, in short, banking services, and that 

every bank offers affordable transaction and 

savings accounts. The #GetBanked initiative 

takes us one step closer to fulfilling that 

vision.

 There are three main goals of the 

initiative. The first is to increase consumers' 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
141 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

awareness of secure and affordable bank accounts.

 We wanted to provide consumers with 

some of our internal resources, where they could 

learn more about the benefits of having a bank 

account, and why they should have one.

 Second, we wanted to help them 

navigate to resources where they could safely 

open a bank account that was the right fit for 

their needs.

 One thing that was really important 

during the pandemic was the ability to open a 

bank account online, since several branches were 

closed or had very limited in-person services. 

So, we communicated this information out to 

consumers.

 There was a particular focus to bring 

awareness to people, to say that if you don't 

have a bank account or you think it's too costly 

to have a bank account, you can open an 

affordable bank account online, while staying 

safe at home, through resources provided by the 

FDIC. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
142 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

And third, we maximized our engagement 

with local community partners who work directly 

with low- and moderate-income communities, so 

that they were knowledgeable of these resources 

and could refer their stakeholders and clients to 

them.

 So, this is where our relationships 

with our collaborative partners would be key and 

help us reach a broader audience.

 We have three categories of 

collaborative partners: (1) government agencies; 

(2) bank trade associations; and (3) intermediaries that help us reach consumers.

 Identifying way to promote affordable 

accounts has truly been a holistic government 

approach, by working with agencies who assist in 

getting government payments to consumers, like 

Treasury and the IRS, to agencies that provide 

consumers with information to protect and manage 

their finances, such as the Consumer Financial 

Protection Bureau, as well as those agencies who 

serve low- and moderate-income communities, and 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
143 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

communities in need, such as HUD and FEMA.

 Equally important for collaboration 

efforts, were with trade associations, and 

intermediaries that help financial institutions 

reach low- and moderate-income consumers.

 At the national level, these banking 

trade associations are American Bankers 

Association, and the Independent Community 

Bankers of America.

 American Bankers Association has 

encouraged every bank to offer affordable 

accounts by working with their core service 

provider. And later, Rob Morgan from ABA will 

discuss this further.

 And the Independent Community Bankers 

of America website offers a list of community 

banks that can open accounts online with a 

starting balance of $25 or less. And both of 

these trade associations have a link on their 

website to get the #GetBanked webpage and 

resources to consumers.

 At a national level, the intermediary 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
144 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

that helps affordable bank account products reach 

consumers, is Savings for Financial Empowerment 

Fund, which leads the national BankOn movement.

 The BankOn website, as you know, 

connects people to a list of financial 

institutions that offer affordable accounts. And 

several of these accounts can be opened online.

 BankOn also supports local coalitions, 

and encourages banking, regulatory, and nonprofit organizations, to expand banking access. 

And David Rothstein will discuss that further in 

our panel today as well.

 The benefit of these collaborative 

partnerships is best illustrated through some of 

the outputs of this initiative, which are a 

result of our continuous efforts to get more 

Americans banked.

 There are multiple complementary 

efforts happening across the country through our 

regional community affairs teams, as well as 

efforts coming from the Washington office, to 

promote the message about getting banked. These 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
145 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

efforts, national and regional, are mutually 

reinforcing, and work to support the success of 

getting more people banked.

 First, we have the #GetBanked webpage, 

which is at fdic.gov/getbanked. The webpage has 

several resources that address some of the 

questions that consumers may have about why it's 

important to have a bank account, and it is 

available in English and Spanish.

 Some of the highlighted resources of 

this page are a flyer, for the top reasons to get 

banked, which includes reasons and considerations 

for someone to open a bank account, such as, your 

money is safe at a bank, there's no check-cashing 

fees, and once you've established a relationship 

through a bank account, you can access other 

banking products, such as credit cards and auto 

loans.

 We also have a video which reiterates 

many of these reasons and benefits of having a 

bank account.

 Another important resource on the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
146 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

webpage is our checklist that helps consumers 

determine what kind of bank account meets their 

needs. It educates consumers about bank account 

features, such as monthly fees, overdraft 

protection and bill pay, and then it helps them 

to determine the most important account features 

for their individual needs.

 And to provide useful information for 

finding a bank and opening an account online, we 

have included links to BankFive, which is our 

FDIC tool, which helps locate FDIC-insured banks 

in your area, and we also included links to the 

list of affordable accounts that can be opened 

online through BankOn and the Independent 

Community Bankers of America.

 We also have a link to the American 

Bankers Association website as well. And these 

resources are all front-and-center on our 

#GetBanked webpage.

 Another way we've been working to get 

more people banked is through our outreach events 

that occur both at the regional and national 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
147 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

levels.

 Over the past year, 67 webinars have 

been conducted to promote affordable bank 

accounts, through our community affairs teams.

 Some webinars are for bankers, where 

they are informed about the opportunities to 

offer affordable bank accounts to consumers, and 

other webinars are for community-based 

organizations and local governments, where there 

may be opportunities for them to partner with 

financial institutions to determine the best way 

to get residents and consumers in their local 

areas to learn more about opening bank accounts.

 And later, you'll hear from two of our 

regional offices about some of the recent 

outreach they've conducted in their local areas.

 We've also increased our social media 

presence regarding affordable accounts throughout 

the duration of the initiative, not only on 

Twitter and LinkedIn, but also on Facebook and 

Instagram, where we're more likely to reach 

consumers. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
148 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

We've received several reposts and 

usage of the #GetBanked by many organizations and 

people throughout the country, to help get the 

message out. And so that's really exciting and 

encouraging.

 Also, Consumer News is FDIC's monthly 

newsletter that includes helpful hints, quicktips and common sense strategies, for consumers 

to protect and stretch their hard-earned money. 

It's featured on our webpage. And the April 

edition, which was just released a couple of 

weeks ago, highlights the #GetBanked campaign.

 And lastly, FDIC explains, is a series 

of short videos, which feature FDIC employees who 

demystify banking issues and financial 

vocabulary, and present them to the public in a 

friendly and understandable way.

 And we have videos in English and 

Spanish, many which echo themes of the #GetBanked 

initiative, such as FDIC explains getting banked. 

And FDIC explains overdraft fees.

 So that concludes my portion of the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
149 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

presentation. Now I'll turn it over to Luke 

Reynolds, who will discuss more about the 

#GetBanked public awareness advertising campaign. 

Luke?

 MR. REYNOLDS: Thank you, Mia. Next 

slide please.

 We've launched a public awareness 

campaign to motivate people about bank accounts 

in two metropolitan areas, to join the banking 

system.

 This is happening in the Greater 

Atlanta, Georgia, MSA; and the Greater Houston 

MSA. We selected these two markets based on a 

number of factors.

 For example, we looked at data from 

the 2013 to 2017 FDIC national survey of unbanked 

and underbanked households, we looked at the 

strength of the local BankOn coalition to connect 

people to banks in the market that offer 

affordable accounts with minimal clicks, We 

looked at the availability of Money Smart 

Alliance members, and other factors. And we came 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
150 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

up with these markets.

 We're trying to reach people about 

bank accounts. From there, we work with our 

research team to try to identify the demographics 

of who we should focus on reaching in each of 

those two markets.

 For both markets -- both Greater 

Houston and Greater Atlanta -- some common 

factors included not being a homeowner, having an 

income less than $30,000 a year, and having low 

educational attainment.

 In Houston, we added on a layer of 

being Hispanic, since 52 percent of the unbanked 

were Hispanic and Black is 35 percent. In 

Atlanta, Black 56 percent unbanked.

 So these data points, our research 

team helped us determine -- make it more likely 

that a person does not have a banking 

relationship.

 So then, from there we looked at 

national data that media firms generate, a lot of 

media consumption happens of people, so 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
151 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

basically, what types of media people consume, 

and we considered that, as well as we looked at 

our budget and we determined that radio and 

streaming radio and digital banners would be the 

most effective way to proceed.

 Again, we selected these based on 

media habits of the target audience, as well as 

our budget.

 So the ads encourage people to visit 

FDIC.gov/getbanked, which you just heard about. 

The general theme of the advertising is, there's 

a better way. So the idea is transitioning from 

unbanked to banked is more than just a smart 

move. It's a transformative and empowering 

experience that's personal to a person.

 Behind each experience are stories 

that can evoke feelings, such as joy, or relief 

and security. So we're trying to tell relatable 

stories through trustworthy, first-person 

narratives, to give our audience a voice.

 Our advertising is intended to break 

down misconceptions about banks, and help people 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
152 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

see how banks can help them meet their everyday 

financial needs, potentially for a lower cost, 

and offering them other benefits.

 We use research, including our own, 

and from CFE and others, to inform the content of 

our advertising. So what messages are most 

likely to be effective to include in our 

advertising.

 Again, as I think I mentioned a little 

bit earlier, we're using digital banners from 

streaming television ads, radio ads, and 

streaming audio advertising.

 The advertising is going to run 

starting the 1st of April, and it's going to run 

through the end of June.

 Since the start of our campaign of our 

effort to mention the media more than 350 times, 

includes Detroit Free Press, NPR, and a great TV 

story that was picked up by roughly 80 affiliates 

nationwide, and it appeared in a nationally 

syndicated column by Michelle Singletary.

 So we look forward to reviewing the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
153 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

results from our ad campaign a little bit later 

this year, as well as next year when the next 

BankOn survey data comes in, and formulate the 

next steps based on it. I think at this point 

we're ready for questions, I believe.

 MS. ORTIZ: Yes. Thanks, Luke. Thank 

you, Mia. I wanted to pause here and offer 

members of the committee the opportunity to share 

comments or ask questions about what you just 

heard.

 And as moderator, I reserve the right 

to pose a question or two to you all myself. I'm 

going to look through and see if I see any hands 

raised in terms of questions.

 All right, well I'd like to start us 

off and I guess ask for some feedback from the 

committee. Direct advertising and promotion is 

something that the FDIC does infrequently. I was 

wondering if there are any members of the 

committee who have experiences with their 

organizations and with their programs, where 

they've done some direct outreach along these 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
154 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

lines, and could offer some feedback or insights 

that might be instructive for us. Jonathan 

Mintz, I think you've got your hand up.

 MEMBER MINTZ: Thank you. Thanks, 

Liz. Thanks everybody. Yeah, we also are doing 

something we've never done before at the CFE 

Fund, which is dipping our toe in the water of 

direct advertising to people about banking.

 And as Luke mentioned, we've done a 

lot of research and focus groups around the right 

kinds of messaging, the dos and the don'ts, and 

where people are when they think about this.

 I could talk about that forever. But 

the most interesting thing we learned, and what 

made us decide to, in part, reach out and 

experiment with direct advertising, was the fact 

that people were, in fact, very persuadable on 

moving from being unbanked to banked. 

Particularly, and to us surprisingly those who 

had previously been banked before and were no 

longer in the system. They were even more 

convincible and open to that shift. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
155 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

So we did a relatively modest digital 

advertising campaign, mostly on social media. 

And the results were surprisingly good. The 

watch-the-whole-video rate was one-and-a-half 

times the industry average. The click-through to 

the site we wanted them to go to -- our COVID 

BankOn site -- was also one-and-a-half times the 

industry average. So that was very encouraging.

 And with spending just $30,000, 

$40,000, we had over 100,000 people coming to the 

COVID BankOn site, and according to our 

consultants, those who not only came to the site, 

but then clicked on one of our partners to go 

open an account, right directly to that site, was 

about six times what is considered the industry 

average.

 So all of this is to say, in this new 

world of working together to get people to the 

right sites to actually open an account, those 

were all super-encouraging. And we're going to 

keep going.

 And to Naomi's point earlier, we would 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
156 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

really love to augment a message from the IRS 

around the opening of this portal. And we think 

advertising shows that it can do the trick.

 MS. ORTIZ: That's great, Jonathan. 

Thank you very much for that. Another question 

I've been thinking about that I'd like to pose to 

folks on the committee is, many of you I think 

have experience with financial education, and 

tying financial education with account access, or 

with account openings. And I'd be curious if 

there are ideas or insights as to how we might 

incorporate some of these things together.

 As I said at the top of the panel, our 

economic inclusion ladder envisions financial 

education coupled with account access, and adding 

on other elements of a banking relationship. 

Some thoughts or ideas about how to go from 

accounts to relationships, or to incorporate 

financial education, those would be welcome as 

well.

 All right, well maybe we can come back 

to that as we progress with the presentation. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
157 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Maybe folks can be thinking about that a little 

bit. At this point, we're going to hear from --

oh, I'm sorry. Jennifer Tescher, I didn't mean 

to overlook you.

 MEMBER TESCHER: You did not. I am 

slow on the draw. Forgive me. While we all 

would love to be able to connect account 

acquisition or account access with financial 

education, the research shows that it is very 

challenging to make that happen.

 And I'm really glad that in the 

examples that I'm hearing from, the 

incredible -- just incredible work that you all 

are doing. I'm just blown away by this campaign 

and by the excellent work that Jonathan was just 

talking about.

 Like I'm really glad to see you guys 

just going for it and getting people into the 

accounts, as opposed to putting a hurdle in front 

of it, and really working with financial 

institutions to make sure that the products 

they're offering -- these low- or no-fee checking 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
158 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

accounts -- are constructed in such a way that it 

is difficult to hurt themselves in using them, as 

opposed to easy.

 So I think that's the right approach. 

And then while there is something to be said for 

more classroom-style, or even video-style 

education, the research also has not shown it to 

be terribly effective in actually causing 

behavior change.

 Maybe some knowledge gained, but not 

necessarily behavior change. And so again, I'm a 

really big fan of thinking about how financial 

institutions can be embedding the kind of 

information, tools, advice, in a realtime fashion 

that enables consumers to then maybe make 

different choices.

 Like what's coming to my mind is the 

latest announcement from PNC Bank around what 

they're doing with overdraft.

 And you can sign up for a feature that 

will allow you to literally choose if an item is 

going to cause an overdraft -- hey, let me tell 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
159 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

you, this is about to cause an overdraft. Would 

you like me to not put it through? Would you 

like to not make the payment? Or something else.

 That's a great example of giving 

people realtime information that might actually 

cause them to make a better or different 

decision.

 And then I think people like Jonathan 

and others will like have more to say about the 

role that community partners play in providing 

additional information, training, et cetera, in 

partnership with banks.

 Jennifer, you teed up the next portion 

of the panel absolutely perfectly. All right? 

At this point, we're going to hear from our 

second pair of speakers, Elaine Hunter and John 

Gonzalez. They're going to talk about these 

community-based partnerships from their 

perspective, working on the ground in Atlanta and 

Houston. Elaine, I turn it over to you.

 MS. HUNTER: Thanks, Liz. And good 

afternoon. I want to again thank you all for the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
160 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

opportunity share about the work that we've been 

doing in Atlanta to support the campaign. We're 

employing four primary strategies.

 First, we're informing and equipping 

our community-based organizations and our 

partners who serve consumers, about the campaign 

and FDIC's economic inclusion materials.

 Who are the consumers that I'm 

referring to? Well our target audience, as Luke 

explained, consists of Blacks age 18 to 45 years 

in age in the Atlanta metropolitan area, but our 

community partners tell us that beyond these 

numbers, these consumers consist of, one, 

returning citizens without permanent addresses or 

documentation necessary to open accounts.

 That could be lost Social Security 

cards or birth certificates, or other documents 

that were misplaced while they were incarcerated.

 There are also consumers with negative 

bank account histories, either from a credit 

perspective or a check systems perspective, when 

it comes to deposit accounts. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
161 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

There are also individuals with 

disabilities who may have asset limitations that 

might affect their benefits, or transportation 

issues.

 There are second or more generation 

users of the non-traditional financial services 

and products that are offered by our banks. Some 

of them have never, in their family history, have 

had a bank account before.

 And there are also consumers who work 

during normal banking hours. These are consumers 

who are too busy to come into a branch, and they 

may not have access to online banking because 

they don't have a bank account, and it's just so 

much easier for them to have their pay put on 

payroll accounts.

 We invited our community partners to 

assist us in reaching these consumers, because 

our partners communicate with and engage these 

consumers on a regular basis. And they have 

personal relationships with these consumers.

 So we did this also by engaging our 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
162 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

community partners through three one-hour 

webinars we hosted in April, called GetBanked 

Fridays.

 The purpose of these webinars was to 

support the campaign by partially addressing the 

reasons the FDIC's How-America-Banks survey 

noted, as to why consumers are unbanked.

 So the first webinar addressed the 

issue of consumers not having enough money to 

open and keep accounts. That actually was the 

number one reason cited by consumers in our 

survey.

 The second webinar helped understand 

the benefits of owning bank accounts, and how 

certain features, such as direct deposit and 

online banking, work.

 The third webinar addressed the issue 

of consumers being unbanked because they had 

previously closed bank accounts. This webinar 

explained how consumers can maintain and protect 

these accounts.

 And it also talked about the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
163 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

documentation that's used by banks, such as bank 

statements, that provide transparency to 

consumers, that help consumers see exactly what a 

bank is going to charge them, and what's 

happening with their money.

 And that addresses one of the other 

top reasons that consumers were unbanked, because 

they don't trust banks. So that kind of helped 

the trust issue in some way.

 Additionally, we emailed over 

100 community partners information about FDIC's 

economic inclusion resources, including the free 

FDIC money financial education program. Its 

#GetBanked webpage and flyers are the top reasons 

to #GetBanked and how-to-pick-a-bank-account 

checklist, which Mia mentioned earlier.

 Some early results from these efforts 

with our partners, is that, one, feedback from 

the community partners is that they're sharing 

this information with the consumers they serve.

 Also, we're developing relationships 

with two new impactful community partners. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
164 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

First, one is a non-profit staffing organization 

that employs members of our target audience.

 They're interested in providing the 

employees with the option of opening accounts 

offered by BankOn Atlanta financial institutions, 

as well as financial education offered through 

Money Smart.

 The second new partner is a non-profit 

organization that serves at-risk students and 

their parents. They have requested a Money Smart 

Train-the-Trainer session for their affiliates, 

and they've invited me to present the FDIC's 

economic inclusion resources to their executives 

at their next Executive Directors meeting.

 Since Money Smart includes instruction 

on bank accounts, this will expose parents and 

students to the benefits of owning bank accounts.

 The second strategy is to engage 

BankOn Atlanta. The BankOn Atlanta project 

manager has presented at all of the #GetBanked 

Friday webinars that I previously mentioned.

 She's explained what BankOn is, and is 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
165 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

encouraging financial institutions to offer the 

certified accounts.

 BankOn Atlanta consists of eight 

banks: Bank of America, JP Morgan Chase, PNC, 

Truist, Wells Fargo, Bank OZK, Cadence Bank, and 

Iberia Bank.

 There are also three credit unions: 

First Choice Credit Union, Georgia's Own Credit 

Union, and Credit Union of Atlanta.

 In addition, there are over 40 

community-based organizations that are also 

members of BankOn Atlanta. These organizations 

primarily focus on financial education, small 

business, affordable housing, and community 

services, such as food banks.

 They are critical to BankOn Atlanta, 

in that they provide a holistic approach to 

building sustainable financial foundations. For 

example, by teaching consumers how to use and 

maintain bank accounts and develop other 

relationships with banks.

 Our third strategy is to inform 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
166 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

bankers about the campaign and BankOn Atlanta, 

and to encourage them to offer certified BankOn 

accounts.

 We began this during a recent 

interagency CRA and COVID webinar offered to 

bankers in Georgia. During the webinar, I 

informed bankers about the campaign, so that they 

would be aware of consumers wanting to open 

accounts.

 BankOn Atlanta explained the BankOn 

movement, the account standards, and encouraged 

banks to offer certified BankOn accounts. Over 

100 bankers attended that webinar, and I'm 

hearing that some of them are interested. So I'm 

standing by to hear more from BankOn Atlanta on 

those results.

 The fourth strategy involves speaking 

engagements where the campaign and the BankOn 

certified accounts are promoted.

 Two such recent speaking engagements 

were for FEMA. Two of my colleagues and I, we 

presented to external and internal stakeholders 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
167 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

of FEMA.

 One outcome so far is that FEMA's 

disability integration specialist has asked for 

the link to the 90 coalition banks that are 

offering the certified accounts. She then 

provided this information to all of her 

stakeholders.

 I'm also scheduled to present at two 

additional events in May and June, will also 

promote the campaign and the BankOn Atlanta 

coalition.

 Overall, community partners and BankOn 

coalitions are hearing about the campaign and 

visiting the FDIC's #GetBanked website.

 There's a buzz of excitement about the 

campaign and the tools, especially the campaign's 

video and the flyers that I mentioned generally, 

and that Mia talked about.

 So given these and other feedback, I 

think the campaign is off to a great start. So 

thank you for your attention, and I look forward 

to engaging you further. Liz? 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
168 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MS. ORTIZ: Thanks, Elaine. John, why 

don't you keep us going?

 MR. GONZALEZ: All right. Thank you, 

Liz and Elaine. And hello everyone.

 Thank you for this opportunity. I am 

glad to report that in Houston, the FDIC has had 

the opportunity to collaborate with multiple 

community partners to increase account access 

among the unbanked.

 As part of the public awareness 

campaign, the FDIC has had speaking engagements 

and co-hosted a series of six weekly webinars 

sponsored by BankOn Houston, that we call CoffeeTalk Tuesdays.

 The purpose of these talks is to 

expand account access and provide solutions to 

obstacles consumers face when it comes to getting 

banked.

 Depending on the topic being discussed 

on that particular day, the audience of the 

coffee talk could be banks, community-based 

organizations, local government, or consumers. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
169 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

For example, one week our coffee talk 

was titled, A Chat With Bankers, where bankers 

discuss things like how to open an account and 

what documents are required, and as you can 

imagine, this event focused mostly on an audience 

of consumers and community-based organizations.

 Another week, BankOn Houston talked 

about basically what the mission is of BankOn 

Houston, the typical reasons consumers have for 

not being banked, and a banking product they 

offer as a solution for these consumer obstacles. 

This particular event mainly focused on an 

audience of bankers.

 During each of these webinars, BankOn 

Houston discussed specific features and benefits 

for both banks and consumers when it comes to CFE 

Fund certified accounts, or a National Account 

Standard account, sometimes referred to as NAS, 

or National Account Standards, and how banks can 

continue to partner with the BankOn coalition.

 And then BankOn Houston also focused 

on the features of these certified accounts, the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
170 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

financial institutions currently offering them, 

and names of accounts offered by member financial 

institutions.

 Banks in the Houston area -- like for 

example BancorpSouth and BB&T, now Truist, who 

currently offer the CFE Fund accounts -- have 

joined our coffee talks to share how these 

accounts have benefitted their customers who 

formerly used costly alternative financial 

services.

 These accounts have also been 

beneficial for banks, because now with the NAS --

National Account Standards account -- they are 

able to reach parts of the community that we're 

not able to help before.

 Because of these coffee talks, so far 

three of the banks who have attended in April and 

May have asked for additional information from 

BankOn Houston, and are considering the addition 

of the certified accounts to their list of 

products.

 In addition, consumers have found the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
171 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

coffee talks to be very informative, and have 

asked us to expand them until the end of June, 

and also to conduct some of them in Spanish, 

which we will do. So right now we're in the 

process of scheduling these.

 In April and May, I've also had the 

privilege to have been a guest speaker, or in 

some cases, host events, with BankOn Houston, 

Money Smart Houston, and the Houston AI, to raise 

awareness of the #GetBanked campaign.

 Due to FDIC participation in these 

events, local community-based organizations and 

the City of Houston have asked us to participate 

in future events originally only focused on 

promoting their particular campaigns, which will 

now promote #GetBanked as part of their campaigns 

as well.

 On April 28th, FDIC also hosted a 

webinar titled, A Medley of Opportunities. For 

low- and moderate-income schools in Texas, this 

partnership-building workshop centered around 

get-banked, and providing opportunities for lowNeal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
172 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

and moderate-income schools in Texas, to present 

partnership opportunities for organizations in 

attendance, regarding financial education, 

banking products and services, internships for 

students, in-kind resources, and other BankOn 

Houston services that provide the CFE Fund 

accounts, and how banks could apply to offer 

these products to the students and the parents.

 There was also a call to action made 

by the panelists of the school districts and 

banks and the FDIC to the attendees, for them to 

consider all the opportunities being presented, 

and how they could partner moving forward.

 As a result of this call to action, 

banks that already had partnerships with the 

school districts and BankOn, shared this 

information in a chat while the webinar was going 

on.

 And banks that were not partnering yet 

started forming partnerships on the chat. There 

was immediate interest expressed by two banks in 

particular, who happened to attend -- Forrest 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
173 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

National Bank and BBVA -- to renew or start 

collaborating and volunteering with some of the 

school districts that were panelists that day, 

and also help raise awareness of account access 

and join the local BankOn coalition.

 In all these events I've had the 

opportunity to attend or host, all participants 

have expressed having seen or heard about our 

campaign on social media, which is really 

exciting, because we're seeing that it works. 

That the results are there. The word is being 

spread out.

 And they're also very appreciative, 

these folks that are participating in the 

webinars, and supportive of the FDIC's efforts.

 An additional positive impact of our 

outreach efforts -- and I'm really excited about 

this one -- has been the interest Univision 

Houston, channel 45, has taken in our campaign.

 The community outreach director for 

Univision Houston became interested and, quite 

frankly, became our cheerleader, in Univision 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
174 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Channel 45, to help promote our campaign.

 The community outreach director was so 

interested that she asked the morning news show 

to interview a representative from FDIC to talk 

about the campaign and access to banking.

 Also, some of the coalitions I work 

with in El Paso -- and this is another recent 

development, as recent as yesterday -- some of 

the coalitions that I work with in El Paso who 

heard of the work we're doing in Houston, are now 

interested in helping bring BankOn to El Paso.

 So, trying to see how they can have a 

BankOn El Paso, which we currently do not have.

 So, also recently, as a result of 

collaboration with Univision on May 4th, Senior 

Community Affairs Specialist Paul Arias was 

interviewed live during the Univision Houston 

morning show, and the story was posted to the 

Univision public website after the fact.

 So, although we have not been able to 

engage the community impact of this interview 

just yet, other Univision programs have expressed 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
175 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

an interest in conducting additional interviews 

in the near future, and continue to help 

disseminate this important message.

 Moving forward, I am very fortunate to 

have additional invitations for speaking 

engagements, to continue to raise awareness of 

our #GetBanked campaign, with community-based 

organizations such as SER, SERV Jobs, we had 

United Way, Thrive, three other school districts 

in the Houston area, the Houston Urban League, 

City of Houston Office for Financial Empowerment, 

and City of Houston Office of Education.

 So, I'll have an opportunity to speak 

at all of the events, which some are held 

bimonthly and some are monthly.

 So, in general, I'm glad to say that 

the communities' reaction to our campaign so far 

has been very positive.

 So, thank you very for this 

opportunity to share this information with you. 

And back to you.

 MS. ORTIZ: Thanks, John. Thanks, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
176 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Elaine. I think now you know why we chose 

Houston and Atlanta to be the pilot cities for 

our advertisements. It wasn't just about the 

data. In fact, there are other cities where 

there are higher rates of unbanked households.

 But we wanted to choose places where 

they had a strong team and a really vibrant local 

network. Strong BankOn coalitions, strong 

partnerships, as well as banks that were offering 

accounts that were going to work for consumers.

 We wanted to choose places that we 

thought could be models for other parts of the 

country. And I think you've got a strong from 

Elaine and John how important all of those local 

connections really are, to take us from messaging 

and interest to actually opening that bank 

account.

 I'm going to move us to the last pair 

of speakers, because I want to make sure we don't 

run out of time. So, thank you Elaine and John, 

and I'm going to now turn it over to David 

Rothstein and Rob Morgan. David? 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
177 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MR. ROTHSTEIN: Hi. Thank you so much, 

Liz and everybody at the FDIC, for welcoming 

BankOn to talk about our national program.

 I am thrilled, again, to be working 

with folks on the ground as we continue to hold 

webinars, as we continue to collaborate to really 

make big, honest success. You can start the 

slides. Thanks so much.

 So, BankOn, as I mentioned, is both a 

national and a regional program. You've just 

heard about Houston and Atlanta and their 

successes in working with both the FDIC, but also 

run through the city municipal government 

organizations.

 So, what's remarkable is, again, how 

many coalitions are part of the BankOn network. 

And I'm excited to talk about that in a few 

minutes.

 BankOn is made up of several 

components that really make it work together. 

The first is the certified accounts. Throughout 

the day, you've heard about BankOn accounts, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
178 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

which at the outset we had four large banks who 

had certified BankOn accounts that met our 

National Account Standards.

 And I'm thrilled to talk about the 

fact that we're 85-plus today in terms of 

accounts that meet the National Account 

Standards.

 Those accounts are promoted and 

integrated into programs through our local 

coalitions, like the ones that you heard about in 

Atlanta and Houston.

 We're thrilled that we have about 

86 coalitions right now around the country, and 

those include coalitions that are run by 

municipalities, United Way and other non-profits. 

Some of the coalitions are counties, cities, and 

others are even now at the state level.

 Additionally, part of the BankOn work 

is really around researching what moves people 

into accounts when they're unbanked, how they're 

using these accounts, and again, those 

partnerships are not just things that the CFE 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
179 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Fund has done, but we have worked with the FDIC, 

the Federal Reserve Bank of St. Louis, and 

others, to really put numbers and data, and some 

really cutting-edge research, around how the 

unbanked can get into bank accounts.

 And then, finally, certainly last but 

not least at all, is how BankOn accounts are 

integrated into programs and services. 

Specifically, programs where payments are being 

made.

 So, that includes things like 

reimbursements, stimulus programs, basic income 

programs. Any time that money is changing hands 

is an excellent time for banking access, which, 

again, both the advisory committee and others 

have talked about. You can definitely go to the 

next slide. Yeah, thank you.

 I mentioned that the BankOn National 

Account Standards really focus on features that 

an account has to be safe, affordable, and fully 

transactional.

 The features of the BankOn account 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
180 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

really come from not just sort of experiences of 

unbanked and underbanked individuals, from the 

FDIC's own research on the survey of unbanked 

households.

 So, they include things like ensuring 

that people have enough money to open the account 

and maintain the account, and that there are no 

overdraft fees, which is a huge part of what the 

BankOn movement is all about.

 We currently have 85 certified 

accounts with money more in the pipeline, which 

is extremely exciting. The growth in the number 

of accounts has just been amazing over the past 

year.

 And this includes not just large 

banks. This includes community banks, credit 

unions. The gamut is large, from financial 

institutions that have thousands of branches, to 

those who have a few.

 We have some banks that have literally 

one or two branches that are part of this work 

set. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
181 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Additionally, we're excited that we 

have, I believe it's 99 of the 100 largest 

metropolitan areas have at least one branch that 

people can access one of these accounts.

 One of our things that I'd also really 

like to highlight -- you heard a little bit about 

this and you'll hear a little bit more from Rob 

in a minute here -- is the partnerships that we 

have through BankOn continue to grow and are 

really helping financial institutions and 

coalitions make BankOn work.

 This includes things like the 

partnership with the American Banker Association. 

They have been such an ally and an incredible 

partner, in talking to their membership about the 

benefits of BankOn, and helping connect them, not 

just to us, but to local coalitions, as well as 

the core processors who really make things work, 

in terms of account usage and design.

 And so, it's no wonder that upon that 

release and partnership in October of 2020, that 

the number of financial institutions who have 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
182 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

certified accounts has grown exponentially. You 

can go to the next slide.

 I mentioned coalitions, and you heard 

about Houston and Atlanta, which are fantastic 

coalitions. We have more than 85 coalitions 

around the country. Those white dots represent 

the coalitions that are part of the BankOn 

family.

 And again, these include -- it's 

really a diverse set of coalitions, in terms of 

who's running the coalitions, but also how they 

function.

 Some, again, are city and county 

level, some are state level, like in Maryland and 

Arkansas.

 These coalitions serve a variety of 

functions. And you heard some of that from the 

previous panel. A lot of what they do revolves 

around sort of marketing these accounts, bringing 

financial institutions that are local into 

offering accounts that meet the standards, and 

really finding programs and places where account 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
183 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

access matters and people can get into these 

accounts.

 Many of the municipal leaders have 

really taken the BankOn access piece, and found 

public programs as a way to hook into this 

movement and into access.

 You heard a little bit about this as 

well. Jonathan Mintz, our CEO, mentioned some of 

the communications research that we did that led 

to and helped us shape our social media marketing 

campaign during COVID.

 This is a big piece of BankOn. We 

feel like we are now in a position to not only 

provide experiences of financial institutions 

that we work with in coalitions, but to really 

aggregate those experiences.

 Two such examples include the 

partnership with the Federal Reserve Bank of 

St. Louis, who now hosts the BankOn national data 

hub, where financial institutions can report 

aggregate data on things like number of accounts 

opened, accountholders that are new to the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
184 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

financial institution, closure rates, and things 

like how the accounts are being used in terms of 

deposits and spending.

 And as I mentioned, Jonathan also 

mentioned the communications research that we 

partook about two years ago now, that really 

looked at how messages can move unbanked 

individuals into being interested in opening 

accounts.

 The other thing I wanted to touch on, 

and this is really at the heart of where BankOn 

is going.

 We're there now in a lot of ways, but 

this is really the next frontier of banking 

access work. And for the last three hours, I 

feel like we have touched on different pieces and 

parts of these.

 But this is all to say that designing 

the accounts and offering the accounts certainly 

is a really important step. But getting people 

into the accounts and helping them use these 

accounts, it's the important stage of this that 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
185 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

we're focused on.

 As was mentioned, there was a lot of 

success around getting people to open accounts to 

receive their COVID stimulus payments, and in 

those three different iterations.

 Certainly, the first one where you 

could open an account and then enter in that 

account information to the IRS portal, was one 

that was more measurable, perhaps, than the other 

two.

 I think it was Naomi Camper who 

mentioned some 10 million people entered account 

information for direct deposit into the IRS 

website, which is, again, a huge feed.

 We've also spent time working, for 

instance, in Maryland, connecting individuals who 

are on unemployment compensation and insurance to 

their payments.

 The State of Maryland is now switching 

to a different system where direct deposit is 

available. So, BankOn accounts are being 

featured, and people are being referred to those 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
186 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

accounts, by the Department of Labor in Maryland.

 One of the other pieces, obviously, 

that we're really, really encouraged by -- and I 

think at least four people mentioned it already 

today -- is around child tax credit payments.

 So, not only is this an area where 

people can receive these payments and need them 

in a timely fashion through direct deposit, but 

it's not a one-time transaction. It's not a onetime direct deposit.

 So, a bank account is even more 

relevant here for people to get these payments, 

whether it's monthly, or whether it's going to be 

quarterly.

 And it's not a small amount of money 

either. You're not looking at about $10 or $20 

per month. This is a significant investment that 

really matters to people.

 Additionally, there are some other 

program pieces that our coalitions are working 

on, and that we're working to help them, through 

grant programs and technical assistance. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
187 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

Some of these don't involve direct 

payments themselves, but are really working with 

people who are financially vulnerable, and really 

can benefit from having a new account, or an 

account at all, if they don't have one or have 

never had one.

 These include things like foster youth 

aging out of the system. This also includes 

individuals who are receiving counseling at 

either a financial empowerment center, or a 

housing counseling program.

 And then, of course, some of our 

coalitions have really been working on getting 

people accounts as they leave the criminal 

justice system.

 The other piece that is not totally 

new, but it continues to grow, is around 

universal basic income, or Mayors Guaranteed 

Income.

 Again, these are repeat payments, 

generally for not a small amount of money, and 

most of the government entities, whether it's 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
188 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

city government or a social service agency, 

they're not looking to do paper checks. It's 

important to them to do this in a way that 

enlists direct deposit.

 And so, that's a real opportunity for 

bank account opening, to not only save money for 

the institutions who are making the payments, but 

of course for the people receiving these 

payments.

 I'm going to stop there. I'm going to 

try to follow our model of being slightly early, 

if possible. And I'm certainly open to any 

questions.

 I really appreciate the time that 

you've provided and the partnership that we have 

with the FDIC, both at the national and regional 

levels. Thank you for your time.

 MS. ORTIZ: Thanks, David. I'll turn 

it over to Rob, and then we'll go back to the 

committee for some questions.

 MR. MORGAN: Great. Thank so much, 

Liz. Really grateful for the opportunity to be 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
189 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

here in the virtual room with you all and share 

some of the work that we're doing to help promote 

these important initiatives, although I don't 

have to convince this group about the importance 

of economic inclusion, or why it's such a 

priority for our industry and the ABA.

 This is something we've been working 

on for some time, as you know. In 2019, we hired 

Naomi Mercer as our SDP, leading diversity, 

equity and inclusion.

 This was a recognition for banks to 

have the trust of their communities, they really 

need to reflect that. She is working with our 

members to help them be more diverse, as well as 

more inclusive.

 And I think one common theme I've 

heard today is that the pandemic really magnified 

the challenges faced by families that don't have 

access to a banking relationship. That's 

certainly something we saw.

 And as we worked with the FDIC and 

other government agencies to deliver much needed 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
190 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

stimulus to families and small businesses across 

the country, we wanted to make sure we were doing 

everything we could to ensure everyone had 

access.

 One of the initiatives that this 

kicked off was our work with the CFE Fund and 

BankOn to promote safe responsible accounts. And 

what you're seeing on-screen is the culmination 

of a lot of work that was our announcement back 

in October at ABA's annual convention, whereas 

you heard we encourage all of our members to 

consider offering BankOn certified accounts.

 As you know, before the announcement 

many banks offered certified accounts. There 

were some that had accounts that qualified, but 

may not have been certified, and even more banks 

offering similar accounts designed to bring 

unbanked families into banking.

 But we think there's a lot of power in 

the BankOn brand, in terms of helping banks 

identify how best to serve these communities, as 

well as consumers helping identify products that 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
191 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

are safe and responsible.

 So, as part of this announcement, we 

did a lot of communications with our members and 

a full wraparound push to help them understand 

what BankOn is, why these standards are so 

important, through our daily publications, 

webinars, etc.

 But we didn't really want to stop at 

marketing this. We wanted to help make it as easy 

as possible for our member banks to offer these 

accounts.

 And this brings us to sort of the role 

of the core providers, which is something a few 

people have touched on today, and probably 

answers a question that a number of you are 

wondering, which is why we're hearing from sort 

of the innovation person.

 Obviously, ABA has a lot of people who 

are more qualified than I am to discuss our 

economic inclusion initiatives. But as Sultan 

teed up, technology is increasingly changing the 

way banks connect with their customers and 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
192 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

communities, something that was really 

accelerated by the pandemic. And so, technology 

plays a really important role in helping roll 

these things out.

 As you've heard in the past from 

Chairman McWilliams, from our CEO, Rob Nichols, 

and from pretty much every community bank CEO 

around the country, for the vast majority of 

banks in our country, any new product or service 

runs through their core provider.

 These companies provide the technology 

infrastructure that's the backbone of most 

community banks. And without the buy-in of the 

core, it's impossible for community banks to 

offer new products.

 This has been a priority of ABA's, 

given how important it is for community banks, 

and how important it is to their ability to 

innovate and offer relevant products to their 

communities. And it's one we've been doing a lot 

of work on.

 Three years ago, we stood up a 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
193 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

committee of community bank leaders to try to 

address these issues, led by Julie Thurlow, CEO 

of Reading Cooperative, and Lisa Gold Schier, 

from the ABA side.

 This committee was designed to 

identify work that we could do as an industry to 

help strengthen the relationship between banks 

and their core providers.

 They focused on issues around access 

to data, how to integrate third-party products, 

as well as contract issues, and developed a lot 

of resources to help banks better engage with 

their cores and roll these sort of products out.

 But what's really important is these 

relationships that we built with the cores gave 

us a strong base to engage with them, to enlist 

their help, to help promote the BankOn 

initiative.

 And what we'll see on the next slide 

is a list of the 20 core providers who ultimately 

worked with us and committee to help promote 

BankOn adoption. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
194 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

So, we worked with these cores, both 

from a technology standpoint, but also a change 

management standpoint, in how they communicate 

with their customers.

 As you can imagine, every one of these 

20 cores has very different technology systems. 

Some are more advanced, some are more open. But 

at the end of the day, it's very different to 

implement these accounts in each system. And our 

goal was to help make this as turnkey as possible 

for a community bank that wanted to offer a 

BankOn-ready account.

 So, we wanted to do some of the 

legwork for these banks. And in some cases, the 

cores worked with their customer relation teams 

to train them up so when they got a call, they 

could quickly and easily turn on a BankOn 

account, help configure an account setting that 

would align with the BankOn National Account 

Standards.

 Some, of course, were able to go even 

farther and make templates that effectively made 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
195 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

these accounts sort of a default option. And 

Jack Henry's the most recent to develop one of 

these sort of templates.

 The cores have also quickly leaned in, 

in terms of marketing these accounts to their 

customers through sort of webinars, blogs, etc. 

We think there's a lot of opportunity to do more 

here.

 Some of the next steps include working 

to identify banks that are already close, and may 

be able to apply for BankOn certification.

 So, the last piece of what we're 

doing, and some of what's represented on the last 

slide, is sharing success stories.

 As David shared, we're really excited 

to hear the success that CFE has had in signing 

more banks up for BankOn. I think it's almost 

doubled. Dave, you can correct me, almost 

triple. And so, really, kudos to them and their 

team for all of the work they've done there.

 And as we move forward, the role that 

we think we can play, from an ABA perspective, is 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
196 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

to help collect success stories and make the 

business case to encourage other banks to adopt 

BankOn accounts.

 One important aspect of these accounts 

that David mentioned, is that they're fullservice accounts. They're designed to be the 

start of a deeper financial relationship.

 We obviously think there's a huge 

benefit to a long-term banking relationship that 

goes well beyond the deposit account.

 These accounts are also designed to be 

economically sustainable for the banks that offer 

them. And so, we've been collecting data and 

anecdotes.

 Some of the data you see on the screen 

here is from the St. Louis fed. Gives us an idea 

of how these accounts are being used. And what 

we generally see is that these accounts are being 

used as traditional bank accounts. They're being 

used as the sort of full-service accounts. And 

they are a way for banks to reach into new 

markets and expand their footprint. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
197 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

The anecdotes we're hearing also back 

this up. A number of the banks we're engaging 

here report that they've been able to bring new 

customers into the bank and reach new markets 

that they weren't able to reach in the past.

 So, we're sharing these success 

stories and getting our banks who believe in 

BankOn in front of the rest of the industry, to 

help promote adoption.

 We're looking forward to even more 

data from the St. Louis fed and others, that help 

make this case.

 So, as you can tell, we're very 

excited about the work that's been done, CFE, our 

great partners, and the FDIC's #GetBanked 

initiative is so important.

 We look forward to working with you 

all to promote economic inclusion going forward.

 MS. ORTIZ: Thanks, Rob. Thanks, 

David. I think we have time for just one 

question. Naomi, I'll give it to you.

 MEMBER CAMPER: I hesitate even to 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
198 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

raise my hand, because -- thank you for including 

Rob Morgan on the panel.

 I guess my question is for all of us 

here, but particularly for those of the FDIC 

potentially, who have done such an amazing job at 

getting FDIC insurance the plan recognition it 

needs, where every consumer understands the value 

of deposit insurance. They know FDIC is a 

trusted brand.

 As we get more banks and insured 

institutions offering BankOn accounts, how can we 

all work together to get the name recognition and 

the brand recognition, and the power that BankOn 

National Standards should carry with them?

 These are essentially the safe account 

standards that FDIC piloted. Is there more work 

we can do? This may be an answer for another 

day, but I'd love to get us all thinking about 

that, so that can be sort of a next step.

 There may be next steps in all of 

these initiatives. But that's something on my 

mind. 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
199 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

MS. ORTIZ: Absolutely. Elaine, do 

you want to take a stab at that one, in terms of 

what else not only FDIC can do, but FDIC working 

with the financial institutions in your market?

 MS. HUNTER: Sure. I think one of the 

things that banks can do is promote the accounts 

more, not only to consumers, but also to other 

banks. I think some banks, especially the 

smaller banks, are reluctant because they're not 

sure if these accounts work.

 Are they really beneficial to the 

bank? And so I think the more banks promote the 

accounts, other banks will see that, hey, this is 

a good thing to do.

 I think that would be helpful. And 

then, I think that the banks could be more 

available to community-based organizations. So, 

the BankOn coalitions, they do a great job of 

letting the organizations, as with the FDIC, 

letting the organization know, hey, these 

accounts are out there.

 But it's really going to take the 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
200 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

bankers collaborating with these organizations 

and reaching out to their consumers, and telling 

consumers more about the accounts, and giving 

consumers the opportunities to open the accounts 

as soon as possible, whether on the spot, or a 

nearby branch, or online.

 But those are just two of the things 

I think that the bankers could do to really help 

this program be successful.

 MS. ORTIZ: Great. Thanks, Elaine. 

Well, I want to thank all of my panelists. Thank 

you to the committee. I want everybody to 

remember #GetBanked, follow us, share our 

resources, and help us spread the word. 

Jonathan?

 MR. MILLER: Thank you so much, Liz. 

And I just want to comment behind Liz and really 

also encourage everybody to look at the 

#GetBanked page on our website.

 You can see the ads that are running, 

you can see all the other material. It's 

terrific work that Liz and her team did. And so, 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
201 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

thanks again to the panels for great discussion.

 And before we close, let me turn to 

Chairman McWilliams for any closing remarks she 

may have.

 CHAIRMAN MCWILLIAMS: Thank you, 

Jonathan, so much. And I would like to thank all 

the panelists, moderators, and our staff, that 

have made this meeting possible. The only thing 

better would have been seeing you in person. And 

we're hoping that maybe that's available in the 

near future. Keeping my fingers crossed.

 I would like to thank the members of 

the committee for their continued partnership. 

Without your input and your feedback, frankly, 

our jobs would be a lot more difficult.

 But many of you are on the ground 

working with the communities, and understand the 

plight of those who need financial assistance and 

financial inclusion the most, and we're grateful 

for the work you're doing.

 I also appreciate your comments and 

inquisitive questions to our staff. It keeps us 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
202 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

on our toes. Keeps us sharp.

 And I'm pleased to tell you that the 

next meeting of this committee will be on 

Thursday, October 7, we're hoping in person. 

We're not sure yet. We will let you know in due 

time.

 And we're going to monitor the 

situation with the pandemic and keeping our 

fingers that the fall will bring much relief to 

the country as we need it.

 Again, thank you very much. Please 

keep up the good work, and thank you for your 

support of the FDIC. Jonathan?

 MR. MILLER: Thank you very much, 

Chairman McWilliams. And the meeting's adjourned. 

See you in a few months, and thank you again. 

Bye bye.

 CHAIRMAN MCWILLIAMS: I'm sad it's 

done. See you next time.

 MR. MILLER: Thank you. Bye bye.

 (Whereupon, the above-entitled matter

 went off the record at 4:56 p.m.) 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
Neal R. Gross and Co., Inc.

(202) 234-4433 Washington DC www.nealrgross.com

203 

A

ABA 22:10 143:13 

189:6 191:18 193:4 

195:22 

ABA's 66:10 190:10 

192:16 

ability 42:9 99:3 122:22 

141:11 192:18 

able 9:22 10:3 17:18 

22:18 30:2 37:19 

76:10 83:1 93:10,11 

96:20 106:1 109:5 

112:7,18 114:21 

119:13 128:6 129:19 

130:3 157:7 170:14 

170:15 174:20 194:21 

195:11 197:3,5 

above-entitled 71:5 

134:10 202:21 

absolutely 47:6 65:21 

86:16 91:7 97:10,10 

99:12 115:14 125:1 

159:14 199:1 

abuse 113:7 127:21 

academics 15:11 

accelerate 104:13,19 

104:19 

accelerated 192:2 

accelerator 104:22 

119:3 131:8,16 

access 3:10 9:21 10:10 

12:5 14:21 15:17 

17:18 18:18 19:6,14 

19:14 20:6,10,16 

21:15 23:8 25:17 31:4 

31:13 32:11 37:4 

39:13 42:15,16,16,18 

43:18 65:20 73:8 74:1 

74:3 77:3 82:8 113:10 

114:15 117:2 118:6 

122:19 134:16 135:1 

136:20 138:11,13 

139:17 140:9,15 

144:10 145:16 156:9 

156:15 157:8 161:13 

168:8,16 173:4 174:5 

179:14 181:4 183:1,4 

183:6 184:15 189:19 

190:4 193:9 

accessed 115:15 

accomplish 107:11 

accomplished 125:12 

account 3:10 9:21 10:8 

10:13,14 17:18 19:18 

21:12 32:2,4 33:11,16 

37:6 40:8 62:9 65:12 

65:14 74:1,3 121:9,14 

134:16 135:1 136:8 

138:5 139:18 140:3 

141:5,8,12,18,19,20 

144:1 145:8,13,16,21 

146:2,3,6,9 155:14,19 

156:9,10,15 157:7,8 

160:20 161:9,14 

166:11 168:8,16 

169:3,17,18,19 

170:13,13 173:4 

176:17 178:3,6 

179:19,20,22 180:6,7 

181:19 182:22 185:7 

185:8,12 186:11 

187:4,5 188:6 194:12 

194:18,18,19 196:10 

198:15 

account-based 10:9 

accountholders 183:22 

accustomed 140:3 

achieve 108:13 

achieved 70:4 

acknowledge 10:6,21 

37:9 

acknowledging 37:3 

acquisition 157:8 

act 4:9 5:3,17 29:16 

31:22 32:1,9 53:12,13 

136:19 

Acting 2:3 9:14 11:20 

action 5:10,12 23:12 

24:9 36:22 106:11 

172:9,14 

actions 106:7 

activities 80:5 81:21,22 

82:19,20 83:12 88:11 

99:22 

activity 102:20 107:15 

107:20 

actors 83:16 

actual 81:19 139:8 

acute 10:4 

ad 153:1 

adapted 108:7 

add 66:5 123:11 131:7 

added 150:12 

adding 41:13 156:15 

addition 41:22 56:21 

58:13,22 139:1 

165:10 170:19,22 

additional 18:1 28:14 

45:15 159:11 167:9 

170:18 173:16 175:1 

175:5 

Additionally 163:10 

178:18 181:1 186:19 

address 116:8 118:21 

126:14 127:1 145:6 

193:2 

addressed 162:8,17 

addresses 160:14 

163:6 

addressing 162:5 

adjective 19:15 

adjourned 202:15 

Administration 28:11 

Administration's 50:9 

adopt 119:8 196:2 

adopted 129:1 

adoption 74:14 77:13 

98:14 104:20 119:9 

193:22 197:9 

adore 124:10 

ads 151:9 152:11,11 

200:20 

adulthood 42:9 

adults 38:6,19 40:16 

42:1 43:12 

advance 15:14,16 

23:15 135:10 

advanced 194:7 

advancement 57:19 

advancements 56:12 

advancing 55:4 57:21 

advantage 62:17 65:15 

adversely 112:14 

113:18 114:4 

advertisements 176:3 

advertising 149:3 

151:11,21 152:6,8,12 

152:13 153:17 154:8 

154:16 155:2 156:3 

advice 13:20 158:14 

advise 5:18 

advisor 75:18 

advisory 1:3,9 4:4 6:11 

9:11 10:6 28:5 30:7 

48:21 77:5 101:15 

179:15 

advocate 103:21 

affairs 2:6,7,12 134:19 

137:18 144:20 147:4 

174:16 

affect 103:10 161:3 

affiliates 152:19 164:11 

affordable 10:10 52:6 

52:12 77:2 114:15 

138:5 139:17 140:14 

140:16,17 141:1,20 

142:14 143:11 144:1 

144:6 146:13 147:3,7 

147:18 149:20 165:14 

179:20 

afraid 70:6 

Africa 75:13 95:3 118:3 

118:8 

afternoon 6:10 8:12 

11:1,5,15 13:6 30:15 

39:20 44:14 71:18 

74:16 134:21 159:22 

ag 81:12 

age 160:10,11 

agencies 79:21 83:21 

98:14 136:19 142:11 

142:16,18,21 189:22 

agency 4:10 5:11 8:20 

128:8 188:1 

agenda 3:2 15:22 

aggregate 34:3 58:22 

60:14 183:16,21 

aging 187:8 

ago 17:4 75:3 81:18 

84:2 148:12 184:6 

192:22 

agree 64:15 

agreeing 16:7 

ahead 61:17 63:2 66:3 

67:11 77:21 119:18 

AI 106:3 171:9 

AIR 2:4 76:18 77:6 

101:9,18,22 102:1 

103:5,17 104:11 

105:12 106:22 107:1 

110:5 117:8 126:22 

align 60:18 194:19 

Alliance 2:4 76:18 

149:22 

allocated 28:15 

allow 33:8 53:20 122:9 

123:8 158:21 

allowance 20:8 

allowed 23:19,22 24:2 

65:11 85:4 96:19 

124:8 

allowing 13:8 

allows 100:11 

ally 181:14 

alternative 17:9 18:1 

170:9 

amazing 88:3 89:6 93:3 

95:14 97:11,14 98:6 

123:7 180:13 198:5 

ambition 76:21 

America 12:18 19:12 

21:9 51:13 143:9,16 

146:15 165:4 

America's 84:16 

American 1:14 2:10 

18:22 20:22 26:5 

29:16 85:3,19 138:1 

143:7,10 146:16 

181:13 

Americans 7:8 8:5 

19:17 31:22 81:1,2 

140:7,15 144:17 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
204 

Americas 55:21 

AML 123:14,17 

amount 30:20 33:20 

121:4 186:15 187:21 

amplification 83:19 

97:22 

amplify 22:13 

analog 102:10 

Analytics 71:15 

analyze 123:2 

analyzing 102:19 

122:19 

anchor 95:9,19 103:16 

131:11 135:9 

anchors 90:9 

anecdotally 7:20 

anecdotes 196:14 

197:1 

Ann 101:21 

announce 90:14 

announced 88:1 

announcement 158:18 

190:9,13 191:2 

announcements 51:9 

annual 35:6 190:10 

answer 16:1 26:7 83:7 

86:1 120:15 131:14 

198:17 

answering 68:12 

answers 191:15 

anticipate 77:11 86:12 

112:11 

anticipated 4:21 

anybody 27:15 62:21 

64:11 67:10 70:21 

anymore 70:9 

apart 79:5 

appeared 152:20 

Apple 118:12 

applied 47:6 111:2 

apply 33:11 85:13 

172:7 195:11 

appointed 77:4 

appreciate 18:12,13 

44:9 69:14 133:18 

188:14 201:21 

appreciated 64:8 72:2 

appreciative 173:13 

apprenticeship 59:9 

apprenticeships 57:16 

approach 8:18 43:21 

77:9 113:16 117:10 

126:14 142:16 158:4 

165:17 

approaches 17:10 

39:10 64:5 

approaching 107:3 

appropriated 29:16 

appropriations 53:15 

April 148:10 152:14 

162:2 170:17 171:6 

171:18 

arcane 130:9 

area 58:8,12 146:12 

160:11 170:4 175:10 

186:6 

areas 37:12 57:14 

73:19 75:20 104:8 

135:13 147:13,16 

149:9 181:3 

arena 25:13 

Arias 174:16 

Arkansas 182:15 

arms 115:9 

art 89:9 103:7 121:20 

artificial 75:8,21 88:2 

93:2 97:13,15,20 

Asia 75:14 95:3 

aside 68:22 

asked 30:3 49:13 167:3 

170:18 171:2,13 

174:3 

asking 21:2 77:6 101:9 

aspect 125:2 196:4 

aspects 85:5 109:22 

121:2 

aspirations 76:3 

assembling 76:10 

assess 118:4 128:2 

assessments 127:22 

asset 161:2 

asset-based 123:8 

assets 53:20 122:7 

assist 142:16 161:18 

assistance 29:15 30:12 

186:22 201:18 

assisting 139:16 

Associate 2:5 71:14 

Association 1:14 2:10 

21:1 26:6 138:1 143:8 

143:10 146:17 181:13 

associations 10:19 

142:12 143:3,7,19 

assuming 48:5 

assure 66:2 

at-risk 164:9 

Atlanta 1:13 62:6 

137:18 149:12 150:8 

150:15 159:19 160:2 

160:11 164:5,19,19 

165:3,9,12,16 166:1 

166:10,15 167:10 

176:2 177:11 178:11 

182:4 

attacks 83:12 

attainment 150:11 

attend 172:22 173:7 

attendance 6:16 172:3 

attended 166:13 170:17 

attendees 172:11 

attention 20:20 66:21 

72:15,20 131:5 

133:16 167:21 

attracted 78:15 

audience 142:9 151:7 

151:20 160:9 164:2 

168:20 169:5,13 

audio 102:16 105:4 

152:12 

augment 156:1 

August 88:16 

Authority 104:17 108:8 

110:7 131:10 

auto 40:5 145:17 

automatically 121:14 

automating 98:1 

automation 56:16 

availability 149:21 

available 31:10 70:3,3 

128:7 145:9 185:21 

199:17 201:10 

avenues 18:2 

average 35:1,6 155:5,8 

155:16 

avoid 23:22 24:3 

aware 70:17 83:11 

109:11,12 166:8 

awareness 136:12 

137:14 141:1,17 

149:3,7 168:10 

171:10 173:4 175:6 

awesome 93:3 

B

back 10:19 12:11 18:7 

21:13 27:19 29:7 30:6 

37:6 39:1 48:7,13 

50:8 69:16 71:8,21 

73:13 82:11 93:17 

105:8,11 107:14 

111:13 114:5 122:10 

133:15 134:3,14,22 

156:21 175:21 188:19 

190:9 197:1 

backbone 192:12 

backgrounds 96:19 

112:20 

backwards 53:1 

bad 69:12 98:2 

balance 143:18 

balances 45:12 

ball 26:20 

BancorpSouth 170:5 

bank 1:13 9:21 10:14 

13:20 14:9,22 16:13 

17:18 19:17 20:2 21:4 

21:10 24:10,13 25:15 

31:14 32:2,4 33:11 

34:7 38:4 62:6 65:7 

65:12,12 66:15 68:8 

69:3 70:16 73:14,17 

74:1,3 81:10,11,12,19 

82:20 84:21 85:18 

102:3 121:14 137:6 

138:5 139:17,18,22 

140:2,17 141:1,4,8,12 

141:18,19,20 142:12 

143:11 144:1 145:8 

145:13,14,16,21 

146:2,3,9 147:3,7,13 

149:8 150:3 158:18 

160:20 161:9,14 

162:14,19 163:1,4 

164:16,17 165:4,5,5,6 

165:20 173:1 176:16 

179:2,5 183:18 

186:11 188:6 192:7 

193:1 194:11 196:19 

197:4 199:12 

banked 7:10 19:15 

23:13,16 24:9 25:14 

140:6 144:17,22 

145:3,12 146:21 

148:20 151:13 154:18 

154:20 168:18 169:10 

Banker 181:13 

bankers 1:14 2:10 

20:22 26:6 138:1 

143:7,9,10,15 146:15 

146:17 147:5 166:1,6 

166:7,13 169:2,2,13 

200:1,8 

BankFive 146:10 

banking 7:14,22 10:11 

10:18 15:10 18:18 

19:5,14,14 20:6,10,15 

21:15 22:17 23:8 25:4 

25:9,16,22 26:6,11,15 

27:2 31:4 37:4,14,19 

38:11,20 40:8 42:15 

42:18 51:22 53:22 

64:19 65:6,20 67:16 

72:9 73:1 75:11,13 

77:8 79:19,22 81:1,6 

82:8,14,18 83:10 

85:19 92:5 94:21 95:4 

96:10,11,11 97:21 

100:2 122:4 136:7,13 

140:16 143:6 144:9 

144:10 145:17 148:15 

149:9 150:18 154:8 

156:16 161:11,13 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
205 

162:16 169:10 172:4 

174:5 179:14 184:14 

189:19 190:18 196:9 

BankOn 144:3,4,8 

146:14 149:18 153:3 

155:7,11 164:5,19,19 

164:22 165:3,12,16 

166:1,2,10,10,12,15 

166:18 167:10,12 

168:13 169:7,8,14,20 

169:21 170:19 171:8 

172:5,16 173:5 

174:11,13 176:8 

177:3,9,16,19,22 

178:2,18 179:7,18,22 

180:9 181:9,11,16 

182:7 183:4,12,19 

184:11 185:21 190:7 

190:12,20 191:5 

193:17,22 194:17,19 

195:11,17 196:3 

197:8 198:11,13 

199:18 

BankOn-ready 194:12 

banks 7:17 10:17 24:14 

27:11 39:7 49:6 50:16 

51:17,20 52:4,16,18 

66:14,19 67:5,18 

68:20 69:21 75:9,12 

94:1 100:9 103:20 

136:10,11 137:4 

138:3 143:17 146:11 

149:19 151:22 152:1 

159:12 161:7 163:1,8 

165:4,15,21 166:12 

167:4 168:21 169:16 

169:19 170:4,12,17 

172:7,11,15,19,21 

176:9 178:1 180:16 

180:16,20 189:11 

190:14,16,20 191:10 

191:22 192:9,13,14 

192:17 193:7,12 

194:14 195:10,17 

196:2,12,21 197:2,7 

198:10 199:6,8,8,9,12 

199:13,16 

banners 151:4 152:10 

bar 80:12 

bare 19:10 

Barefoot 101:21 

base 193:16 

based 7:8 102:11 

149:13 151:6 153:4 

baseline 34:7 

bases 36:9 

basic 82:2 179:12 

187:18 

basically 56:7 81:7 90:4 

128:19 151:1 169:8 

basis 10:14 99:11 

118:11 161:20 

BB&T 170:5 

BBVA 173:1 

becoming 20:11 

began 7:11 166:4 

beginning 25:6 89:13 

93:19 101:20 139:11 

behavior 98:3 158:9,11 

belief 51:20 95:20 

believe 8:5 42:1 51:19 

68:11 153:5 181:2 

197:7 

believes 26:6 

benchmarked 34:15 

beneficial 170:12 

199:11 

benefit 37:20 116:18,22 

144:13 187:4 196:9 

benefits 10:4 135:6 

136:13 141:4 145:20 

152:3 161:3 162:14 

164:17 169:15 181:16 

benefitted 170:8 

best 40:21 57:14 85:9 

144:14 147:11 190:21 

better 6:12 33:16 50:8 

62:19 77:11 89:14 

92:6 98:8 114:15 

123:4 136:14 151:12 

159:6 193:12 201:9 

beyond 15:16 52:15 

102:13 160:12 196:10 

biannual 7:9 

bias 98:4 106:3 

big 32:21 46:14 51:21 

60:17 68:8 92:15 

93:13 95:9 158:12 

177:7 183:12 

bigger 59:19 

biggest 56:10 57:2 

60:19 65:2,19 

bill 41:5 42:12 146:5 

billion 28:14,15 29:15 

34:16 53:15,16 

bills 32:14 

bimonthly 175:15 

bio 74:18 

BIPOC 40:15,16 42:5 

birth 160:17 

bit 13:2 25:4 44:3 54:22 

76:15 90:21,22 107:8 

107:13,18 111:3 

115:11 124:5 130:9 

134:8 139:9 152:10 

153:1 157:2 181:6,7 

183:7 

Black 34:18,22 35:10 

38:11,18 43:15 45:3 

55:5,17,18 56:4 58:1 

59:6,17,19,22 73:14 

150:14,15 

Blacks 160:10 

block 28:16 

blockade 119:4 

blockchain 120:7,18,22 

121:6,15 

blogs 195:6 

blown 157:14 

board 2:2 4:9,15,17,20 

5:5,13,16,16,18,19,20 

6:15,18 9:4,15 13:7 

28:5,5 30:7 64:15 

66:21 77:5 80:12 

101:15 

Board's 4:11 

bodies 16:15 

body 14:2 

bold 53:6 61:8 

boost 53:20 

borne 8:10 

borrow 53:21 

borrowers 45:16 

boss 123:10 

Bostic 1:13 13:3,5 

25:18 62:2 69:14,15 

bottom 12:17 

boundaries 25:15 

boxes 22:21 

boy 61:11 

branch 81:11 161:12 

181:3 200:6 

branches 141:12 

180:18,21 

brand 190:20 198:9,13 

break 34:3 70:20 71:2 

79:5 134:6 151:21 

breathtaking 21:17 

Bretton 84:19 93:16 

bridge 136:19 

brief 11:13,18 54:11 

briefing 12:9 92:22 

briefly 80:16 

bring 15:9 21:5,6 57:16 

81:5 90:3 92:16 93:10 

108:22 109:7,15,17 

112:19 117:12 118:15 

133:15 141:16 174:11 

190:17 197:3 202:9 

bringing 79:9 80:13 

83:1 86:12 126:1,10 

182:19 

brings 72:1 98:11 

191:12 

broad-based 16:6 

broadband 138:14 

broader 142:9 

Brookings 31:6 

brought 22:2 63:5 80:5 

83:15 86:1 138:15 

Brown 43:15 

browser 94:15 

budget 151:3,8 

build 15:22 44:1 50:8 

52:5,6,7 61:6 77:2 

79:11 80:22 87:13 

104:7 119:3 136:2 

building 60:8 79:7,7 

80:21 83:10 126:9 

128:4,5 165:18 

builds 85:18 

built 40:4 87:7 127:15 

128:1 129:11 193:15 

Bureau 2:3 11:22 

142:21 

bureaus 46:15 

business 4:10 50:13 

52:8 69:6 81:4,21 

135:16 165:14 196:2 

businesses 7:19 13:22 

14:1 41:20 67:19 81:5 

104:7 112:16 114:22 

190:1 

busy 161:12 

butter 85:9 

buy-in 192:13 

buzz 167:15 

bye 202:17,17,20,20 

C

C 3:1 

Cadence 165:5 

California 43:4 44:13 

44:14 47:15,21 

call 23:11 24:9 32:22 

61:22 68:12 70:20 

72:15,20 96:4 133:9 

168:13 172:9,14 

194:16 

called 4:16 33:17 88:18 

92:11 122:18 130:10 

162:2 

calling 14:7 41:4 53:7 

calls 36:22 

campaign 137:14 139:8 

148:12 149:3,8 

152:16 153:1 155:2 

157:14 160:2,6 162:5 

166:1,7,18 167:10,13 

167:16,20 168:11 

171:10 173:9,19 

174:1,5 175:7,17 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
206 

183:11 

campaign's 167:16 

campaigns 171:15,16 

Camper 1:14 22:10,11 

64:16 185:11 197:22 

capabilities 122:10 

123:2 

capability 82:9 135:14 

capacity 106:18,20 

capital 12:6 52:12 

104:15 

capitalism 85:7 

capitalize 137:21 

capture 73:6 

car 82:4 

card 10:9 14:21 47:5 

76:22 

cards 145:17 160:17 

care 60:6 

career 10:7 21:22 65:4 

79:19 96:18 97:13 

careers 55:7 

careful 68:21 69:4,10 

carefully 52:20,21 

CARES 31:22 32:1,9 

53:12,13 

Carnegie 75:16 

carry 198:14 

carrying 114:6 

case 66:18 104:15 

112:9,18 113:2 128:4 

196:2 197:12 

cases 17:15 42:3 106:2 

113:5,7 121:10 133:3 

171:8 194:14 

cash 14:20 17:15 77:1 

cashed 32:6 

cashers 32:6 

cashing 32:8,11 

catapulting 56:1 

catchphrase 85:17 

categories 142:10 

category 88:10,12 

cause 158:22 159:1,6 

causing 158:8 

CCEM 128:3 

CDFI 53:4,15 

CDFI's 49:22 

CDFIs 49:1,7 52:5,12 

53:19 

cease 8:22 

celebrate 51:11 

center 18:22 19:7 26:4 

187:10 

centered 171:21 

centers 52:6 

central 11:21 75:12,14 

95:3 103:20 

century 84:18 85:12,13 

95:1 

CEO 1:13,15,16,17,18 

183:8 192:6,7 193:2 

CEOs 57:13 

certain 4:13 121:2 

162:15 

certainly 11:12 28:9 

32:19 96:7 179:6 

184:19 185:6 188:12 

189:20 

certificates 160:17 

certification 195:11 

certified 21:4,10 24:14 

66:12,13 165:2 166:2 

166:12,19 167:5 

169:17,22 170:20 

177:21 178:2 180:10 

182:1 190:12,14,16 

cetera 34:12 59:10 

87:16 159:11 

CFE 66:16 152:5 154:6 

169:16 170:6 172:6 

178:22 190:6 195:16 

197:14 

CFPB 9:15 11:20 80:6 

90:2 117:20,21 130:2 

CFPB's 77:4 

chain 121:3 

Chair 12:11 13:7 

Chairman 1:10 2:2 4:7 

6:1,4,6,9 9:9 11:7 

12:12,21,21 17:5 21:6 

64:19 71:18 78:19 

79:1 95:8 101:14 

120:14 123:13 192:6 

201:3,5 202:15,18 

Chairwoman 28:3 

challenge 9:19 38:5 

67:12 92:15 107:3 

challenges 8:8 13:2 

25:3,5,11 40:19 41:12 

42:13 45:4 49:14 

52:21 54:5 63:13,15 

63:20 64:1,7 102:6 

110:13 115:18 121:9 

129:4 138:9,12 

189:18 

challenging 41:11 

66:11 157:10 

chance 76:1 120:1 

change 58:11 83:17 

92:16 96:2 99:6,17,18 

124:19 158:9,11 

194:2 

changes 99:5,20 

changing 58:5,6 69:8 

179:13 191:21 

channel 90:4 173:19 

174:1 

charge 16:14 163:4 

charter 16:15,16,16 

25:16 

Chase 165:4 

chat 62:1 67:13 87:1 

169:2 172:17,20 

check 8:1 24:1,4 32:1,4 

32:6,8,10 73:7 160:21 

check-cashing 24:3 

145:14 

checking 39:11 157:22 

checklist 146:1 163:16 

checks 7:15 19:20 32:5 

188:2 

cheerleader 173:22 

Chief 1:14 2:8,11 75:4 

child 21:15 23:10 33:1 

33:10 60:6 64:22 

65:22 94:12 127:20 

186:5 

childcare 52:5 

children 125:14 

chocolate 85:9 

Choice 165:8 

choices 158:16 

choose 158:21 176:6 

176:11 

chose 32:4 176:1 

Christina 1:19 44:11 

48:10 120:3,17 

CHROs 57:13 

CIS 79:19 

cited 162:11 

cities 1:17 2:11 10:15 

57:18 138:2 176:2,4 

178:16 

citizens 160:14 

city 171:13 175:11,12 

177:13 182:13 188:1 

claims 45:22 

Clara 43:4 

class 56:1 

classroom-style 158:6 

clear 16:13 19:22 

click-through 155:5 

clicked 155:13 

clicks 149:20 

clients 142:5 

climate 83:16 

close 16:20 19:12 54:18 

79:3 133:8 195:10 

201:2 

closed 81:10,13 129:5 

141:13 162:19 

closely 116:5 117:20 

118:4 

closer 140:19 

closing 3:21 36:5 201:3 

closure 184:1 

cloud- 75:7 

cloud-based 93:22 

co- 76:21 

co-create 109:4 

co-founded 75:6 

co-founder 2:4 76:17 

co-hosted 168:12 

coaches 42:16 63:9 

coaching 43:6,20 60:7 

63:10 

coalition 55:1,2 59:21 

149:18 167:4,11 

169:20 173:5 

coalitions 26:22 144:8 

167:13 174:6,9 176:8 

177:16 178:10,13,14 

178:16 181:11,17 

182:3,5,5,7,10,11,16 

183:15 186:20 187:13 

199:18 

coda 96:17 

coffee 168:21 169:1 

170:7,16 171:1 

Coffee- 168:13 

cohorts 100:8 

coin 118:20 

Cold 94:12 125:15 

collaborate 168:7 177:6 

collaborating 90:18 

173:2 200:1 

collaboration 27:5 

143:2 174:15 

collaborative 142:8,11 

144:13 

colleagues 166:21 

collect 35:20 196:1 

collecting 196:13 

colleges 59:7 60:21,22 

color 14:1 56:5 58:2 

column 152:21 

combined 80:8 

come 15:12 16:3 23:4 

51:14 54:2 55:4 56:6 

78:8 82:11 88:8,20 

91:4 100:21 108:2 

115:5 125:4,18 

128:12 132:5 156:21 

161:12 180:1 

ComE-In 6:12 24:21 

comes 18:14 24:10 

64:18 79:18 94:5 

110:12 129:14 153:3 

160:22 168:17 169:16 

comfortable 67:2 100:3 

104:2 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
207 

coming 47:7 53:18 69:9 

90:13 109:9 119:14 

131:21 133:8 144:21 

155:10 158:17 

comment 61:19 200:17 

commented 37:18 

commenting 20:13 

122:13 

comments 9:5 11:9 

30:17 37:2,10 44:5,9 

62:21 64:11 67:10 

153:9 201:21 

commercial 126:7,9 

commitment 49:19,20 

57:8 58:9,10 61:9 

63:5 

commitments 50:22 

54:9 56:8 

committed 51:2,6 55:4 

104:5 

committee 1:3,9 4:4 

6:11 9:12 10:6,20 

11:4,14,15 13:3,9 

14:7,8 15:6 16:5,9 

23:6 27:16 37:2 38:21 

44:16 49:4 61:16,20 

62:3 67:11 71:3,19 

72:1 73:18 74:17 

77:21 86:6,9,12,20 

87:10 90:19 97:2 

100:14 101:10,15 

107:6 110:10 111:1 

116:11 119:18,22 

120:18 123:19 130:15 

137:11 153:8,17,20 

156:7 179:15 188:20 

193:1,5,21 200:12 

201:13 202:3 

committee's 27:10 

133:16 

committees 12:8 

committing 56:21 58:9 

58:13 

common 32:13 72:4 

73:22 107:15 148:8 

150:8 189:16 

communicate 161:19 

194:3 

communicated 30:5 

141:14 

communications 183:9 

184:5 191:3 

communities 7:1 8:3,10 

8:15 12:6 38:17 41:8 

41:11 49:11,12 50:4 

51:1 52:8 82:22 

136:20 138:9,12 

140:8 142:3,22 143:1 

189:12 190:21 192:1 

192:20 201:17 

communities' 175:17 

community 2:6,7,12 

18:20 28:16 50:16 

57:11,12 58:3 59:7 

60:21,22 75:9 81:20 

86:18 87:15 91:11,13 

91:19 92:3,5 94:1 

95:4,14 96:8 106:16 

107:16,17,20 128:13 

134:19 137:18,20 

142:2 143:8,15,16 

144:20 146:15 147:4 

159:10 160:12 161:17 

162:1 163:11,19,22 

165:14 167:12 168:8 

170:14 173:20 174:2 

174:16,21 180:16 

192:7,13,14,17 193:1 

194:11 

community-based

136:18 147:8 159:18 

160:5 165:11 168:21 

169:6 171:12 175:7 

199:17 

companies 51:7,14 

55:2,3 56:6,20 57:9 

59:9,20 87:8 118:10 

119:8 192:11 

company 57:22 59:22 

60:2 

compared 73:16 74:3 

compelling 19:13 

compensation 185:17 

competitive 56:19 

complaints 46:17 

complementary 144:18 

complex 102:9 

complexity 63:20 64:7 

complicated 100:8 

comply 5:17 

component 12:3 

components 177:20 

compressed 124:11 

125:12 

Comptroller 75:19 

computers 102:21 

computing 75:21 

concern 30:13 

concerned 45:14 46:13 

68:1,5,11 

concerns 52:20 108:4 

concerted 66:9 

conclude 11:2 

concludes 148:22 

conditions 19:11 

conducive 58:1 

conduct 104:16 108:8 

110:6 131:10 171:3 

conducted 147:3,16 

conducting 175:1 

confident 102:2 

configure 194:18 

Congress 25:20 

conjunction 10:7 

connect 53:2 123:21 

149:18 157:7 181:16 

191:22 

connecting 91:2 97:7 

185:16 

connection 135:19 

connections 20:8 47:14 

176:15 

connective 136:17 

connects 144:5 

consciousness 19:1 

consequence 14:19 

consider 74:17 91:21 

103:16 139:1 172:12 

190:12 

consideration 5:12 

considerations 145:12 

considered 72:5 151:2 

155:15 

considering 170:19 

consist 160:13 

consists 160:10 165:3 

constitute 4:22 5:5 

constructed 158:1 

consultants 155:12 

consume 151:1 

consumer 1:20 2:3,5,9 

25:22 45:1 47:8,12,13 

47:21 50:15 52:2 

72:21 77:4 81:2,21 

103:12 134:18 135:15 

136:12 142:20 148:6 

169:11 198:7 

consumers 7:18 33:21 

34:17,19 46:19 49:9,9 

52:1 69:5 73:4,7 77:2 

97:7 100:9 104:6 

106:2,7 135:19,22 

136:7,11,15,20 138:4 

141:2,15 142:13,17 

142:19 143:5,21 

144:2 145:7 146:1,3 

147:7,12,22 148:8 

158:15 160:6,8,13,19 

161:10,11,18,20,21 

162:7,9,11,18,20 

163:3,3,7,20 165:19 

166:8 168:17,22 

169:6,9,16 170:22 

176:10 190:22 199:7 

200:2,3,4 

consumers' 140:22 

consumption 150:22 

contacts 47:13 

content 59:12 152:5 

context 55:8 

continual 83:14,14 

continually 80:11 

continue 17:20 38:21 

79:11 91:8 96:3 

169:20 175:2,6 177:5 

177:6 181:9 

continued 27:18 201:13 

continues 8:4 29:5 45:2 

137:6 187:17 

continuous 144:16 

contract 193:11 

contracted 81:9 

contributing 34:20 

contribution 10:12 

58:15 

contributions 76:4 

control 73:5 

convene 15:21 

convened 1:9 

convenience 73:5 

convention 190:10 

conversation 12:1 

17:13 69:22 76:16 

77:18 100:16,18 

101:17 119:21 129:19 

132:6 133:13 

conversations 17:20 

36:11 72:4 74:9 

116:20,22 

convince 189:4 

convinced 53:5 

convincible 154:22 

Cooperative 193:3 

coordinated 130:1 

coping 9:19 

core 72:10 80:17 

143:12 181:18 191:13 

192:10,14 193:8,20 

cores 193:13,15 194:1 

194:6,15 195:4 

cornfield 81:12 

corporate 58:6 

corporation 1:1 8:20 

corporations 50:21 

58:5 

correct 132:11 195:18 

cost 31:7 121:3,7 152:2 

costly 141:18 170:9 

costs 38:10,11 72:7 

Counsel 1:19 

counseling 187:9,11 

counties 178:16 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
208 

country 10:17 24:15 

38:17 49:19 54:5 55:9 

55:20 56:3 57:18 

60:10,19,20 64:3 83:4 

144:19 148:3 176:13 

178:13 182:6 190:2 

192:8,9 202:10 

county 43:4 182:13 

couple 30:22 34:13 

35:9 37:2 40:14 58:18 

62:3 79:6 87:4,7 88:6 

90:12 117:5 135:9 

148:11 

coupled 156:15 

course 5:14 19:8 25:7 

85:16 118:15 187:12 

188:8 194:21 

cover 7:5 

COVID 112:10,13 155:6 

155:11 166:5 183:11 

185:4 

CRA 53:1 68:11 166:5 

create 57:6,22 75:13 

91:9 105:3 109:3,6 

112:5,6 114:9,20 

127:12 129:5 

created 57:11 114:8 

124:12 126:19 127:1 

127:8 132:2 133:1 

creates 19:9 136:22 

creating 24:11 55:21 

104:14 111:22 132:14 

creation 22:15 48:3 

84:21,22 125:10 

127:3 129:17 

creative 63:17 

credible 115:5 

credit 14:21 26:17 33:2 

33:10 42:16 46:11,15 

46:15,21,22 47:4,5,8 

50:15 66:19 75:9 

76:22 77:2,3 94:2 

113:19 114:6,11,12 

114:16 118:4,6 

135:15,15 145:17 

160:20 165:7,8,8,9 

180:16 186:5 

crediting 39:2 

credits 23:10 

crime 103:14 

criminal 187:14 

crisis 19:9 45:7 49:17 

50:5 54:13 62:18 

112:13 113:18,22 

critical 9:20 28:12 

139:19 165:16 

cross-pollination 112:5 

crossed 201:11 

CRUSE 66:4 

crytocurrency 120:7 

culmination 190:8 

culture 57:22 92:17 

94:18 

curious 124:14 156:10 

Currency 75:19 

currency-based 122:14 

currently 23:12 69:2,3 

170:1,6 174:13 

180:10 

custodial 39:6 

customer 36:8 92:4,4 

194:15 

customers 27:11 35:21 

67:7 87:9 137:4,5 

170:8 191:22 194:4 

195:6 197:4 

cut 46:4 

cutting 94:1 

cutting-edge 179:4 

cyber 75:16 83:12,16 

cybersecurity 75:20 

cycle 114:12 137:3 

cylinders 136:22 

D

daily 8:4 99:11 191:6 

danger 46:4 

data 31:10,10 36:1,8,16 

38:10 40:1,2 73:13 

99:3 102:12,18 106:3 

122:19,20 123:3 

149:15 150:16,21 

153:3 176:4 179:3 

183:19,21 193:10 

196:13,15 197:11 

date 5:20 28:19 37:1 

42:3 44:6 

Dave 11:9 12:12 13:10 

195:18 

David 2:3,4,11 3:8,18 

9:15 76:9,14,17 77:4 

77:15 78:18 87:17 

100:16,21 101:8 

105:5 116:15 120:12 

123:21 124:3,9 

128:10 134:5 144:11 

176:21,22 188:18 

195:15 196:5 197:20 

day 8:15 27:5 47:11 

78:22 79:1 99:13 

118:11 168:20 173:3 

177:22 194:8 198:18 

day-to-day 83:22 

days 79:3 86:10 87:20 

89:18 124:12 137:15 

DCP 2:6,7,10,11 

dead 49:18 

deal 12:3 110:2 

dealing 63:14 

dealt 92:2 

debit 10:9 14:21 

debt 45:11 51:4 

decade 33:18 

decades 29:1 81:10 

82:10,12 

decent 101:11 

decide 154:15 

decision 159:7 

decisions 42:20 

dedicated 76:19 

dedicating 7:4 

dedication 22:1 

deep 49:21 50:3 51:1 

deeper 196:7 

deeply 72:2 

default 195:1 

deferred 5:19 

define 43:22 116:3 

defined 29:20 121:22 

definitely 45:17 179:16 

definition 29:21 124:5 

degree 45:11 55:11,13 

55:15,16,19 56:17 

57:4 

degrees 55:6 56:2 57:1 

57:8,21 

delayed 102:11 

deliberates 4:10 

deliberations 5:21 

deliver 73:1 106:8 

189:22 

delivering 47:10 97:7 

demand 59:10,11,15 

60:14 

democracy 85:8 

demographic 35:20 

demographics 150:4 

demonstrated 31:5 

82:17 

demystify 148:15 

Department 47:16 

79:18 132:12 186:1 

Depending 168:19 

deposit 1:1 7:14 10:1,4 

23:21 26:17 33:8 73:6 

73:7 160:22 162:15 

185:13,20 186:8,10 

188:4 196:10 198:8 

Depositor 2:5,9 

depositories 68:3,4 

depository 82:3 

deposits 184:3 

depressing 35:10 

deputy 2:8,10 50:6 

79:17 134:18 

describe 34:2 137:13 

137:19 

described 97:22 102:14 

105:12 

description 101:9,18 

design 181:19 

designed 190:17 193:5 

196:6,11 

designing 184:18 

desktop 74:5 

desperation 46:5 

despite 7:12 32:2 

details 74:8,19 76:2 

137:13 

determine 146:2,6 

147:11 150:17 

determined 151:3 

detrimental 81:15 

Detroit 152:18 

develop 57:16 110:7 

116:7 127:11 165:20 

195:2 

developed 193:11 

developers 59:1,4,17 

116:6 

developing 10:8 93:21 

126:20 163:21 

development 28:16 

59:2 60:18,20 127:6 

174:8 

development/talent

59:2 

developments 133:15 

devoted 49:8 

DFS 133:2 

dial 17:11 

dialogue 112:6 

difference 42:8 65:20 

differences 35:22 

different 26:3 35:22 

74:11 79:12 87:9 

92:17 99:19 109:2,10 

109:21 110:14 111:10 

112:20 115:15 117:5 

117:13 122:10 123:3 

123:4 125:16,22 

131:21 158:16 159:6 

184:16 185:5,20 

194:6,8 

difficult 29:2 54:4 125:9 

158:2 201:15 

dig 119:17 

digging 36:17 

digital 75:10 76:20 94:9 

94:10,16 95:11,20 

96:10,11 104:3 105:1 

111:11,22 112:1 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
209 

121:13 122:7 123:8 

130:1 132:14 133:5 

151:4 152:10 155:1 

digitally 84:5 96:4 

digitally-native 103:21 

130:12 

dipping 154:7 

direct 9:22 10:3 21:9 

23:21 26:17 32:18 

33:8 46:18 80:18 82:7 

83:5 124:11 153:17 

153:22 154:8,16 

162:15 185:13,20 

186:8,10 187:1 188:4 

directed 65:12 

direction 106:19 

directly 140:13 142:2 

155:14 

director 2:3,4,5,8,10 

9:5,7,10,15 11:8,11 

11:20 25:7 71:14 

76:18 134:18 173:20 

174:2 

Directors 2:2 4:10 

71:18 78:19 101:15 

164:14 

disabilities 161:2 

disability 167:3 

disadvantaged 29:20 

disaggregate 36:7 

disaster 28:16 

disclosure 6:14 

discreet 26:13 

discrimination 12:5 

98:3 

discriminatory 41:9 

102:5 

discuss 6:20 143:14 

144:11 149:2 169:3 

191:19 

discussed 5:15 168:19 

169:15 

discussion 11:4 26:4 

71:10,13,15 80:19 

83:2 89:10 90:5 95:13 

96:13 134:19 201:1 

discussions 4:17 5:5,8 

25:13 97:19 122:14 

displacement 113:5 

disproportionate 8:8 

45:2 

disproportionately

56:4 112:10 

disrupt 8:4 

disruptions 83:14 

disseminate 117:9 

175:3 

distinct 111:20 

distinguish 69:12 

distinguished 74:16 

distracted 62:16 

distribute 31:20 

distributed 31:19 

distribution 32:6 

District 15:15,15 

districts 172:10,16 

173:3 175:9 

diverse 57:17 80:22 

93:20 109:1 182:10 

189:14 

diversity 189:9 

division 2:5,8 99:10 

document 45:2 131:3 

documentation 160:15 

163:1 

documents 160:17 

169:4 

doing 8:14 12:2,10 13:3 

13:13,20,22 29:13 

33:13 40:15 46:18 

56:13 61:21 63:10 

72:8 84:4 86:3 87:12 

90:12 92:8 106:14 

135:8 138:22 154:5 

157:14 158:19 160:2 

174:10 189:2 190:2 

192:20 195:13 201:20 

dollars 52:16 53:16,17 

don'ts 154:11 

dos 154:11 

dots 182:6 

double 98:18 

doubled 195:18 

doubt 76:12 

downstream 89:20 

dozen 39:7 

dozen-plus 34:14 

draw 62:18 100:17 

157:6 

drive 54:10 

driven 19:21 

driving 105:21 111:10 

drop 118:20 

drove 64:17 

due 78:6 140:3 171:11 

202:5 

duration 114:1 147:19 

E

E 3:1 

eager 45:15 

earlier 45:19 87:11 

152:10 155:22 163:16 

early 39:15 60:13 86:10 

92:10 134:17 137:15 

163:17 188:11 

earn 38:3 

earnest 76:16 

eases 29:9 

easier 130:5 161:15 

easily 126:16 129:22 

194:17 

easy 115:3 116:17 

158:3 191:9 

echo 32:22 37:1 44:16 

44:22 148:19 

echoing 37:1 

economic 1:3 4:5 6:11 

8:8 9:12 11:21 13:13 

14:12 15:14 18:2 31:8 

37:15,18 40:18,21 

41:4,6,13 42:10,11,12 

45:3 46:7,14 48:22 

49:2 51:19 52:3 54:10 

62:5 72:12 74:15 76:6 

81:15 82:8 85:4 94:6 

98:15 110:8,13 

135:10,12 139:13 

156:14 160:7 163:12 

164:13 189:5 191:20 

197:18 

economically 84:17 

196:12 

economy 13:18 14:22 

37:16 

ecosystem 60:5,8 

94:21 102:8 104:21 

117:18 

ecosystems 57:17 

edge 94:1 

edition 148:11 

EDT 1:10 

educate 104:13,14 

educates 146:3 

education 45:11 79:18 

156:8,9,15,19 157:9 

158:7 163:13 164:6 

165:13 172:3 175:12 

educational 150:11 

effective 95:12 129:16 

151:5 152:7 158:8 

effectively 61:5 103:1 

194:22 

effectiveness 103:3,4 

efficient 15:17 89:12 

effort 61:7 66:10 67:4 

135:9 136:6 139:11 

152:17 

efforts 9:1 18:20 20:3 

27:17,17 28:10 41:20 

42:2 51:4 136:8 

137:20 143:3 144:16 

144:19,21 145:1 

163:17 173:15,17 

Ehrich 2:4 3:8 76:9,14 

76:17 101:4,6,13 

102:17 105:9,16,20 

107:12 111:8,16,19 

115:14 117:4 119:16 

120:9,17 123:11 

125:1 129:2 130:21 

131:6 132:11 133:20 

eight 66:8 165:3 

Eighteen 110:17 

EIP 25:10 27:18 31:12 

31:15,18,21 32:5,9 

EIPs 31:19 

either 4:21 17:17 90:10 

160:20 186:16 187:10 

El 174:7,9,11,13 

Elaine 2:7 3:16 137:17 

159:16,20 168:1,4 

176:1,14,20 199:1 

200:10 

elements 156:16 

elevation 21:16 

eligible 31:17 56:19 

64:22 

Elizabeth 2:10 3:11 

Elon 85:18 

else's 22:7 

elusive 108:14 

email 91:15 

emailed 163:10 

emancipated 43:3 

embedding 158:13 

embodied 24:12 

embodying 26:13 

embraced 124:5 

emerge 69:20 112:12 

112:15,15 

emerging 104:10 

emphasize 62:3 

emphasized 25:9 

139:15 

employee 20:8 124:7 

employees 75:1 148:14 

164:4 

employing 160:3 

employment 38:15 

employs 164:2 

empowering 151:14 

empowerment 1:17 

2:12 10:16 82:9 110:8 

138:2 144:2 175:11 

187:10 

enable 33:9 73:7 95:10 

95:18 

enabled 130:6 

enables 34:1 158:15 

enabling 36:6 

encountering 27:12 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
210 

encourage 48:2 70:18 

77:21 138:3 151:9 

166:2 190:11 196:2 

200:18 

encouraged 143:11 

166:11 186:3 

encouragement 65:10 

encourages 29:18 

144:9 

encouraging 20:21 

36:4 66:7,11 80:21 

82:19 126:11 148:5 

155:8 165:1 

ended 81:14 

endorsing 59:3,4 

Endowment 75:16 

energies 123:5 

energized 89:10 

energy 96:9 128:21 

137:2 

enforcement 127:17 

128:8 

engage 5:21 38:18 

42:19 62:10 70:10 

88:20 92:10 96:6 

133:16 137:20 161:19 

164:18 174:21 193:12 

193:16 

engaged 44:1 89:10 

92:20 

engagement 46:18 80:4 

89:21 116:14 135:22 

142:1 

engagements 91:4 

166:18,20 168:11 

175:6 

engaging 42:5 43:15 

86:18 87:5 88:4 90:17 

161:22 167:22 197:2 

English 145:9 148:18 

enhanced 50:19 

enjoy 44:18 

enjoyed 13:10 30:17 

89:7 

enlist 193:16 

enlists 188:4 

enormous 125:21 

enroll 40:5 

ensure 32:17 80:21 

83:10 85:5 190:3 

ensuring 82:17 84:15 

180:5 

enter 23:20 33:8 65:12 

185:7 

entered 185:12 

enthusiasm 66:13 

entire 53:19 59:8 91:12 

entirely 84:4 109:10 

entities 187:22 

entrepreneurs 48:2 

entrepreneurship

136:4 

environment 52:22 

119:12 

envision 136:10 

envisions 135:13 

156:14 

Equally 143:2 

equation 65:7 

equipping 160:4 

equitable 80:22 

equity 11:21 43:15 

104:9 189:10 

Ernst 2:5 3:6 71:14,17 

86:4 90:15 93:15 

96:22 98:11 100:13 

101:5,7 105:5,10,18 

106:21 110:4 111:14 

111:18 115:1 116:10 

123:18 130:18 131:2 

131:18 133:6 134:2 

errors 46:17 62:10 98:2 

especially 6:21 7:21 

10:4 31:13 42:4 98:8 

110:14 125:3 138:8 

167:16 199:8 

essential 51:16 53:21 

essentially 25:22 31:8 

32:11 57:12 129:8 

133:1 198:15 

establish 27:3 

established 47:20 84:2 

85:3 90:20 145:15 

establishing 76:1 

estimate 31:11 32:7 

estimated 32:10 

estimates 65:14 

et 34:12 59:10 87:16 

159:11 

ethnic 35:22 

ethnicity 34:4 

event 108:18,18 115:13 

169:5,12 

events 107:9 146:21 

167:9 171:8,12,14 

173:6 175:14 

everybody 4:3 12:18 

30:16 54:21 71:9 

100:17 125:8 134:13 

154:5 177:2 200:12 

200:18 

everybody's 89:17 

everyday 152:1 

everyone's 30:18 

evidence-based 15:20 

evil 27:15 

evoke 151:17 

evolution 83:14 94:17 

96:14 

evolve 59:14 96:15 

exacerbated 7:16 64:2 

exactly 132:11,18 163:3 

examiners 102:3 

example 34:22 42:22 

43:10 45:21 47:3 

59:21 72:14 82:19 

94:15 95:1 97:12 

99:11 105:2,3 112:22 

117:15 121:5 129:20 

149:15 159:4 165:19 

169:1 170:5 

examples 157:12 

183:17 

excellent 9:3 12:15 

101:19 157:15 179:14 

exchange 78:1 

excited 11:13 17:21 

43:11,21 44:2 61:8 

106:13,19 128:11 

173:17 177:17 181:1 

195:15 197:14 

excitement 167:15 

exciting 20:21 22:3 

78:21 87:18 89:19 

92:19 128:22 148:4 

173:10 180:12 

excluding 14:19 15:4 

exclusion 16:21 

executed 84:6 117:22 

132:18 

executing 62:7 

executive 2:4 76:18 

130:21 164:14 

executives 164:13 

exercise 125:11 

exist 46:14 

existing 7:22 57:4,6 

66:12 128:1 

exists 38:16 46:16 

expand 9:1 72:8 144:10 

168:16 171:2 196:22 

expanding 3:5,10 71:10 

134:16 135:1 

expectation 80:15 

expectations 69:22 

72:22 

expecting 53:17 

expenses 7:16 

expensive 121:5 

experience 56:18 71:22 

74:20 75:10 109:21 

111:7 116:19 151:15 

151:16 156:8 

experienced 41:7 65:9 

113:4 

experiences 93:18,20 

94:3 153:20 180:1 

183:14,16 

experiment 154:16 

experimenting 138:17 

expert 75:5 80:6 109:8 

expertise 77:16 115:18 

experts 83:20 84:7,8 

112:19 

explained 160:10 

162:20 164:22 166:10 

explains 148:13,20,21 

explanation 19:13 

explicit 16:14 

exploratory 5:4 

exploring 25:20 

explosion 20:5,15 

exponentially 182:1 

expose 164:16 

expressed 172:21 

173:8 174:22 

extend 37:14 38:1 

124:15,16 

extended 39:10 

external 80:3 166:22 

extremely 125:15 

180:12 

eye 26:19 27:15 43:2 

125:13,15 

F

face 121:9 168:17 

face-to-face 60:9 

Facebook 147:20 

faced 138:12 189:18 

facilities 50:14 

facing 40:19 42:14 

115:19 

fact 8:22 20:18 56:10 

58:4 87:9 154:16,17 

174:19 176:4 178:5 

factors 149:14,22 150:9 

fair 68:6 121:3 

fairly 87:22 96:2 121:5 

fairness 106:10 

fall 45:10 202:9 

familiar 47:19 

families 23:8 28:19 

29:3 38:12,13 41:21 

42:2 45:4,13 189:18 

190:1,18 

family 29:4 32:7 55:6 

110:20 161:8 182:8 

famous 89:16 

fan 158:12 

fantastic 78:17 99:12 

182:4 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
211 

far 30:18 31:2 53:10 

56:2 60:12 73:13 88:3 

167:2 170:16 175:17 

Fargo 165:5 

farther 194:22 

fascinating 132:16 

fashion 115:5 158:14 

186:8 

faster 29:10 

favorite 85:16 

FBI 75:20 

FCA 131:9 

FDIC 2:2,2,5,6,7,8,8,10 

2:11,13 5:11 6:15 7:6 

8:17 9:15 10:7 16:7 

18:19 21:21 22:14 

28:5 37:4 39:2 51:18 

65:13 67:3 71:14 72:3 

72:14 73:10,13 75:1 

75:22 78:14 79:8,10 

79:14 80:10 82:15 

97:3 98:19 99:9 

101:14 106:13,14,15 

106:20 110:6 118:4 

120:19 129:20 135:12 

140:5 141:22 146:11 

148:13,14,20,21 

149:16 153:18 163:13 

168:6,11 171:11,18 

172:11 174:4 177:2 

177:12 179:1 188:16 

189:21 198:4,6,8,16 

199:3,3,19 202:13 

FDIC's 4:9,19 9:11 

21:12 24:11 65:9 

73:21 134:18 135:10 

137:16 140:13 148:6 

160:7 162:6 163:11 

164:12 167:14 173:15 

180:3 197:15 

FDIC-insured 146:11 

fdic.gov 135:5 

fdic.gov/getbanked

145:5 151:10 

FDiTech 76:1 78:14 

feature 148:14 158:20 

featured 148:10 185:22 

features 73:6 79:12 

146:4,6 162:15 

169:15,22 179:19,22 

February 75:2 

fed 25:16 196:16 

197:11 

federal 1:1,13 19:2 

20:15 25:21 45:8 

128:9 179:2 183:18 

feed 185:14 

feedback 138:21 

153:16 154:1 163:18 

167:19 201:14 

feel 40:20 49:7,15,22 

53:3 67:2 68:11,12,18 

78:4 135:5 183:13 

184:16 

feelings 151:17 

fees 24:3 31:12 32:8,11 

33:20 34:16,20 

145:15 146:4 148:21 

180:8 

feet 114:5 

fell 133:4 

fellow 28:5 30:7 44:16 

61:20 

FEMA 143:1 166:21 

167:1 

FEMA's 167:2 

female 110:15,17 

field 19:6 50:12,13 

51:17 53:8,19 54:9 

68:1 80:6 83:20 

fifth 58:12 

fight 49:2,22 

fighting 49:8,10 

figure 15:13 98:19 

123:4 

fin 33:18 67:20 

final 43:14 59:16 60:4 

134:7,15 135:1 

finally 53:11 84:13 

137:22 179:6 

finance 1:16 51:6 104:9 

finances 142:20 

financially 35:5,7 187:3 

financing 53:7 

FinCEN 105:3 128:7 

FinCEN's 128:1 

find 15:5,12 16:1 21:20 

67:16 86:22 

finding 45:22 47:1 67:4 

78:6 146:9 182:22 

findings 73:21 

fingers 201:11 202:9 

FinTech 76:22 92:3 

125:20 

FinTechs 70:13 116:7 

119:14 

Firing 136:22 

firm 75:7 118:12 

firm's 81:13 

firms 36:4 150:21 

first 13:6 22:12 23:9,17 

31:19,21 32:20 65:10 

66:15,16 71:9 75:3 

79:6,13 80:18 83:6 

86:19 87:4,4,19 94:14 

100:22 101:13,20 

120:3,10 123:1,12 

136:10 137:12 139:12 

140:22 145:4 160:4 

162:8 164:1 165:8 

177:21 185:6 

first-person 151:19 

fit 141:8 

five 32:7 56:18 134:9 

135:13 

fix 62:9 

flag 27:8 45:17 

floor 116:12 

flow 29:10 

flyer 145:11 

flyers 163:14 167:17 

focus 11:21 38:22 

62:16 71:10 72:12 

74:6,12 76:7 104:8 

134:15 138:15 141:16 

150:5 154:10 165:13 

179:19 

focused 41:20 43:12 

72:5 77:6 79:9 80:4 

88:2 110:8 169:5,12 

169:21 171:14 185:1 

193:9 

focusing 35:18 108:20 

113:13 123:6 

folks 15:11 30:13 32:3 

36:22 37:17 44:14,18 

45:21 46:21 47:19 

49:18 56:1 57:7,21 

59:13 156:7 157:1 

173:14 177:5 

follow 48:19 188:11 

200:13 

follow-up 14:8 86:5 

food 165:15 

footholds 40:22 42:10 

footprint 196:22 

forbearance 30:4 45:9 

force 55:14,18 69:17 

fore 69:9 

foreclosure 27:16 

foreign 85:5 

forever 154:13 

Forgive 157:6 

formerly 170:9 

forming 101:22 172:20 

formulate 153:3 

formulation 30:1 

Forrest 172:22 

fortunate 175:4 

fortunately 94:22 

fortune 55:3 124:4 

forum 57:12 

forward 11:3 12:8 16:9 

16:19 18:4 21:4 22:5 

30:11 36:17 44:6 48:5 

48:7,10,15 54:12 

61:12 86:17 88:4,15 

92:12 93:14 152:22 

167:21 172:13 175:4 

195:21 197:10,17,18 

foster 38:7 43:4 74:14 

187:7 

found 16:22 47:4 

170:22 183:4 

foundations 165:18 

founder 76:22 

four 31:20 57:13 86:14 

160:3 178:1 186:4 

four-year 55:6,11,13,15 

55:16,19 56:2,16 57:1 

57:3,7,21 

fourth 58:8 166:17 

fragmented 61:5 

frame 97:1 

Francisco 63:12 

frankly 36:2 61:4 

173:22 201:14 

fraud 27:11,17 45:20,20 

46:5 

frauds 46:2,9 

free 12:5 85:7 135:5 

152:18 163:12 

freedom 12:5 51:13 

frequently 102:10 

friction 83:22 

frictions 17:17 

Friday 164:21 

Fridays 162:3 

friendly 148:17 

friends 48:19 130:14 

front 13:14 18:22 19:6 

26:4 157:19 197:8 

front-and-center

146:18 

frontier 184:14 

Fudge 28:12 

fulfilling 140:19 

full 5:12,21 51:19 96:11 

131:2 191:4 

full- 196:5 

full-service 196:20 

fully 179:20 

fun 61:12 

function 77:22 85:7 

182:12 

functioning 61:6 

functions 25:22 82:3 

182:17 

fund 1:17 2:12 29:15 

30:12 51:6 53:15 

66:16 144:3 154:7 

169:17 170:6 172:6 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
212 

179:1 190:6 

fundamentally 80:20 

funding 28:17 114:20 

funds 32:13 50:16 73:8 

further 33:6 72:12 

102:13 127:12 143:14 

144:11 167:22 

future 4:22 32:18 52:19 

52:22 84:14 85:14 

103:6 120:21 121:7 

121:18,19 124:16 

130:7 171:14 175:2 

201:11 

G

gain 32:11 139:17 

gained 158:10 

gamut 59:8 180:17 

gap 34:21 

gaps 36:6,9 132:20 

garden 129:6 

gardens 129:5 

gather 36:7 

gathering 88:7 

gender 104:8 

general 4:16 62:13 

74:13 100:4,4 151:11 

175:16 

generally 4:12 78:15 

115:19 128:13 167:17 

187:21 196:18 

generate 150:21 

generation 67:21 161:5 

generational 96:2,14 

generously 77:16 

Georgia 149:12 166:6 

Georgia's 165:8 

get-banked 171:22 

GetBanked 3:10 135:2 

135:4 136:5 137:13 

139:10 140:12,18 

143:20 145:4 146:19 

148:2,12,19 149:3 

162:2 163:14,15 

164:20 167:14 171:10 

171:16 175:7 197:15 

200:13,19 

getting 12:9 17:18 23:9 

23:22 24:1,4 39:22 

100:20 115:9 123:9 

133:7 140:6 142:17 

144:22 145:3 148:20 

157:18 168:17 184:20 

185:3 187:13 197:7 

198:6 

GitHub 127:8 

give 6:14 16:11,15 

23:13,13 24:6 27:14 

33:14 40:7 55:8 61:18 

151:20 197:21 

given 65:5 167:19 

192:17 

gives 73:4 74:22 196:16 

giving 18:4 86:2 90:16 

159:4 200:3 

glad 11:12 68:16 

157:11,17 168:6 

175:16 

glimpse 90:16 

globally 128:20 

globe 103:20 127:17,18 

GMP 23:21 

goal 50:9 108:14 

194:10 

goals 140:12,21 

Gold 193:3 

Gonzalez 2:6 3:17 

137:17 159:17 168:3 

Google 51:2,4 

gotten 26:9 82:14 89:6 

government 4:8 7:18 

8:20 15:12 19:16 24:8 

124:7 136:19 139:21 

140:9 142:11,15,17 

168:22 177:13 187:22 

188:1 189:22 

governments 27:1 

147:9 

grant 28:16 51:3 186:22 

grantees 29:18 

grappled 72:10 

grassroots 18:20 

grateful 6:16 27:4 

188:22 201:19 

gratifying 66:8 

greater 34:19 149:11,12 

150:7,8 

green 104:9 

grew 89:2 96:4 

ground 8:14 159:19 

177:5 201:16 

ground-in 53:3 

group 16:6 41:3 48:21 

75:18 101:12 108:1 

108:22 189:4 

groups 51:18 59:11 

95:14 109:15 154:10 

grow 181:9 187:17 

growing 24:14 41:8 

94:11 137:7 

grown 63:13 182:1 

growth 26:14,14 180:12 

Gruenberg 2:2 9:6,7,10 

13:8 21:11 25:7 71:19 

guaranteed 20:7 43:2 

187:18 

guarantees 128:22 

guess 100:22 101:8 

116:15 153:16 198:3 

guest 171:7 

guests 74:16,19 

guidance 16:10 29:17 

guide 15:22 

guilty 64:14 

H

H 124:6 

habits 151:7 

hackathon 108:1 

hackathons 107:16 

hacking 107:18,22 

half 43:6 

Hampshire 1:18 

hamstringing 36:6 

hand 36:3 52:11 61:22 

68:16 78:7 120:3 

154:3 198:1 

handful 46:19 56:7 

hands 47:13 50:2 78:5 

120:2 153:13 179:13 

hands-on 59:8 

hangover 113:20 114:7 

hankering 80:17 

happen 14:4 25:1 45:15 

157:10 

happened 172:22 

happening 37:21 64:2 

69:19 70:7 99:16 

144:19 149:11 163:5 

happens 85:17 109:19 

150:22 

happy 11:12 27:15 28:7 

28:10 29:17 47:14 

hard 107:1,22 129:5 

132:8,9 

hard-earned 148:9 

harder 129:9 

hardest 140:9 

head 70:6,20 

health 1:19 8:8 30:21 

33:18 34:5,9,18 104:7 

healthcare 138:13 

healthy 35:7 

hear 6:7,8 8:13 10:21 

12:7 13:1 20:1,12 

22:12 30:11 36:21 

44:11 48:18 50:6 

53:17 54:20 76:2 78:9 

91:17 92:8,21 97:1 

101:4 105:16 111:16 

128:11 131:19,20 

134:7 137:8,10,22 

147:14 157:2 159:15 

166:15 181:7 195:16 

heard 7:21 25:6 53:12 

65:14 81:8 87:9 95:8 

134:16 151:10 153:10 

173:8 174:10 177:11 

177:22 178:10 181:6 

182:3,17 183:7 

189:17 190:11 192:5 

hearing 22:5,6 30:18 

39:4 44:18 48:15 

67:22 157:12 166:14 

167:13 191:16 197:1 

heart 25:14 184:11 

heck 85:18 

held 175:14 

hello 4:3 28:4 71:8 

134:13 168:4 

help 8:16 16:1 17:10 

30:2 49:21 74:17 77:2 

102:4 104:6,19 105:3 

105:7 107:8 110:22 

113:3 116:3,8 117:16 

140:10 141:6 142:9 

142:13 143:4 148:3 

151:22 152:1 163:3 

170:15 173:4 174:1 

175:2 186:21 189:2 

189:14 191:4,9 193:7 

193:12,17,17,21 

194:10,18 196:1 

197:9,11 200:8,14 

helped 28:19 72:14,20 

150:17 162:13 163:8 

183:10 

helpful 60:2 110:5 

112:7 117:11 148:7 

199:15 

helping 12:16 44:1 

174:11 181:10,16 

184:21 190:20,22 

192:3 

helps 144:1 146:1,5,11 

Henry's 195:2 

hesitant 67:7 

hesitate 197:22 

hey 158:22 199:13,20 

HFAs 29:19 

Hi 177:1 

high 6:15 38:10 45:1 

61:6 80:12 

higher 73:16 110:19 

176:5 

highest 7:11 

highlight 99:2 122:17 

128:14 181:6 

highlighted 89:12 90:1 

91:15 145:10 

highlighting 98:4 

highlights 30:22 148:12 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
213 

hints 148:7 

hired 189:8 

hires 56:9 

hiring 55:4 57:1,15,20 

57:20 

Hispanic 73:14,17 

150:13,14 

historically 92:11 100:2 

histories 160:20 

history 46:22 161:8 

hit 21:3 99:14 119:4 

140:9 

hold 29:7 177:5 

holding 115:18 

holistic 142:15 165:17 

home 19:21 21:6 29:14 

30:11 52:7 64:17 74:5 

82:3 136:3 141:21 

homeless 63:11 

homeowner 150:9 

homes 29:3 

honest 177:7 

honestly 65:2 

honor 101:16 

hook 183:5 

hope 8:2 13:18 30:1 

51:8,14 85:18 91:9 

135:3 137:1 

hopeful 29:9 62:12 

hopefully 16:18 61:10 

hoping 117:16 120:5 

201:10 202:4 

horizon 64:8 121:22 

horrible 49:17 

host 171:8 173:7 

hosted 162:2 171:18 

hosting 28:4 

hosts 183:19 

hours 13:15 88:1,4,9 

90:19 161:11 184:15 

house 21:13 113:6 

household 110:14 

households 7:10,13 

24:17 34:18,22 35:2,3 

35:5,8,11,12,12,14,15 

35:16 73:14,17 74:2 

110:11,15,18,21 

140:11 149:17 176:5 

180:4 

housing 28:20 32:14 

50:14 52:6 60:7 

165:14 187:11 

Houston 137:19 149:12 

150:8,12 159:20 

168:6,13 169:7,9,15 

169:21 170:4,19 

171:8,9,9,13 172:6 

173:19,21 174:10,17 

175:10,10,11,12 

176:2 177:11 178:11 

182:4 

How-America-Banks

162:6 

how-to-pick-a-bank-...

163:15 

hub 183:20 

HUD 28:12 143:1 

huge 180:8 185:14 

196:8 

human 123:14 

Hunter 2:7 3:16 137:17 

159:16,21 199:5 

hurdle 157:19 

hurl 84:11 

hurt 158:2 

I

Iberia 165:6 

ID 113:6 121:13 

idea 15:2 20:9,12 42:17 

63:4,6,16 64:4,8 

108:20 109:7 114:17 

151:12 196:16 

ideas 20:16,17 78:2 

112:6 114:8 139:2 

156:11,17 

identifies 5:15 

identify 30:2 102:4 

105:1 128:2 150:4 

190:21,22 193:6 

195:10 

identifying 102:20 

132:8 142:14 

identity 45:21 47:2 

II 85:1 

illegal 36:2 102:20 

107:19 

Illinois 81:8,14 

illuminating 42:13 

illustrate 74:8 

illustrated 144:14 

imagine 104:3 115:3 

116:17 121:13 122:22 

129:22 132:5,10 

169:5 194:5 

imagining 43:16 

IMF 84:21 

immediate 126:20 

172:21 

impact 6:22 31:8 45:3 

62:5 81:15,19 95:19 

99:5,7,16 106:1,2 

112:22 113:19,22 

114:20 139:13 173:16 

174:21 

impacted 112:10,14 

113:18 114:3 

impactful 163:22 

impacting 56:4 

impacts 96:14 

implement 105:1 128:6 

194:9 

implementation 105:15 

127:6 

implementing 29:14 

implications 121:1 

implicit 98:4 

implies 107:19 

importance 9:20 26:21 

31:4 64:9 140:6 189:4 

important 12:1,4 14:2,2 

25:9 30:12 33:2 34:6 

34:6 42:18 52:19 

60:15 67:5 68:20 

69:21 77:7 84:15 97:5 

97:5 101:17 103:15 

107:13 111:9 129:2 

129:18 140:1 141:10 

143:2 145:8,22 146:6 

175:3 176:14 184:20 

184:22 188:3 189:3 

191:6 192:3,17,18 

193:14 196:4 197:16 

importantly 107:10 

111:5 

impossible 113:9 

192:14 

imposter 46:1 

impressed 80:11 

impressive 125:3 

improper 36:2 

improve 34:9 61:3 72:7 

103:2,3 106:9 

improvement 34:1 

improvements 7:7,12 

in-kind 172:5 

in-person 141:13 

in-short 135:14 

inability 28:22 

incarcerated 160:18 

incidence 45:20 

include 104:8 152:7 

178:14 180:5 182:9 

183:17 187:7 195:9 

included 146:10,12 

150:9 

includes 145:12 148:7 

152:18 164:15 179:11 

180:15,16 181:12 

187:8 

including 76:3 98:3 

152:4 163:12 198:1 

inclusion 1:3 3:5 4:5 

6:11 8:21 9:12 13:14 

14:8 18:2 37:5 48:22 

49:3 51:19 52:3 54:10 

68:5,10 69:18 70:2,4 

71:11 72:13 74:15 

76:6,6 80:19 90:9 

94:6 98:16 102:6 

103:13 104:10 106:10 

110:13 120:8 121:1 

123:6 129:21 130:2 

130:15 135:11,12 

156:14 160:7 163:12 

164:13 189:5,10 

191:20 197:18 201:19 

inclusive 15:18 57:2 

58:7 77:8 80:22 

189:15 

income 6:22 8:9 20:7 

34:4,19,20 35:1,6,15 

38:3,19 40:15 42:4 

43:3 49:9,10 50:3 

139:20 150:10 179:12 

187:18,19 

incomes 45:13 

incorporate 156:12,18 

incorporating 136:1 

increase 14:12 27:10 

73:19 140:5,22 168:8 

increased 135:22 

136:12 147:17 

increasingly 20:11 

191:21 

incredible 23:11 105:22 

113:5 157:13,13 

181:14 

incredibly 20:21 42:18 

99:8 133:13 

incubator 127:2,4,11 

independent 42:11 

143:8,15 146:14 

independently 38:4 

113:12 

individual 19:4 20:14 

20:17 43:20 49:5 81:3 

146:7 

individuals 7:19 29:20 

109:5 161:1 180:2 

184:8 185:16 187:9 

industry 10:18 15:10 

16:3 24:7 25:5 77:13 

105:15 138:17 155:5 

155:8,15 189:6 193:6 

197:8 

influence 59:12 

inform 8:17 94:4 152:5 

165:22 

informal 5:4 

information 23:21 33:9 

35:20 45:16 73:4 88:7 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
214 

93:10,11 114:14 

123:17 133:19 141:14 

142:19 146:8 158:14 

159:5,11 163:11,20 

167:6 170:18 172:17 

175:20 185:8,13 

informative 44:17 

171:1 

informed 137:16 147:6 

166:7 

informing 160:4 

infrastructure 61:5 

65:6 94:20 122:21 

192:12 

infrastructures 58:18 

130:4 

infrequently 153:18 

initial 78:13 87:4 90:12 

initiative 14:6 24:10 

25:19 75:16 82:20 

136:5 139:10 140:12 

140:18,22 144:15 

147:19 148:20 193:18 

197:16 

initiatives 86:11 189:3 

190:5 191:20 198:21 

innovate 108:15 131:14 

131:15 192:19 

innovation 2:8,9,10 3:5 

14:14 15:3 47:17,18 

48:1 69:17 71:11 75:4 

79:9 80:17 83:6 86:14 

91:10 103:19 104:16 

108:10,14 117:10 

131:11 133:1 191:17 

innovations 14:16,18 

15:14 

innovative 2:4 48:3 

76:19 

innovators 70:1 

input 8:16 201:14 

inquisitive 201:22 

inside 79:8 83:20 

insights 16:10 154:1 

156:11 

Instagram 147:21 

instance 185:16 

institution 184:1 

institutional 49:6 70:8 

institutions 14:3 16:15 

35:19 49:11 66:18,20 

67:6,8,21 69:5,20 

70:14 119:11 125:4,5 

125:6,7,19 135:20 

143:4 144:6 147:11 

157:21 158:13 164:5 

165:1 170:1,3 180:18 

181:10,22 182:20 

183:14,20 188:7 

198:11 199:4 

instruction 164:15 

instructions 62:7 

instructive 154:2 

instrumental 84:22 

instruments 113:10 

insurance 1:1 185:17 

198:6,8 

insured 198:10 

integral 98:15 

integrate 193:10 

integrated 178:9 179:8 

integration 167:3 

intellectual 104:14 

intelligence 75:21 88:2 

93:2 97:13,15,20 

intelligence-based

75:8 

intend 16:16,17 

intended 151:21 

intense 108:18 

intensely 109:18 

intention 128:6 

inter- 142:12 

interact 119:13 

interactive 23:19 65:11 

interagency 166:5 

interchange 54:12 

interest 12:16 33:20 

34:16,20 61:21 66:13 

67:20 86:9 90:17 

126:10 127:10 172:21 

173:18 175:1 176:16 

interested 12:7 15:8 

22:6 30:10 36:10 

67:22 130:9 164:3 

166:14 173:21 174:3 

174:11 184:8 

interesting 17:13 36:16 

44:10 48:12,12 67:14 

67:17 69:9 95:6 97:1 

112:21 113:15 114:18 

115:2 119:20 121:1 

122:1,8,15 127:22 

130:19 133:6,13,15 

154:14 

interference 102:16 

105:4 

intermediaries 143:4 

intermediary 143:22 

internal 56:11 60:2 

141:3 166:22 

internally 93:3,8 

International 75:17 

internationally 128:9 

internet 128:15 

internships 172:4 

interoperability 129:17 

129:18 130:5 

interpret 122:3 

intersection 103:18 

interventions 116:1,2 

interview 174:4,21 

interviewed 174:17 

interviews 175:1 

intimate 113:1 

intimately 79:22 

intriguing 131:19,20 

intro 86:4 

introduce 74:22 

introduced 105:19 

introducing 76:8 

introduction 106:22 

invest 41:16 

investment 26:18 

126:20 186:17 

investments 42:8 43:1 

58:17 

invests 50:13,14 

invigorate 51:21 

invitations 175:5 

invite 67:7 86:21 

119:18 

invited 161:17 164:12 

inviting 21:3 101:16 

involve 187:1 

involved 27:7 39:22 

118:5 

involves 166:17 

inwardly 79:13 

IRS 19:16 21:8 23:16 

24:6 32:21,22 33:7 

65:9 142:18 156:1 

185:8,13 

island 28:13 29:1,11 

isolation 109:6 110:1 

issue 6:17 16:21,21 

17:1,2,3 37:5 38:9 

39:3 126:15 162:9,17 

163:9 

issues 4:20 6:19 7:4,21 

8:18,21 12:17 24:4 

27:12 28:22 30:18 

31:1 57:19 70:15 

108:5 109:11 112:8 

148:15 161:4 193:2,9 

193:11 

item 3:2 158:21 

iteration 43:17 127:4 

iterations 185:5 

iterative 118:22 

J

Jack 195:2 

Jelena 1:10 2:2 9:8 

Jen 30:14 36:15 68:17 

69:13 

Jen's 38:10 

Jennifer 1:18 80:6 90:1 

106:16 117:20 157:3 

159:13 

Jo 101:21 

job 36:14 38:3 48:22 

89:14 92:6 93:5 

101:11 102:10 114:4 

198:5 199:18 

jobs 20:6 55:7,9,12 

56:8,9,14,15,16,17,22 

57:4,6 58:14,21,21 

59:6 60:15,15,16,16 

175:8 201:15 

John 2:6 3:17 54:19 

137:17 159:16 168:1 

175:22 176:14,20 

join 52:16 78:16 79:17 

80:7 101:17 149:9 

173:5 

joined 51:5 55:1 75:2 

89:8 132:1 170:7 

joining 7:2 90:1 92:19 

Jonathan 1:17 2:8 6:13 

12:14,19 13:5 18:7,10 

22:8,13 23:7 26:2 

27:14 28:3 30:7 36:20 

43:1 48:8,17 49:16 

54:16 63:1 64:12 66:2 

134:2 154:2 156:4 

157:15 159:8 183:8 

184:4 200:15 201:6 

202:13 

Jones 1:15 54:18,19 

journey 58:5 61:13 

87:20 

joy 151:17 

JP 165:4 

judge 123:13 

Julie 193:2 

July 23:7 

June 152:15 167:9 

171:2 

Juneteenth 51:10 

justice 49:20 51:6 53:7 

187:15 

K

keep 11:12 13:16 18:3 

62:15 155:21 162:10 

168:2 202:12 

keeping 11:18 26:19 

43:2 79:2 201:11 

202:8 

keeps 123:9 137:3 

201:22 202:1 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
215 

Keith 2:5 3:6 71:14,16 

78:18 86:2 89:12 94:8 

101:18 111:12 131:6 

133:21,22 134:4 

Kenya 75:11 95:5 

key 19:11 42:20 76:6 

77:9 87:14 95:7 104:8 

106:5 110:11 129:16 

142:8 

kicked 139:11 190:6 

kickoff 17:12 

kid 94:11 

kids 104:2 

kinds 38:8 39:12 42:20 

63:12 69:4 86:11 

96:20 115:12 121:17 

154:11 

knew 7:20 

knocking 65:3 

knowledge 106:4 

123:16 158:10 

knowledgeable 142:4 

known 6:12 107:2 

124:4 128:14 

knows 120:21 125:8 

kudos 195:19 

KYC 40:3,6 121:12 

L

lab 43:15 

labor 55:14,17 186:1 

lack 14:20 

ladder 135:17,18 

156:14 

laid 102:22 

land 29:3 96:19 

landfall 29:9 

landing 135:4 

laptop 84:10 

large 22:2 96:2 125:4,6 

125:19 178:1 180:15 

180:17 

larger 66:17 126:1 

largest 65:19 181:2 

Lassiter 80:7 90:1 

106:16 117:20 

last-mile 95:4 

lastly 148:13 

latest 109:13 158:18 

Latinx 34:18 35:2,12 

38:12,18 45:4 

Laughter 120:13,16 

130:17 131:1 

launch 24:6 

launched 149:7 

launching 51:5 57:17 

law 47:22 81:13 127:17 

128:8 

layer 150:12 

lays 19:10 

lead 15:3 24:6 

leader 108:9 

leaders 20:19 183:3 

193:1 

leadership 18:19 21:21 

21:22 24:11 28:11 

37:4 39:2 82:16,22 

85:3,7 

leading 10:18 39:5 

84:17 189:9 

leads 137:5 144:3 

League 175:10 

lean 23:4 

leaned 195:4 

learn 42:19 62:4,12 

138:19 141:4 147:13 

learned 9:18 19:12 62:8 

95:7 117:2 137:15 

138:8 154:14 

learning 132:7 

leave 187:14 

leaves 113:6 

led 183:9 193:2 

left 37:10 119:5 

legally 38:3 123:17 

legwork 194:14 

lending 36:3 50:3 102:5 

118:4 

lessons 9:18 39:8 62:4 

62:12 137:14 

let's 27:20,21 86:22 

letting 61:14 199:19,20 

level 19:2,3,4,4 34:5 

45:1 49:6 68:6 98:9 

111:10,21 112:3,4 

128:9,9 143:6,22 

178:17 182:14,14 

levels 54:15 111:9,10 

111:20 117:5 147:1 

188:17 

leverage 24:5 63:18 

129:12 

leveraging 33:13 

Libby 1:15 36:18,19 

63:1,3 

licensees 48:2 

life 41:1 113:4,12 

light 6:21 8:6 83:1 90:4 

limitations 161:2 

limited 45:13 141:13 

limiting 55:22 

line 52:11 82:7 90:13 

lines 154:1 

link 130:3 143:19 

146:16 167:4 

LinkedIn 147:20 

links 146:10,12 

Lisa 1:16 48:14 67:11 

68:16,19 193:3 

list 26:1 143:16 144:5 

146:13 170:20 193:20 

listen 135:7 

listening 87:6,14 91:13 

115:16,17 

literal 22:2 

literally 29:22 158:21 

180:20 

little 13:1 22:20 25:4 

43:6 44:3 45:7 49:15 

54:22 74:11 76:15 

89:3 90:21,22 107:8 

107:13,18 111:3 

115:11 124:5 130:9 

134:8 139:9 152:9 

153:1 157:1 181:6,7 

183:7 

live 42:11 80:14 82:5 

174:17 

livelihoods 49:8 

lives 8:5 38:7 39:16 

41:7,14 42:11 49:8 

82:5 83:22 

living 56:15 

Liz 134:20 139:7 154:5 

159:21 167:22 168:4 

177:2 188:22 200:16 

200:17,22 

loan 45:8 50:16 82:4 

loans 35:12,13 45:9 

114:22 145:18 

local 20:5,10 59:8 81:20 

82:1 95:17 136:16,18 

137:20 142:2 144:8 

147:9,12,16 149:18 

168:22 171:12 173:5 

176:7,14 178:9 

181:17 182:20 

locate 146:11 

lode 21:8 

logic 100:6 

long 17:2 31:11 53:10 

54:8 63:6 83:7 86:1 

91:19 92:2 114:7 

130:16,18 

long-term 63:18 64:6 

196:9 

longer 19:19 66:18 

154:21 

longstanding 8:19 64:1 

longtime 58:10 

look 11:3 12:8 36:9,16 

40:10 43:18 48:7,10 

48:15 51:12 55:9,9,12 

55:14,17 61:12 68:22 

86:17 88:3 99:9 110:7 

135:7 152:22 153:13 

167:21 197:17 200:18 

looked 91:14 149:15,17 

149:21 150:20 151:2 

184:7 

looking 8:22 16:9 18:4 

22:4 25:17 39:9 44:6 

48:4 49:20 54:11 

55:22 79:14 89:22 

91:3 98:2,2 114:20 

120:2 121:18 123:14 

186:16 188:2 197:10 

looks 108:10 

looming 45:7 121:21 

lose 105:9 111:12 

lost 105:19 160:16 

lot 13:13,15 20:1 25:13 

27:6,12 36:16 37:16 

39:8 41:18 42:3 44:20 

48:12 61:11 62:9 

63:22 69:8,18,19 

70:12,12,13 79:15 

87:21 89:6 90:12 92:2 

95:9 96:9,17 97:19 

99:3 100:10 122:7,15 

123:3,3 132:4 138:8 

150:21 154:10 182:18 

184:13 185:2 190:9 

190:19 191:3,18 

192:20 193:11 195:7 

201:15 

lots 17:13 33:12 52:16 

loud 19:21 

Louis 179:2 183:19 

196:16 197:11 

love 26:8 38:21 39:9 

41:21 48:21 63:6 

156:1 157:7 198:18 

low 6:22 8:9 34:18 

35:14 38:19 40:15 

42:4 49:9,10 50:3 

56:15 150:10 

low- 139:16 140:8 142:3 

142:22 143:5 157:22 

171:20,22 

low-cost 10:9 114:21 

lower 72:6 152:2 

Luke 2:11 3:15 39:3 

137:12 149:1,4 153:6 

154:9 160:9 

lump 33:3 

M

macro 112:3 

madly 44:21 

magnified 189:17 

main 28:21 140:21 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
216 

mainstream 20:11 

maintain 162:20 165:20 

180:7 

maintaining 85:6 

major 38:5 41:6 51:21 

majority 97:20 192:8 

makers 16:4 

making 21:14 22:1,1 

56:7 57:1 58:6,13,14 

58:17 66:9 73:15 96:9 

99:17 140:3 188:7 

mallet 69:11 

manage 142:19 

managed 121:6 

management 62:9 

64:15 89:17 194:3 

manager 164:20 

managers 57:20 

manhandling 84:9 

manifesting 86:15 

manifesto 104:15 

130:11 

manner 73:9 

Margaret 1:15 36:18 

44:9 64:11 

margins 46:7 

Maria 29:8 

Mark 16:8 

market 17:16 70:11 

83:21 85:7 88:20 

126:10,16,17 149:19 

199:4 

marketing 82:13 182:19 

183:10 191:9 195:5 

markets 60:9 104:10 

149:13 150:1,6,7 

196:22 197:4 

Mars 85:18 

Marshall 85:1 

MARTIN 2:2 

Marty 11:8 

Maryland 182:14 

185:16,19 186:1 

massaging 102:18 

massive 24:8 

match 72:21 

material 131:4 200:21 

materials 127:21 160:7 

math 32:9 

matter 4:11 12:17 71:5 

134:10 202:21 

matters 5:15,18 19:14 

183:1 186:18 

mature 94:21 

Maurice 1:15 54:18 

61:16 63:4 

maximized 142:1 

Mayors 187:18 

Mazhar 79:17 

McWilliams 1:10 2:2 

4:7 6:2,4,6,9 9:9 11:7 

12:12,21 13:7 17:5 

28:3 71:18 101:14 

120:14 123:13 192:6 

201:3,5 202:15,18 

mean 51:13 61:9 86:13 

97:12 120:17 125:18 

157:3 

meaningful 7:6 88:22 

95:19 99:21 

means 25:14 49:5,5 

53:3 73:22 107:9,20 

107:22 

meant 49:18 100:4 

measurable 185:9 

measure 22:18 99:4,5,6 

99:7,18 

mechanism 128:19 

mechanisms 90:22 

media 147:17 150:21 

150:22 151:1,7 

152:17 155:2 173:9 

183:10 

mediaries 142:13 

Medley 171:19 

meet 21:20 57:13 59:14 

73:11 77:12 138:3 

152:1 178:6 182:21 

meeting 1:5 4:4,6,12,15 

4:15,18,22 5:6,14,16 

5:20 6:2,10 8:12 9:14 

9:17 17:12 18:14 

107:7 164:14 201:8 

202:3 

meeting's 202:15 

meetings 6:18 44:17 

78:1 135:6 

meets 146:2 

Meghji 2:8 3:8 75:2 

78:17 86:16 91:7 94:7 

97:10 98:17 120:11 

122:2 124:3 128:10 

133:22 

member 8:13 9:15 

12:22 13:5 16:8 18:11 

22:11 28:2 30:15 

36:19 44:12 48:17 

54:19 62:2 63:1,3 

64:14 67:12 68:18 

69:15 79:10,16 84:19 

106:15 120:4 154:4 

157:5 170:2 191:10 

197:22 

members 3:4 4:17 5:5 

5:16,18,21 6:15 9:4 

9:11 11:4,16 13:3,8 

16:5 21:1 24:21 25:19 

28:4,6 29:4 30:7 37:2 

59:21 61:16,20 62:3 

67:11 71:3,19 73:2 

77:21 78:20 86:6,20 

87:10,15,16 101:10 

107:6 110:10 116:12 

119:18,22 133:9 

149:22 153:8,19 

164:2 165:12 189:14 

190:11 191:3 201:12 

members' 44:16 100:14 

membership 66:10 

68:3 181:15 

Mensah 1:16 48:14,17 

67:12 

mention 11:19 13:17 

44:21 152:17 

mentioned 12:22 21:11 

23:7 25:8,18 26:2 

32:21 45:19 51:20 

90:17 93:16 107:4 

152:9 154:9 163:16 

164:21 167:17 177:9 

179:18 182:3 183:8 

184:4,5 185:2,12 

186:4 196:5 

mentoring 43:9,20 

Mercer 189:9 

merits 5:11 20:14 25:16 

message 19:21 144:22 

148:4 156:1 175:3 

messages 152:6 184:7 

messaging 137:21 

140:6 154:11 176:15 

met 86:20 92:3 178:2 

meta 112:4 

metaphor 58:10 63:6 

methodological 34:1 

methods 31:7 

metropolitan 149:9 

160:11 181:3 

Mia 2:12 3:14 137:12 

139:6,6 149:5 153:7 

163:16 167:18 

Michelle 152:21 

middle 56:1 81:8,11 

midst 8:3 96:1 

migrating 125:20 

mile 7:8 21:5 64:18 65:3 

95:7,11,13 118:7 

Miller 2:8 4:3 6:4,8 

12:14,20 18:8 22:8 

27:14,22 30:9 36:15 

44:8 48:9 54:17 61:15 

62:20 63:2 64:10 66:1 

67:9 68:15 69:13 

70:19 71:1,8 134:2,4 

134:13 200:16 202:14 

202:20 

million 7:13 23:20 26:9 

32:5,10 51:3,3,3,7 

55:5 56:9 61:2 65:15 

185:12 

millions 23:8 

mind 89:17 116:4 

158:17 198:22 

mindful 8:7 

minds 89:9 

minimal 149:20 

minority 8:9 49:9 56:3 

81:4 

minors 63:11 

Mintz 1:17 18:10,11 

22:13 23:7 49:16 

64:12,14 154:3,4 

183:8 

minute 74:20 116:13 

181:8 

minutes 13:16 23:3 

86:22 107:5 119:21 

124:20 134:9 135:9 

177:18 

mired 125:9 

mirror 92:13 

misconceptions

151:22 

misplaced 160:18 

mission 52:13 77:12 

169:8 

mobile 72:15 73:15,20 

74:2 128:16 

mobility 14:12 15:14 

56:11 60:2 

mode 118:18 

model 14:22 188:11 

models 176:12 

moderate 6:22 8:9 

34:19 35:14 71:15 

moderate-income

140:8 142:3,22 143:5 

171:20 172:1 

moderate-incomes

139:16 

moderator 3:6,11 

153:11 

moderators 201:7 

modernization 76:20 

modernized 53:1 

modest 155:1 

moment 21:20 23:5,8 

23:16 24:5,20,22 

33:15 49:16 50:12 

52:9 53:7,11,22 54:3 

54:3,12 61:10 63:16 

120:20 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
217 

momentum 137:1 

Monday 47:15 48:5 

79:16 

money 29:10 31:21 

32:12 33:20 46:3 54:8 

54:8 64:21 121:4 

145:14 148:9 149:21 

162:9 163:5,13 164:7 

164:10,15 171:9 

179:13 180:6,11 

186:15 187:21 188:6 

monitor 134:19 202:7 

monopoly 129:8 

month 53:18 186:17 

monthly 23:9 33:5 43:7 

146:4 148:6 175:15 

186:13 

months 19:18 29:8 

30:20 31:18,20 37:9 

65:1 66:9 75:3 124:13 

202:16 

Morgan 2:9 3:19 143:13 

165:4 176:22 188:21 

198:2 

morning 44:12 174:3 

174:18 

morning's 78:2 

mortgage 82:4 135:15 

mortgages 26:18 

mother 21:8 

motivate 136:6 149:8 

motivated 14:10 

motivation 74:10 

Moultonborough 1:18 

mounting 26:10 

move 16:19 17:10 19:3 

40:1,22 51:8 71:9 

88:15 100:7 151:14 

176:18 184:7 195:21 

moved 102:12 

movement 61:11 66:15 

144:3 166:11 180:9 

183:6 

moves 78:7 137:1 

178:19 

moving 52:16 93:14 

137:3 154:18 172:13 

175:4 

MSA 149:12,13 

multiple 29:3 110:3 

117:17 129:12,15 

144:18 168:7 

municipal 20:8 177:13 

183:3 

municipalities 95:15 

178:15 

Musk 85:18 

mute 6:5 100:21 105:6 

120:15 

mutually 136:9 145:1 

MyPath 1:15 

N

N 3:1,1 

name 46:1 79:17 

198:12 

names 170:2 

Naomi 1:14 22:10 27:22 

32:21 45:19 51:20 

64:16,17 65:20 66:3 

67:9,14 68:7 185:11 

189:9 197:21 

Naomi's 155:22 

narratives 151:20 

NAS 169:18 170:12 

nation 81:5 

nation's 72:8 138:3 

national 19:2 24:13 

59:7 143:6,22 144:3 

145:1 146:22 149:16 

150:21 169:17,19 

170:13 173:1 177:3 

177:10 178:3,6 

179:18 183:19 188:16 

194:19 198:14 

nationally 152:20 

nations 93:21 

nationwide 152:20 

native 75:8 96:4 

nature 5:9 24:1 114:19 

124:19 126:8 

navigate 19:20 141:7 

navigating 106:6 

near 139:11 175:2 

201:11 

nearby 200:6 

necessarily 92:18 

109:12 115:8 126:15 

158:11 

necessary 160:15 

necessities 138:14 

need 27:3 37:13 38:1 

40:22 41:15 42:1,10 

44:1 50:4 51:21 52:12 

52:22 53:2 60:15 61:3 

62:15,15 64:5 68:18 

70:9 78:4 82:5 92:8 

97:16 99:14 101:12 

106:1 115:4 136:14 

136:20 138:4 143:1 

186:7 189:13 201:18 

202:10 

needed 49:11 52:3 

98:21 113:11 132:21 

189:22 

needle 137:1 

needles 19:3 

needs 17:16 40:1 47:13 

54:5,9 60:6 72:21 

73:12 138:4 141:9 

146:3,7 152:2 198:7 

negative 106:2 160:19 

Neocova 75:6 

net 53:20 

network 1:16,19 30:21 

176:8 177:16 

networks 136:16 

never 18:21 47:6 99:14 

140:2 154:6 161:8 

187:6 

new 1:18 14:6 17:19 

19:6 20:7 25:19 28:10 

48:11 50:19,20,22 

51:9,15 56:9 62:18 

67:21 69:1,18,19 76:2 

78:13 79:7,16 80:10 

80:13 104:14,20 

105:1 106:15 109:3,4 

117:10 119:14 122:8 

132:13 155:17 163:22 

164:8 183:22 187:4 

187:17 192:9,15 

196:21 197:3,4 

newer 75:1 

news 148:6 174:3 

newsletter 148:7 

NGOs 115:17 

nice 30:16 36:14 48:18 

Nichols 192:6 

no-fee 157:22 

non- 39:5 68:3 73:16 

144:9 

non-banks 68:2 70:12 

100:10 

non-LMI 35:16 

non-profit 138:16 164:1 

164:8 

non-profits 24:7 26:22 

67:19 136:18 178:15 

non-state 83:16 

non-traditional 161:6 

nonprofit 76:19 103:17 

nonresident 75:15 

normal 10:1 161:11 

north 15:16 

notable 73:19 

note 77:14 

noted 14:15 17:6,7 80:6 

162:7 

notice 4:13 

noticed 68:16 

notification 5:2,7 

notion 15:2 89:16 

November 51:6 

NPR 152:18 

number 6:15 21:2 24:14 

38:6,8 41:9,12 42:21 

57:5 63:15 79:3 88:10 

88:12 89:5,22 90:2 

113:13 115:15 149:14 

162:11 180:12 181:22 

183:21 191:15 197:2 

numbers 28:18 160:13 

179:3 

O

O 3:1 

objective 111:3 117:8 

objectives 78:14 

103:11 106:11 

observation 138:7 

observations 18:17 

64:12 

observe 73:19 118:17 

118:18 

observed 14:17 

observers 24:22 111:6 

obstacle 28:21 

obstacles 168:17 

169:11 

obtaining 8:1 

obvious 126:18 

obviously 90:17 93:9 

106:22 186:2 191:18 

196:8 

OCC 25:15 

occur 4:17 146:22 

October 181:21 190:10 

202:4 

offer 13:20 119:19 

138:7 143:11 144:6 

147:7 149:19 153:7 

154:1 165:1 166:2,12 

169:11 170:6 172:7 

191:10 192:15,19 

194:11 196:12 

offered 10:16 66:17 

161:7 164:5,6 166:5 

170:2 190:14 

offering 24:14 136:11 

139:2 152:3 157:22 

167:5 170:1 176:9 

182:21 184:19 190:12 

190:17 198:11 

offerings 59:12 

offers 140:17 143:16 

office 2:9 47:17,20,22 

75:19 76:3,7,12 78:14 

88:1,4,9 90:19 91:2 

122:10 144:21 175:11 

175:12 

Officer 1:14 2:8 75:4 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
218 

offices 147:15 

official 4:20 

OFN 50:22 

OFTI 47:20 

old 38:2,4 51:15,16 

94:9 

on-screen 190:8 

once 88:12,13 145:15 

one's 23:3 81:8 

one- 186:9 

one-and-a-half 155:4,7 

one-hour 162:1 

one-size-fits-all 100:3 

one-time 33:3 186:9 

one-to- 86:20 

ones 178:10 

OneTen 1:15 55:1,2 

57:17 58:5,16 

online 59:7 60:8 65:8 

74:4 141:12,20 

143:17 144:7 146:9 

146:14 161:13 162:16 

200:6 

onset 71:20 

op 54:7 

opaque 91:20 

open 4:12 5:1,6,12 

27:20 33:11 66:11 

91:10,15,22 121:14 

127:8,12,15 128:5,11 

128:14,21 129:11 

130:6 136:8 141:8,11 

141:19 143:17 145:13 

154:22 155:14,19 

160:15 162:10 166:8 

169:3 180:6 185:3,7 

188:12 194:7 200:4 

opened 65:8 89:8 144:7 

146:13 183:22 

opening 3:3 21:10 

116:12 121:10 125:13 

125:15 146:9 147:13 

156:2 164:4 176:16 

184:8 188:6 

openings 156:10 

operate 103:18 104:4 

111:9,20 

operating 72:7 

operations 58:15,16 

opinions 20:18 26:3 

opportunities 19:10 

21:16 25:3,6 26:19 

49:14,15 50:20 52:7 

53:3,6 57:7 62:11 

88:9 90:3 97:14 98:6 

121:17 133:14 147:6 

147:10 171:19,22 

172:2,12 200:4 

opportunity 1:16 10:21 

11:15 18:13 21:5 

23:11,20 33:3,15 

38:15 40:7 48:6 50:1 

50:8,18 51:12 52:9 

53:14 54:3,14 56:10 

59:19 60:13 61:18 

64:20 65:2,16,21 

74:22 78:15 82:15 

86:3 88:19 94:14 95:2 

97:11 102:15 106:17 

110:2 113:3 117:6,19 

118:17 122:1 123:7 

135:13 136:2 137:10 

138:18 153:8 160:1 

168:5,7 173:7 175:13 

175:20 188:5,22 

195:7 

opposed 69:11 157:19 

158:3 

opted 43:8 

option 68:20 164:4 

195:1 

optional 43:5 98:17 

order 5:17 61:1 82:5 

98:21 99:15 139:19 

organization 58:16,17 

76:4 79:8 80:14 89:8 

91:20 95:17 99:8 

101:11 103:17 127:14 

164:1,9 199:20 

organization's 75:3 

organizational 14:11 

organizations 43:16 

79:10 83:4 89:2 95:15 

126:2 136:18 144:10 

147:9 148:2 153:21 

160:5 165:11,12 

168:22 169:6 171:12 

172:2 175:8 177:14 

199:17,19 200:1 

oriented 79:14 

originally 81:6,12 

171:14 

Ortiz 2:10 3:11 134:17 

134:21 153:6 156:4 

168:1 175:22 188:18 

197:19 199:1 200:10 

other's 123:22 

outcome 167:2 

outcomes 35:21 72:7 

outlier 36:14 

outlined 108:7 

outputs 144:15 

outreach 137:16 138:18 

146:21 147:16 153:22 

173:17,20 174:2 

outset 178:1 

outside 22:17 24:2,18 

27:2 44:14 46:14 76:4 

76:10 93:8 120:19 

overall 110:20 135:10 

139:10 167:12 

overdraft 146:4 148:21 

158:19,22 159:1 

180:8 

overdrafted 35:16 

overlook 157:4 

overstated 45:5 

overwhelming 28:18 

45:12 

overwhelmingly 55:3 

owned 112:16 

owners 29:1 

ownership 28:22 29:14 

30:11 52:7 136:3 

owning 162:14 164:17 

OZK 165:5 

P

P-R-O-C-E-E-D-I-N-G-S

4:1 

p.m 1:10 4:2 71:6,7 

134:11,12 202:22 

page 3:2 135:4 145:11 

200:19 

pages 130:16 

paid 31:13 32:8,10 33:5 

66:21 135:3 

painful 49:17 

pair 159:16 176:18 

pairs 137:9 

Pam 28:1 30:9 

PAMELA 1:18 

pandemic 6:21,22 8:4 

8:10,11 9:19 13:21 

19:9 25:7,8,11 27:13 

28:9 29:9 31:5 45:3 

63:21 96:7 115:20,22 

137:15 138:15 139:12 

139:15 140:11 141:11 

189:17 192:2 202:8 

panel 18:14 20:2 22:6 

66:6 71:10 74:10 78:3 

87:18 134:5,7,15 

135:1 137:8 144:12 

156:13 159:14 182:18 

198:2 

panelists 3:7,13 77:20 

120:5 138:7 172:10 

173:3 200:11 201:7 

panels 10:22 201:1 

paper 14:10,15 23:22 

24:4 31:5 32:1,4,5 

84:3 130:10 188:2 

parallel 17:10 114:11 

parent 110:17 

parent-headed 110:15 

parents 164:10,16 

172:8 

part 9:16 19:8 20:10 

32:21 39:4 48:21 

74:21 95:22 96:1,12 

100:6 117:8 125:22 

127:5 130:6 132:6 

154:15 168:10 171:16 

177:16 178:18 180:8 

180:21 182:7 191:2 

partially 162:5 

participants 111:6 

116:18 117:17 173:7 

participate 9:13 37:20 

117:7 171:13 

participating 11:6 43:5 

107:7 173:14 

participation 48:11 

133:18 171:11 

particular 10:2 16:7,14 

58:2 111:7 115:13 

141:16 168:20 169:12 

171:15 172:22 

particularly 8:7 9:14 

11:3 13:22 14:19 

140:2,7 154:19 198:4 

parties 117:13 

partner 113:1 147:10 

164:8 169:20 172:13 

181:15 

partnering 172:19 

partners 50:19,20,21 

51:15,16,16 53:2 

137:20 138:1,17 

142:2,8,11 155:13 

159:10 160:6,12 

161:17,19 162:1 

163:11,18,19,22 

167:12 168:8 197:15 

partnership 31:6 40:15 

159:12 172:2 181:13 

181:21 183:18 188:15 

201:13 

partnership-building

171:21 

partnerships 26:22 

52:4,10,18 53:4,6,22 

54:14 144:14 159:18 

172:15,20 176:9 

178:22 181:8 

partook 184:6 

parts 90:5 94:19 118:7 

170:14 176:12 184:17 

Paso 174:7,9,11,13 

passage 47:21 

passion 30:18 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
219 

Patenaude 1:18 28:1,2 

path 81:17 82:6 119:7 

126:11,18 132:14 

paths 127:19 

patience 100:15 

patiently 48:15 

Paul 174:16 

pause 6:3 36:12 44:4 

137:9 153:7 

pawn 35:11 

pay 55:10,12 56:14 

98:20 146:5 161:15 

payday 35:13 

paying 20:20 37:8 

payment 17:19 20:10 

21:16 23:10 24:7 

25:18 31:7 65:10 

159:3 

payments 7:17 9:22 

14:7,14,16 15:10,18 

19:19 21:9,15 23:17 

23:18 27:20 31:8,9 

37:17 43:8 45:8 62:5 

64:22 65:1,22 121:4 

122:11 128:2 139:13 

139:13,20,21 142:17 

179:9 185:4,18 186:5 

186:7,12 187:2,20 

188:7,9 

payroll 161:16 

Peace 75:17 

peaks 61:13 

peanut 85:9 

Pearce 16:8 

peer-to-peer 75:13 

peers 40:19 

pen 84:3 

pending 5:10 

people's 34:9 89:9 

percent 7:10 31:19,21 

35:1,3,4,6,8 45:10 

55:11,13,14,16,18 

74:4 110:17,20 

150:13,14,15 

perfect 71:12 84:3 

96:18 98:13 105:20 

perfectly 159:14 

period 115:6 125:13 

permanent 160:14 

permission 106:4 

permit 35:19 39:21 40:2 

permitting 40:5 

persists 17:7 

person 39:22 47:3 

113:11 114:13 121:15 

121:16 150:18 151:15 

191:17 201:9 202:4 

personal 77:14 151:15 

161:21 

personally 12:2 125:18 

131:19 

perspective 25:4 74:21 

77:16 122:4,6 159:19 

160:21,21 195:22 

perspectives 71:22 

78:9 115:3,12,15 

119:19 131:21,22 

persuadable 154:17 

Petal 76:22 

phase 19:7 

phases 89:4 

PhD 17:4 

phone 96:5 97:8 

photo 54:7 

phrase 88:18 89:17,20 

pick 96:5 

picked 152:19 

picture 22:21 

piece 56:13,20 57:3,10 

58:14 60:4,15,17,19 

80:3,3 93:13 183:4,12 

187:16 195:12 

pieces 59:16 79:6 

184:16 186:2,20 

pillars 86:14 104:12 

105:17 

pilot 21:12 176:2 

piloted 198:16 

pilots 43:11 

pin 47:7 

pioneering 77:1 

pipeline 43:16 180:11 

place 53:9 62:18 82:2 

85:6 103:11 108:19 

113:8 114:15 117:1 

118:19 

places 88:14 92:17 95:5 

97:16 123:4 176:6,11 

182:22 

plagued 29:1 41:8 

plan 77:19 85:1 135:13 

198:6 

planning 83:13 

platform 38:16 

platforms 129:15 

play 36:5 106:6 112:12 

159:10 195:22 

played 75:17 105:12 

players 59:8,8 129:12 

plays 192:3 

please 13:4 61:22 78:7 

139:1 149:6 202:11 

pleased 9:14,16 18:12 

50:5 202:2 

pleasure 11:16 44:19 

71:21 101:17 133:20 

plenty 18:9 133:2 

plight 201:18 

plot 29:3 

plug 117:1 

PNC 158:18 165:4 

point 7:20 22:3 36:17 

64:17 67:15,17 68:8 

73:20 82:14 83:5 91:5 

120:21 135:18 139:5 

153:4 155:22 157:2 

159:15 

pointed 73:11 

points 109:2 150:16 

policies 41:10 

policy 1:14,19 4:11 

16:4 20:16,19 25:13 

41:19 75:16 85:5 

109:8 

poor 64:15 

pop 43:11 

population 64:21 98:10 

110:12 114:2 

populations 30:3 116:8 

123:2 

portal 23:17,21 24:7 

27:20 32:22 33:1,7,12 

65:11 156:2 185:8 

portion 148:22 159:13 

portions 33:4 

pose 4:19 153:12 156:6 

position 40:21 84:16 

105:21 183:13 

positioned 97:6 

positive 131:20 173:16 

175:18 

possible 15:21 21:19 

53:4 89:9 102:21 

103:7 121:20 138:19 

188:12 191:10 194:10 

200:5 201:8 

Postal 25:20 

posted 174:18 

potential 26:15 33:10 

45:7 72:6,6,15,20 

94:5 97:8 120:6 

123:16 

potentially 152:2 198:5 

poverty 41:1 63:14 

power 23:6 131:7 

190:19 198:13 

powerful 38:18 40:9 

53:19 58:4 108:16 

112:4 131:13 

powerhouse 80:9 

PPP 7:17 25:10 27:18 

52:15,16 67:18 

practice 57:11,12 58:3 

practices 41:10 57:2,14 

58:6 102:5 

prefer 96:5 

preliminary 5:9 

preparation 133:4 

prepared 98:12 

preparing 59:6 132:17 

presence 147:18 

present 1:12 2:1 19:6 

148:16 164:12 167:8 

172:1 

presentation 149:1 

156:22 

presentations 123:22 

presented 5:19 50:18 

164:20 166:22 172:12 

presenters 74:21 

presents 38:5 

President 1:13,15,16 

1:17,18 25:18 

presiding 1:10 

Press 152:18 

pretty 61:5 192:7 

preventing 17:17 

prevention 27:16,17 

previous 182:18 

previously 154:20 

162:19 164:21 

prey 46:6 

priced 34:11 

primarily 14:20 165:13 

primary 73:22 131:9 

160:3 

prime-time 131:4 

Principal 2:11 

prior 38:14 

priorities 8:19 11:22 

14:11 

prioritizing 87:3 

priority 21:2 189:6 

192:16 

privacy-enhancing

123:15 

private 33:13 54:15 

92:12 106:18 126:16 

126:17 

privilege 171:7 

probably 84:5 88:8 

123:1 191:14 

problem 17:2,7 22:17 

22:20 29:6 43:22 90:4 

108:2,18,21 109:17 

109:18,22 111:16 

116:3 118:18 119:1 

problems 90:6 98:22 

108:3 109:14 111:11 

116:9 118:16 

proceed 151:5 

process 8:17 40:5,6 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
220 

59:3 63:18 84:2,6,9 

121:5 125:9 129:9 

131:15 132:22 171:5 

processes 98:1 

processing 121:4 

processors 181:18 

produce 18:1 

product 21:12 125:9 

169:10 192:9 

production 115:8 

products 34:14 35:7 

43:19 48:4 69:4 70:2 

70:3 144:1 145:17 

157:21 161:7 170:21 

172:4,8 190:22 

192:15,19 193:10,13 

professional 17:4 

professionals 102:17 

profit 144:10 

program 9:2 11:6 12:15 

28:20,21 29:15,19 

30:4 48:7 67:18 87:14 

88:5 91:10 127:3,5 

163:13 177:3,10 

186:20 187:11 200:9 

programming 19:4 20:5 

20:9 

programs 7:18 20:6,7 

29:22 32:18 39:22 

59:9,10 79:21 80:7 

123:6 153:21 174:22 

178:9 179:8,9,12,13 

182:22 183:5 186:22 

progress 10:19 14:18 

17:6 18:5 22:19 26:10 

28:8 29:5 156:22 

project 39:5 41:5 42:6 

42:12 43:3,14 164:19 

projects 40:14 44:10 

93:7 

proliferating 14:16 

promise 9:3 46:7 66:5 

106:9 

promised 68:10 

promote 14:13 57:20 

76:5 142:14 144:22 

147:3 167:10 171:16 

174:1 189:2 190:7 

193:17,21 197:9,18 

199:6,12 

promoted 10:15 166:19 

178:8 

promoting 55:5 66:16 

140:14 171:15 

promotion 57:2,19 

153:17 

promotions 56:11 

proof 122:18 123:16 

proportion 7:9 

proposals 5:10,22 

proposed 5:11 112:21 

prosper 85:4 

protect 106:7 142:19 

148:9 162:20 

protecting 85:14 

protection 2:3,5,9 

47:16,22 103:13 

142:21 146:5 

prototypes 111:22 

112:1 126:4,12,18 

prototyping 88:19 

117:12 125:2 

proud 53:8 

prove 28:22 

proven 74:7 

provide 7:17 10:10 16:8 

25:3 28:14 43:18 

97:18 106:9 114:21 

127:13 141:2 142:18 

146:8 163:2 165:17 

168:16 172:6 183:14 

192:11 

provided 5:8 74:8 

141:21 167:6 188:15 

provider 93:22 143:13 

192:10 

providers 191:13 193:8 

193:20 

providing 43:5 50:14 

75:7 159:10 164:3 

171:22 

provisions 28:13 

public 4:13 5:1,7 10:4 

54:15 62:11 66:2 73:2 

87:16 137:14 138:18 

148:16 149:3,7 

168:10 174:19 183:5 

publications 191:6 

publicly 31:10 

published 130:10 

Puerto 28:8,15 

pulled 47:4 

pulling 46:22 

pulse 31:10 

purely 122:5 

purpose 162:4 168:15 

purposes 4:16 6:18 

purview 120:19 

push 52:17 68:7 191:4 

pushing 25:15 

put 22:22 31:5 33:7 

47:7 56:8 67:4,13 

68:13 78:7 90:20 

93:11 96:9,16 103:11 

119:2 127:11 159:2 

161:15 179:3 

puts 99:11 

putting 30:19 41:11 

56:22 59:13 97:17 

115:8 123:5 157:19 

Q

qualified 190:15 191:19 

qualitative 72:17,19 

quality 60:16 

quantify 22:19 

quantitative 72:17 99:8 

Quantitatively 73:10 

quantum 75:21 

quarterly 186:14 

question 60:1 61:19 

72:10 74:13 78:13 

79:5 86:2,7,17 94:8 

98:12 100:22 102:2 

116:11,16 120:5 

122:3 124:2 126:5 

131:14 153:12 156:5 

191:15 197:21 198:3 

questions 16:1 67:10 

77:7,20 78:9 86:5 

112:1 116:13 118:21 

119:19 121:21 123:19 

133:10 145:7 153:5,9 

153:14 188:13,20 

201:22 

queue 78:4 

quick 13:16 18:17 

120:5 

quick- 148:7 

quickest 65:19 

quickly 112:15 128:10 

194:17 195:4 

quite 80:8 90:13 101:1 

113:21 173:21 

quorum 4:9 6:17 

R

R3 28:20 

race 34:4 36:5 68:14 

racial 11:20 35:22 

49:20 104:9 

racism 13:17 

radar 27:10 

radio 151:3,4 152:11 

rails 37:14,16,18 38:1 

raise 50:1 61:22 171:9 

173:4 175:6 198:1 

raise-hand 77:22 

raised 17:14 52:11 

67:14 68:7 153:14 

ran 114:10 

range 115:3 

ranging 93:21 

Raphael 1:13 13:3 18:9 

62:1,20 69:14 70:20 

rapid 53:16 88:18 

117:11 125:2 

rate 155:4 

rates 73:16 176:5 184:1 

re- 25:8 

re-launch 23:16 

reach 45:16 53:18 

67:19 72:8 82:15 

86:22 136:15 142:9 

142:13 143:5 144:1 

147:21 150:2 154:15 

170:14 196:21 197:4 

197:5 

reached 52:1 101:21 

reaching 7:7 51:1 150:5 

161:18 200:2 

reaction 175:17 

read 4:5 93:19 130:19 

Reading 193:3 

ready 50:17 53:8 90:14 

134:14 153:5 

real 10:12 39:2 61:9 

62:11 66:9 86:8 94:17 

94:17 108:9 188:5 

reality 15:3 87:2 

realize 98:5 

realizing 82:7 

realtime 158:14 159:5 

reason 6:13 23:13 

52:20 54:4 128:15 

162:11 

reasonably 4:21 

reasons 24:17 27:1 

35:17 66:22 103:14 

131:12 145:11,12,20 

162:6 163:7,14 169:9 

reawakened 49:19 

rebuild 49:12 50:5 

113:4,12 

rebuilding 37:21 

receive 9:22 10:3 31:11 

32:4 139:19 185:4 

186:7 

received 31:18 32:1 

148:1 

receiving 43:7,8 187:9 

188:8 

recipients 31:7,11,17 

32:10 33:10 

recognition 189:11 

198:6,12,13 

recognize 26:21 36:4 

69:7 74:20 78:6 94:5 

recognized 75:5 

recognizes 69:18 

recognizing 37:3 

114:11 115:6 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
221 

recommend 33:7 

recommendations 16:3 

16:19 32:17 

record 59:5 71:6 134:11 

202:22 

recover 13:21 

recovering 13:21 

recovery 14:4 28:9,17 

28:20,21 29:8 41:20 

recreate 103:9 

recredentialing 57:6 

recruiting 118:13 

recurring 23:9 65:1 

redlining 41:9 

redundant 44:22 

reestablish 27:3 

refer 135:2 142:5 

referred 21:6 104:1 

169:18 185:22 

referring 21:10 160:9 

reflect 61:19 189:13 

reflections 36:21 63:12 

refrain 122:13 

refunds 139:20 

reg 104:15 130:10 

regard 10:5 17:11 

regarding 147:18 172:3 

regional 2:6,7 39:7 

144:20 145:1 146:22 

147:15 177:10 188:16 

regular 161:20 

regulate 51:18 

regulated 51:21 66:20 

67:6 68:4 70:7 

regulation 2:4 4:11 

76:19 103:6,9,10,11 

103:19 121:19 

regulator 109:8,12 

130:7 

regulators 77:10 92:7 

100:5 102:9 103:20 

105:2,13 106:5 108:7 

116:6 118:1 127:16 

regulatory 52:22 76:20 

91:11,19 92:12 98:14 

103:21 104:4 106:11 

107:17 108:4,5,10 

109:11 119:12 125:6 

130:12 132:14 133:5 

144:9 

reimbursements

179:12 

reinforce 26:11 

reinforced 96:7 

reinforcing 136:9 145:2 

reinvigorating 52:10 

reiterates 145:19 

reiterating 67:3 

relatable 151:18 

related 20:3 27:12 

63:21 115:20 121:11 

relation 194:15 

relationship 7:14,22 

26:12,15 40:8 67:15 

67:16 113:8 136:7,13 

145:15 150:19 156:16 

189:19 193:7 196:7,9 

relationships 137:6 

142:7 156:18 161:21 

163:21 165:21 193:15 

relatively 73:16 155:1 

relaunch 33:1 

release 181:21 

released 14:9 33:17 

139:14 148:11 

releasing 33:19 

relevance 80:18 

relevant 4:18 5:10 

46:12 186:12 192:19 

relief 32:12 46:8 151:17 

202:9 

reluctant 199:9 

remain 24:17 

remains 7:12 

remarkable 109:19 

177:15 

remarkably 61:17 

remarks 3:3,21 11:13 

11:18 201:3 

remember 200:13 

remind 120:18 

reminded 78:3 

remote 73:6 

remotely 107:8 

remove 83:22 

removing 57:3 

renew 173:1 

repair 50:11 

repayment 45:14 

repeat 187:20 

report 28:7 31:16 32:16 

33:17,18,19 47:4 

48:13 168:6 183:20 

197:3 

reporting 46:11,15 47:8 

132:15 133:5 

reports 1:20 30:10 45:1 

46:22 47:8,12,14 

102:11 

repository 127:8 

reposts 148:1 

represent 135:21 182:6 

representative 174:4 

representatives 15:9 

represented 195:13 

representing 49:1 

135:18 

represents 33:2 136:5 

requested 164:10 

require 55:11,13 56:16 

56:18,22 

required 4:12 5:1,6 

169:4 

requirement 40:3 

requirements 4:14 5:2 

5:8 57:4 121:11 

Rescue 29:16 

research 15:22 30:20 

45:1 47:8,11 72:14,17 

72:18,19 73:10 97:3 

99:10 150:4,16 152:4 

154:10 157:9 158:7 

179:4 180:3 183:9 

184:5 

researching 178:19 

reserve 1:13 25:21 

153:11 179:2 183:18 

residents 147:12 

resilience 14:13 15:15 

83:9 

resilient 83:10 

reskill 61:2 

reskilling 60:3 

resolution 4:20 

resource 145:22 

resources 28:12 98:21 

140:10 141:3,7,21 

142:4 143:21 145:6 

145:10 146:18 163:12 

164:13 172:5 193:12 

200:14 

respectively 137:19 

respond 61:19 68:19 

response 15:6 53:16 

70:22 88:3 110:5 

responsibilities 4:19 

responsible 48:3 62:7 

74:14 84:20 104:6 

190:7 191:1 

rest 44:6 48:7 61:1 

98:10 197:8 

restarting 45:14 

result 144:16 172:14 

174:14 

results 7:8 153:1 155:3 

163:17 166:16 173:11 

resume 45:8 

resumed 71:6 134:11 

retailers 15:11 

retention 57:18 

rethink 84:5 

rethinking 41:16 

return 126:20 

returning 160:14 

revealed 54:13 

reviewing 152:22 

revitalize 52:8 

revolves 182:18 

Reynolds 2:11 3:15 

39:3 137:12 149:2,5 

RFI 88:8 

RFIs 90:20 

Rico 28:8,15 

rights 41:5 42:12 

risk 56:15 89:16 97:17 

127:22 128:2 

risks 89:15 

roadblocks 132:7 

roadmap 130:13 133:1 

Rob 2:9 3:19 143:13 

176:22 181:7 188:19 

192:6 197:19 198:2 

robin 44:20 

role 36:5 48:5,11,13 

75:18 82:22 96:20 

105:12 106:6,12 

159:10 191:12 192:3 

195:21 

roles 80:2 

roll 192:3 193:13 

room 100:17 115:12 

116:18,22 131:22 

189:1 

Rothstein 2:11 3:18 

144:11 176:22 177:1 

roughly 152:19 

round 23:18 32:20 

44:20 139:12 

roundtable 3:4 8:13 

11:3 13:1 54:18 

134:17 

row 7:3 13:11 

run 6:17 32:18 80:7 

90:2 104:21 152:13 

152:14 176:20 177:13 

178:14 

rung 135:18 

running 88:18 117:7 

182:11 200:20 

runs 192:10 

runway 23:15 

rural 118:7 

rushed 7:17 

S

S 3:1 

sad 202:18 

safe 10:8,13 15:17 

21:12 24:11 37:6 

43:18 77:2 82:18 

114:15 138:4 141:21 

145:14 179:20 190:7 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
222 

191:1 198:15 

safely 141:7 

safer 14:13 100:12 

safety 24:3 103:12 

sample 102:11 

San 63:11 

Santa 43:4 

satisfy 40:3 

save 7:15 188:6 

savings 39:6,12 136:2 

140:18 144:2 

saw 25:10,10 82:15 

132:19,20 189:20 

saying 11:2 16:20 

111:19 

says 79:1 

SBA 29:21 

scaffolding 24:19 

scale 22:2 24:15 60:18 

61:3 99:14 103:2,4 

scaled 128:20 

scalpel 69:10 

scammers 46:6 

schedule 61:17 

scheduled 167:8 

scheduling 171:5 

Schier 193:3 

scholar 75:15 

school 172:10,16 173:3 

175:9 

schools 171:20 172:1 

scope 22:19 

score 77:3 114:6,10,10 

114:11 

scores 113:19 

screen 22:21 27:10 

101:3 196:15 

scribbling 44:21 

scripted 66:3,5 67:14 

SDP 189:9 

second 7:3 14:13 40:13 

41:6 56:13,20 57:8 

76:9 80:3 134:14,22 

136:12 141:6 159:16 

161:5 162:13 164:8 

164:18 

secondly 51:5 

Secretary 28:11 50:6 

section 2:11 44:3 

137:10 

sector 15:10 33:13 

51:22 54:1,15 68:9 

79:22 92:13 119:10 

128:21 

secure 40:4 73:9 75:7 

121:15 140:15 141:1 

security 151:18 160:16 

seeing 12:10 19:5 20:4 

20:13,14 25:12 41:14 

43:10 46:8,16 53:11 

60:12,13 78:5 92:20 

101:1 128:21 173:10 

190:8 201:9 

seen 7:6 18:21 37:17 

46:18 64:2 65:3 87:22 

115:21 173:8 

segment 110:12 114:2 

segue 22:9 71:12 

select 40:7 

selected 149:13 151:6 

sell 86:3 

send 18:7 59:10 

sending 46:2 

senior 1:19 2:11,12 

21:22 174:15 

sense 40:9 73:4 84:4 

132:2 148:8 

sensitivity 70:15 

sentence 87:11 100:4 

separate 42:2 

September 14:10 

SER 175:8 

series 13:18 115:16 

126:4 148:13 168:12 

serious 38:9 54:14 

seriously 15:2,5 

SERV 175:8 

serve 39:14 94:1 

142:22 160:6 163:20 

182:16 190:21 

served 10:14 

serves 164:9 

service 25:21 77:8 

93:22 143:12 188:1 

192:9 196:6 

serviced 98:9 

servicers 30:5,14 

services 33:22 34:15 

35:2 36:4 43:9 48:4 

60:5 69:19 70:3 72:16 

73:15,20 74:2,4 102:8 

104:21 105:22 119:10 

122:4 132:13 135:16 

136:21 138:11 140:16 

141:13 161:6 165:15 

170:10 172:4,6 179:8 

serving 82:21 

session 44:3,7 76:15 

164:11 

sessions 115:16,17 

set 16:19 73:21 80:12 

109:1 118:14 180:22 

182:10 

setback 41:6 

setbacks 41:14 

setting 62:13 111:2 

117:3 194:18 

setup 98:13 

seven 13:15 23:2 

sexual 127:21 

shape 183:10 

share 11:10,13 30:22 

34:19 42:22 54:22 

57:14 61:14 153:8 

160:1 170:7 175:20 

189:1 200:13 

shared 36:22 77:16 

133:19 172:16 195:15 

sharing 61:12 109:19 

109:20,21 123:17 

163:19 195:14 197:6 

sharp 202:1 

sharper 138:15 

shift 100:15 154:22 

shone 22:16 

short 75:3 114:1 115:6 

124:17 140:16 148:14 

show 174:3,18 

shown 97:4 158:7 

shows 156:3 157:9 

side 65:6 81:2,3 193:4 

sign 29:4 133:7 158:20 

signal 59:11,11 

significant 186:17 

signing 57:9 195:16 

signs 8:2 

similar 130:3 190:17 

Similarly 5:4 

simply 26:12 

simultaneously 135:7 

single 86:21 108:21 

109:18 118:22 

Singletary 152:21 

sit 125:10 

site 155:6,7,11,12,14 

sites 155:19 

sitting 80:1 

situation 202:8 

six 31:18 66:8 155:15 

168:12 

sizes 66:14 

skill 61:1 

skills 58:21 

skills-based 57:15 

skip 74:18 

slide 149:6 179:17 

182:2 193:19 195:14 

slides 177:8 

slightly 188:11 

slim 56:2 

slow 24:1 29:5 157:6 

slowed 28:9 

small 7:19 13:22 14:1 

41:20 50:13 52:8 

67:19 76:21 81:3,7,16 

82:1 104:7 135:15 

165:13 186:15 187:21 

190:1 

smaller 70:13 199:9 

smart 149:21 151:13 

164:7,10,15 171:9 

smartphone 73:8 

smoothly 32:19,20 

so-called 10:8 

social 114:20 147:17 

155:2 160:16 173:9 

183:10 188:1 

socially 29:19 

software 75:8 

solution 16:22 29:6 

113:14 115:8 126:16 

126:17 127:13,13 

169:11 

solutions 15:5,13 16:2 

40:20 42:14 68:5 

75:13 100:3 105:1 

109:3,4 111:4,11 

112:21 113:13 115:2 

116:8 126:9 127:9 

132:5,10 168:16 

solve 67:1 90:5 98:21 

99:1 108:2 109:13,18 

112:2 118:16,21 

123:17 132:19 

solved 16:21,22 132:21 

solves 131:13 

solving 95:12 108:3,18 

109:22 118:18 

soon 51:9 200:5 

sophistication 70:14 

sorry 55:15 66:4 111:14 

157:3 

sort 21:17 33:19 39:1 

66:8 67:21 68:19 

71:12 93:20 98:12 

105:12,14,18 111:1 

115:5,9 116:17 117:1 

132:4 180:1 182:19 

191:12,16 193:13 

195:1,3,6 196:20 

198:19 

sound 82:18 91:13 

100:12 

soundness 103:12 

source 127:8,12,15 

128:5,12,15,21 

129:12 130:6 

sources 109:1 

sourcing 59:16 

South 118:3,8 

Sowell 2:12 3:14 

137:12 139:6,7 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
223 

space 12:10 59:2 70:8 

108:9 

Spanish 145:9 148:19 

171:3 

spans 41:1 

speak 48:6 175:13 

speaker 22:9 76:9 

171:7 

speakers 137:9 159:16 

176:19 

speaking 39:19 166:17 

166:20 168:11 175:5 

speaks 31:1 

special 14:7 67:20 

specialist 2:6,7,12 

167:3 174:16 

specialists 50:3 137:18 

specific 4:20 74:6,12 

111:11,22 112:8,22 

116:1,2,9 118:16,21 

169:15 

specifically 46:6 79:8 

108:4 110:7 115:20 

123:14 127:20 179:9 

spend 14:5 33:18 84:8 

95:3 102:17 109:16 

117:13 124:20 131:3 

139:9 

spending 32:14 34:2,4 

102:19 155:9 184:3 

spent 33:21 34:15,19 

35:1,3,3,5,8 97:12 

185:15 

spike 46:17 

spiking 46:9 

spirit 78:7 

sponsored 168:13 

sponsoring 127:14 

sponsorship 107:2 

127:10 

spot 200:5 

spotlight 22:16 54:4 

112:7 

spread 117:16 173:12 

200:14 

spreadsheet 81:14 

84:10 

spring 139:12 

Springfield 81:14 

sprint 90:8 110:8 114:9 

117:7,21 118:3 119:2 

119:6 123:12 124:15 

126:4,7,13 127:2,20 

132:12,17,18,20 

133:4 

sprints 90:2 104:22 

107:3,14 108:12,15 

108:17 111:9,20 

112:4 117:17 118:10 

118:11,12,14,20 

124:6,10 125:3 126:1 

131:8,16 

St 179:2 183:19 196:16 

197:11 

stab 199:2 

stability 114:10 136:2 

stable 114:14 

staff 5:15,17 10:7 21:22 

22:15 98:19 201:7,22 

staffing 164:1 

stage 30:1 84:16 

184:22 

stages 39:15 

stakeholder 91:12 

stakeholders 87:15,16 

90:18 142:5 166:22 

167:7 

stand 50:1,12 53:9 

standard 24:16 169:18 

standardize 104:13 

standardizing 102:18 

standards 24:12,13 

166:11 169:19 170:13 

178:3,7 179:19 

182:21 191:5 194:20 

198:14,16 

standing 16:12 47:17 

166:15 

standpoint 60:12 194:2 

194:3 

star 15:16 

start 4:6 8:12 12:22 

13:4 37:1 39:17 58:20 

77:19 101:8 102:1 

105:10 119:3 120:12 

152:16 153:15 167:20 

173:1 177:7 196:7 

started 12:14 17:3 51:8 

52:13 66:16 69:16 

76:16 89:1 100:20 

115:16 119:8 172:20 

starting 36:11 47:15 

82:11 105:14 143:18 

152:14 

state 20:15 29:18 83:15 

128:9 132:13 178:17 

182:14 185:19 

statement 4:6 87:11 

108:21 116:3 

statements 44:16 163:2 

states 9:21 10:11 12:18 

29:14,18 30:2 32:9 

96:3 

station 80:1 

statistics 34:13 

stats 35:9 

stay 47:9 113:20 

staying 141:20 

steal 20:3 

step 21:3 33:6 107:13 

140:19 184:20 198:19 

steps 87:4 153:4 195:9 

198:20 

stimulus 19:19 23:18 

31:9 32:12,18 37:21 

41:19 65:10 139:13 

139:20 179:12 185:4 

190:1 

stood 50:22,22 124:1 

192:22 

stop 18:6 34:8 96:11 

103:13 188:10 191:8 

stories 46:20 137:4 

151:16,19 195:14 

196:1 197:7 

storing 122:20 

storm 96:19 

story 136:14 152:19 

174:18 

straightforward 83:9 

strategic 14:11 104:12 

135:12 

strategies 148:8 160:3 

strategy 2:9 108:6 

117:21 131:11 135:10 

164:18 165:22 166:17 

streaming 151:4 152:11 

152:12 

streams 20:11 

strength 149:18 

strengthen 193:7 

stress 10:2 

stretch 148:9 

stretching 37:5 

strong 53:22 103:15 

136:16,17 176:7,8,8 

176:13 193:16 

stronger 137:7 

structural 113:15 

114:19 126:15 

structured 34:12 

struggled 82:10 

struggling 34:17 

138:13 

stuck 50:10 

student 45:8,9 

students 164:9,17 

172:5,8 

studied 35:2,7 

study 104:16 110:18 

stuff 69:18 90:13 99:12 

133:2 

subject 4:13 5:1,7 

110:9 

subjects 4:18 

subscribed 13:19 

subsequent 5:16 

subset 99:21 

success 65:8 137:4 

145:2 177:7 185:3 

195:14,16 196:1 

197:6 

successes 177:12 

successful 23:15 200:9 

successfully 113:11 

suggested 73:13 

suggesting 69:5 100:15 

suggestions 88:21 

139:2 

suggests 59:5 

Sultan 2:8 3:8 75:1 

78:11,12 100:19 

102:14,22 104:1 

106:15 107:4 118:5 

120:9 123:11,21 

129:3 134:5 191:20 

sum 33:4 

summary 130:22 

summer 51:2 

Sunshine 4:8 5:3,17 

super 106:13 

super-encouraging

155:20 

supplied 40:2 

support 43:13 74:15 

76:5 77:13 145:2 

160:2 162:5 202:13 

supported 10:18 

supporting 40:17 98:15 

supportive 173:15 

supports 144:8 

suppose 76:21 

surfaced 39:9 

surprise 26:5 

surprised 90:7,9 

surprising 73:12 

surprisingly 32:15 

34:17 154:19 155:3 

survey 7:9,11 22:15 

73:13 149:16 153:3 

162:6,12 180:3 

sustain 140:10 

sustainable 139:17 

165:18 196:12 

sustaining 55:6 

SVP 2:9 

switching 185:19 

syndicated 152:21 

system 10:11 21:7 

22:18 24:2,18 25:18 

27:2 46:15 60:19,20 

72:9 76:21 77:8 81:1 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
224 

82:18 83:11 85:4,20 

95:20 97:21 98:8 

103:22 104:3,4 

130:12 136:1 149:10 

154:21 185:20 187:8 

187:15 194:9 

systemic 114:18 

124:18 126:14 

systems 38:16 160:21 

194:6 

T

T 3:1,1 

table 56:8,22 59:13 

72:1 74:10 115:4 

118:17 132:3 

tablet 74:5 

tactical 111:11,21 

taken 14:22 81:13 

135:21 173:19 183:4 

takes 10:1 94:4 140:19 

talent 55:5,17,18 56:4,5 

57:17 58:1,2,22 59:4 

59:6,17,17,19,22 60:5 

60:18,20 61:2 

talk 13:14 19:13 27:7,15 

32:17 45:18 49:4,13 

58:19 80:16 86:13 

90:21 93:13 95:8 

105:14 111:2 115:2 

115:11 120:6 128:11 

131:21 134:16 139:8 

139:9 154:13 159:17 

168:14,21 169:1 

174:4 177:3,17 178:4 

talked 27:9 51:22 64:19 

90:19 97:3 132:4 

162:22 167:18 169:7 

179:16 

talking 14:6 17:5 20:19 

21:9 25:2 31:2,3 

37:14 46:11 59:7 63:9 

93:1,6 100:19 124:21 

157:16 181:15 

talks 130:11 168:15 

170:7,16 171:1 

tangible 111:21 

tanks 75:12 

Tanzania 75:11 95:6 

target 29:19 151:7 

160:9 164:2 

targeted 42:7 43:1 

targeting 43:3 

task 52:16 69:17 

taught 67:18 

tax 21:15 23:10 33:1,10 

64:22 65:22 139:20 

186:5 

taxpayers 33:9 

teaching 165:19 

team 61:6 76:11 133:2 

150:4,17 176:7 

195:20 200:22 

teams 126:8 144:20 

147:4 194:15 

tech 43:15 67:12 90:2,8 

104:15,21 107:2,14 

107:15,20 108:12,15 

108:17 110:7 111:8 

111:20 112:4 114:9 

117:7,16,21 118:2,10 

118:11,12,14,20 

119:2,5 123:12 124:6 

124:10,15 125:2 

126:1,3,7,13 127:2,20 

128:13 130:10 131:7 

131:16 132:12,17,18 

132:20 133:4 

technical 186:22 

technological 122:5 

technologies 72:11 

74:7 98:7 104:20 

109:13 122:9,11 

123:8,15 

technologist 109:9,10 

technologists 118:15 

technology 3:5 39:19 

40:4,11 43:17 44:2,3 

47:18 48:1 71:11 72:5 

72:21,22 73:11 74:13 

74:15 75:6,7 76:5 

77:7,12 82:13 93:7 

94:5 95:11,20 97:4,18 

98:14 99:2,14,21 

100:11 102:12 103:5 

103:8,15,18 104:6 

105:13,21 106:9 

113:3 116:6 117:9 

118:10 119:8,14 

128:16,20 129:4,7,10 

129:11,13,13,14 

130:4 191:21 192:2 

192:11 194:2,6 

techs 67:20 

teed 159:13 191:21 

Teleconference 1:10 

television 152:11 

tell 62:8 78:13 86:10 

116:11 133:8 136:14 

151:18 158:22 160:12 

197:13 202:2 

teller 80:1 

telling 21:1,13,14 200:2 

template 10:8,13 

templates 194:22 195:3 

tended 66:17 

tenure 11:19 86:10 

term 107:16 

terms 7:22 40:10 42:22 

70:1,7 80:13 81:3,4 

81:20 82:17 83:1 88:7 

104:13,18 105:17 

108:9 115:18,22 

121:9 123:5 124:18 

126:11 153:14 178:5 

181:19 182:10 184:2 

190:20 195:5 199:2 

terribly 158:8 

terrific 22:9,12 28:1 

134:5 200:22 

Tescher 1:18 30:14,15 

68:17,18 157:3,5 

test 99:19 100:14 

Tetreault 1:19 44:11,12 

120:4 

Texas 171:20 172:1 

thank 6:1 7:2 9:7,9,12 

11:5,6,7,11,14 12:11 

12:12,13,15,18,20 

13:6,7 16:7 18:8,11 

22:4,7,8,11 27:21,22 

28:2,3 30:8,9 36:15 

36:17,19 44:4,8 48:6 

48:9,14,17 54:15,17 

61:14,15 62:20 64:10 

64:13 66:1 67:9 68:15 

70:19 71:17 78:17,20 

90:15 93:15 100:13 

100:20 101:14 106:21 

119:16 120:4 123:18 

133:12,17,21,22,22 

134:4,8,20 139:7 

149:5 153:6 154:4 

156:5 159:22 167:21 

168:3,5 175:19 

176:20 177:1 179:17 

188:17,21 198:1 

200:11,11,16 201:5,6 

201:12 202:11,12,14 

202:16,20 

thanks 22:20 54:19 

65:9 69:13 71:2 86:2 

153:6 154:4,5 159:21 

168:1 175:22,22 

177:8 188:18 197:19 

197:19 200:10 201:1 

theft 45:21 47:2 

theme 83:6,18 97:21 

151:11 189:16 

themes 80:17 85:22 

148:19 

they'd 64:11 

things 12:9 16:4,19 

17:8 23:6 27:6 32:19 

35:18 44:20 48:13 

50:10 57:5 62:17 66:7 

67:13,17 69:9 76:12 

79:13 82:5 83:12,13 

84:14,21 85:9,13 88:7 

88:21 89:6,22 90:12 

91:16 92:1 93:4 95:6 

95:10 96:21 99:9 

107:1 122:12,16 

124:10 126:22 156:12 

169:3 178:22 179:11 

180:5 181:5,12,18 

183:21 184:1 187:7 

192:4 199:6 200:7 

third 57:10 74:1 83:18 

114:17 142:1 162:17 

165:22 

third-party 193:10 

thought 15:8 54:22 

61:17 68:13 113:14 

114:18 176:12 

thoughtful 44:5,9 48:19 

97:17 

thoughts 62:21 69:14 

78:10 120:6 123:19 

124:22 156:17 

thousands 21:1 180:18 

three 46:14 62:5 83:8 

104:12 105:17 127:21 

136:16,22 137:8 

140:21 142:10 162:1 

165:7 170:17 175:9 

184:15 185:5 192:22 

three-pronged 136:6 

thrilled 177:4 178:4,12 

thrive 60:6 175:9 

thriving 58:2 

thunder 20:4 

Thurlow 193:2 

Thursday 1:7 202:4 

tied 140:13 

timeframe 23:14 

timeline 124:11 

timely 6:20 73:3,8 

139:19 186:8 

times 10:1,2 29:2 35:11 

35:13,15 57:14 

152:17 155:5,7,15 

timing 51:11 

tiniest 45:12 

tips 148:8 

tissue 136:17 

Title 28:22 

titled 169:2 171:19 

today 6:16,20 9:2 11:17 

12:15 14:6 28:4,7 

48:6 55:9,10 59:22 

74:12 77:17 78:20 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
225 

79:2 101:16 104:3 

114:13 121:6 128:17 

133:17 138:21 144:12 

178:5 186:5 189:17 

191:14 

today's 9:13,16 11:6 

20:2 74:10 102:12 

134:22 

toe 154:7 

toes 202:1 

told 19:16 46:3 

tool 108:13 118:13 

129:16 131:13 146:11 

tools 102:3 128:1 131:9 

158:14 167:16 

top 11:22 145:11 

156:13 163:7,14 

topic 15:8 18:21 45:7 

68:9 71:13 74:17 

168:19 

topics 17:14 

toss 68:22 

totally 187:16 

totals 33:19 

touch 29:12 30:14 

40:14 52:2 83:5 

184:10 

touched 42:17 184:16 

191:14 

touchpoint 38:18 39:21 

40:10 

touchpoints 43:19 

tough 102:9 

town 81:7,9,16,18 82:2 

82:10 

townships 118:7 

traces 10:19 

track 59:4 79:3 

trade 10:18 142:12 

143:3,7,19 

traditional 73:1 119:11 

126:2 196:19 

trafficking 123:14 

train 194:16 

Train-the-Trainer

164:11 

training 159:11 

tranches 54:2 

transaction 140:17 

186:9 

transactional 26:12 

39:11 179:21 

transactions 26:13 

136:1 

transformation 79:21 

105:22 125:21 

transformative 151:14 

transition 42:9 43:13 

46:10 

transitioning 151:12 

translating 58:21 

transparency 91:8 

92:17 163:2 

transparent 91:10 

93:12 

transportation 60:6 

161:3 

Treasury 29:17 50:7 

62:8 75:18 142:18 

treat 77:17 

tree 12:3 

tremendous 30:19 

trends 115:21 

trick 156:3 

tricked 46:2 

triple 195:19 

trouble 123:9 

true 10:1 26:15 51:12 

112:16 120:20 

Truist 165:5 170:5 

truly 74:8 142:15 

trust 27:3 163:8,9 

189:12 

trusted 198:9 

trustworthy 151:19 

try 13:16 15:22 23:4 

59:14 67:6 70:16 

100:16 108:13 150:4 

188:11 193:1 

trying 16:13 67:13 

69:11 94:1 112:2 

116:7 126:14 128:2 

150:2 151:18 174:12 

Tuesdays 168:14 

tuned 47:9 

tunnel 8:6 

turn 4:7 6:2 12:13 27:19 

71:16 77:20 78:5,11 

124:17 133:11 137:5 

137:7 139:5 149:1 

159:20 176:21 188:18 

194:17 201:2 

turned 105:6 

turning 9:2 12:11 61:10 

138:6 

turnkey 194:10 

TV 131:4 152:18 

Twitter 51:5 147:20 

two 11:22 13:11 14:11 

16:17 18:6,17 34:14 

41:13 51:7 52:17 54:2 

55:21 59:16 74:16 

76:13 79:1,12 80:8 

85:8 87:9 88:8,12 

90:8 96:1,16 108:20 

109:9,15 111:9,9,20 

122:3 123:21 147:14 

149:9,13 150:6 

153:12 163:22 166:20 

166:21 167:8 172:21 

180:21 183:17 184:6 

185:10 200:7 

two-day 125:11 

tying 156:9 

type 99:20 125:5 

types 45:20 46:8 74:9 

110:14,20 151:1 

typical 169:9 

typically 74:18 109:16 

U

U.K 104:17 108:8 

131:11 

U.S 7:9 25:20 55:14 

75:18 128:8 

ubiquitous 15:17 

UDAP 102:4 

Uejio 2:3 9:15 11:8,11 

13:8 71:19 

Uganda 75:11 

ultimately 16:2 31:14 

193:20 

unaccompanied 63:11 

unbanked 7:8 17:1,3 

22:15 23:12 32:3 

64:20 66:22 82:21 

110:16,19 136:6 

137:2 149:16 150:13 

150:15 151:13 154:18 

162:7,18 163:7 168:9 

176:5 178:20 179:5 

180:2,3 184:7 190:18 

uncomfortable 107:18 

under-resourced 53:10 

underbanked 38:11 

82:21 149:17 180:2 

underlying 19:11 122:7 

122:11 128:19 

underscore 63:4 64:17 

underscored 63:22 

underserved 12:6 

33:21 138:10 

understand 35:21 36:8 

77:11 99:4,15 101:10 

107:8 111:1 140:1 

162:13 191:4 201:17 

understandable 148:17 

understanding 23:19 

96:13 97:6 109:20 

132:9 

understands 79:22 

198:7 

understood 88:13 

90:15 

underway 25:19 

underwriting 77:1 

unemployment 46:1 

139:21 185:17 

unexpected 7:15 73:12 

unfamiliar 69:1 

unfold 76:15 

unintended 14:18 

Union 165:8,9,9 

unions 50:15 66:19 

75:9 94:2 165:7 

180:17 

uniquely 49:7 

United 9:21 10:11 12:18 

96:3 175:9 178:15 

universal 187:18 

universe 89:15 

Univision 173:18,21,22 

174:15,17,19,22 

unlock 50:7,10,17 

unlocked 28:12 

unusual 50:1 53:14 

unusually 6:15 

unusualness 49:16 

upcoming 21:15 

update 129:10,14,15 

updates 18:5 

upskill 61:1 

upskilling 60:3 

uptake 66:14 73:20 

Urban 175:10 

urge 24:20 

urgency 10:2 139:15 

usage 148:2 181:19 

use 14:20 17:15 24:21 

34:10 35:11,13 46:10 

51:13 54:7 59:11 

69:10 73:15 76:5 77:1 

77:11,22 85:5 98:7 

103:8 104:5 107:14 

113:3 117:16 118:12 

123:16 126:12 128:1 

129:13 152:4 165:19 

184:21 

useful 74:7 88:22 97:9 

146:8 

user 43:22 

users 161:6 

uses 31:6 32:13 

utilities 46:4 

utility 20:7 

V

vacuum 97:8 

valleys 61:13 

valuable 8:16 108:13 

132:6,10 

value 10:3 67:15 78:1,8 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
226 

91:3 93:6 121:3 

124:11,16 126:1 

132:2 198:7 

values 119:13 

variety 24:17 25:11 

80:2,4 112:19 122:8,9 

182:16 

various 89:3 

vast 97:20 192:8 

vehicle 10:10 58:4 

vehicles 17:19 114:21 

vendors 129:4 

version 87:10 

versus 96:6 

verticals 110:1,3 

vibrant 176:7 

victim 47:1 113:9 

victims 113:1 

video 1:10 145:19 

167:17 

video-style 158:6 

videos 148:14,18 

view 35:4 64:6 91:6,22 

109:2 

viewers 107:7 

views 94:4 

villages 95:5 

violations 102:4 

violence 113:1 

virtual 135:6 189:1 

virtually 7:3 

virtuous 137:3 

visible 126:17 

vision 22:14 130:6 

140:13,20 

visit 135:4 151:9 

visited 81:18 

visiting 167:14 

vocabulary 148:16 

voice 91:14 151:20 

voices 24:21 

volunteering 173:2 

vulnerable 35:5 187:3 

W

wage 56:15 

wait 19:18 101:2 

waited 31:11 

waiting 48:15 123:20 

walled 129:6 

Walmart 47:5 59:20 

wanted 10:20 39:17 

45:17,18 62:2 63:3 

140:5 141:2,6 153:7 

155:6 176:6,11 

184:10 190:2 191:9 

194:11,13 

wanting 84:10 92:21 

166:8 

War 85:1 94:12 125:15 

warn 130:14 

warning 133:7 

Washington 144:21 

wasn't 176:3 

watch 52:20 

watch-the-whole-video

155:4 

watching 13:19 52:21 

54:6 89:7 94:13,16 

water 154:7 

waters 106:6 

wave 31:20,22,22 

waves 62:5 

waving 68:16 

way 18:20 36:1 41:16 

42:19 49:17 55:22 

56:14 58:20 87:17 

93:12 95:12,16,17,18 

95:21 96:6 97:1 98:3 

98:18 99:1,2 100:5,12 

102:1 107:3 108:16 

122:18 123:16 128:17 

130:1 131:16,20 

136:14 142:14 146:20 

147:11 148:17 151:5 

151:12 158:1 163:9 

175:9 178:15 183:5 

188:3 191:22 196:21 

ways 33:12 37:16 55:21 

63:17 73:1,12 78:6 

89:13 99:19 103:3 

122:3 184:13 

wealth 43:14 136:3 

weaving 20:6 

web 94:14 128:16 

webinar 162:8,13,17,19 

166:5,6,13 171:19 

172:17 

webinars 13:19 147:2,5 

147:8 162:2,4 164:21 

168:12 169:14 173:15 

177:6 191:7 195:6 

webpage 143:20 145:4 

145:5 146:1,19 

148:10 163:14 

website 143:16,20 

144:4 146:17 167:14 

174:19 185:14 200:19 

week 17:12 88:17 

108:19 118:15 125:11 

169:1,7 

weekend 108:19 

weekly 118:11 168:12 

weeks 13:11 52:17 

108:20 124:13 148:12 

welcome 4:4 6:10 9:11 

9:14 71:8 78:12 101:8 

134:14,22,22 138:22 

156:19 

welcoming 177:2 

Wells 165:5 

went 62:6 71:6 114:12 

134:11 202:22 

weren't 32:2 116:2 

197:5 

white 21:13 35:3,12,14 

73:16 130:10 182:6 

whitepaper 14:9 

who've 50:21 63:13 

wide 128:16 

widening 34:21 

widespread 46:20 

window 84:11 124:17 

witnessed 19:12 

woman's 113:4 

women 112:9,13,17 

114:22 115:19 

women's 110:8 

women-headed 110:11 

women-owned 81:4 

114:22 

wonder 19:3 78:12 94:3 

107:5 110:22 181:20 

wonderful 44:15 82:19 

100:19 101:7 

wondering 153:19 

191:16 

Woods 84:19 93:16 

word 76:13 91:8 107:14 

107:18 124:6,8 

173:11 200:14 

words 126:8 

work 8:14,15,20,21 

10:6,20,22 11:14 12:8 

12:10 13:2 18:13,21 

20:2 21:17 22:1,5,7 

22:22 24:8 27:21 

29:13 34:8 37:8,10,13 

38:1 39:8,15,21 40:2 

40:5 41:19 43:16 

47:12 48:1 52:13 

57:19,22 60:21 61:11 

67:3 79:15 93:20 

96:17 99:10 103:19 

104:11,18 105:17 

106:14,17 107:1,10 

117:19 118:5 125:21 

129:5,20,22 130:1 

133:3 136:8,11 142:2 

145:2 150:3 157:13 

157:15 160:1 161:10 

162:16 174:6,9,10 

176:10 177:20 178:18 

180:21 181:11,18 

183:15 184:15 189:2 

190:6,9 192:21 193:6 

195:20 197:14 198:12 

198:16 199:10 200:22 

201:20 202:12 

worked 75:12 79:20 

105:2 110:5 116:5 

179:1 189:21 193:21 

194:1,15 

workforce 38:16 59:1 

working 18:3,18 19:1,2 

27:18 29:13 38:2 41:3 

44:10,18 59:18,19 

70:9 75:10 85:19 

94:14 95:4 102:10 

106:13 107:21,22 

108:3 116:1,2 117:22 

118:2,3 138:2,16 

142:16 143:12 146:20 

155:18 157:20 159:19 

177:4,12 185:15 

186:20,21 187:2,13 

189:7,13 195:9 

197:17 199:3 201:17 

works 15:1 24:16 58:20 

173:10 

workshop 171:21 

world 69:7 70:9 84:16 

84:18,21 85:1,6 94:8 

94:10,16,19 118:1,9 

125:20 128:16 155:18 

worlds 109:10 

worth 74:19 131:4 

wraparound 60:5 191:4 

wrong 89:5 114:12 

wrote 31:16 

X

Y

year 7:3,17 33:22,22 

34:16 47:22 51:11 

53:14 57:14 64:3 

88:16 90:8 138:8 

147:2 150:10 153:2,2 

180:14 

years 7:7 16:17 17:4 

18:6,19 21:12 22:16 

22:16 38:13 50:2 55:7 

56:18 58:10 61:3 84:2 

124:13 128:18 160:10 

184:6 192:22 

yesterday 50:6 63:10 

93:1 174:8 

yield 30:6 

yields 137:2 

York 132:13 

young 38:2,6,8,13,19 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
227 

38:19 39:6,13,21 40:6 

40:16 41:7,15,16 42:1 

43:7,12 63:13 

youth 38:7,15,15 39:5 

40:16 41:4 42:5 43:4 

43:12 187:7 

Z

zero 121:7 

zero- 123:15 

zero-knowledge 122:18 

zone 44:15 

Zunera 79:17 

0

0 26:9 

1

1,000 43:8 49:1 

1.25 53:15 

1.8 35:15 

1:00 1:10 

1:03 4:2 

10 23:20 31:22 51:3 

55:7 58:10 61:2 

185:12 186:16 

10-12 65:15 

10-year 54:8 58:9 63:5 

100 51:7 163:11 166:13 

181:2 

100,000 155:10 

101 3:8 

11 89:4,5 

12 53:14 

120 130:16 

13 1:7 3:4 35:6 

134 3:11 

139 3:14 

149 3:15 

15-year 54:8 

159 3:16 

168 3:17 

17 16:5 

170 51:3 

177 3:18 

18 41:2 160:10 

180 51:2 

188 3:19 

195 32:8 

1st 152:14 

2

2 142:12 

2.7 35:11 

2:23 71:6 

2:40 71:2,4,7 

20 28:14 31:17 89:1 

186:16 193:20 194:6 

2009 7:11 

201 3:21 

2013 73:13 149:16 

2017 149:16 

2019 7:10 189:8 

2020 14:10 61:10 

181:21 

2021 1:7 75:2 

20th 84:18 95:1 

21st 85:11,13 

23 74:4 

24 29:8 

24-year-olds 41:2 

25 17:4 143:18 

28th 171:18 

3

3 32:5 35:3 142:12 

3.1 35:13 

3.2 28:14 

3:37 134:11 

3:45 134:6,12 

30 89:3 118:14 128:18 

30,000 150:10 155:9 

300,000 59:22 

303 34:15 

35 60:9 150:14 

350 49:1 152:17 

4

4 3:3 

4:56 202:22 

40 45:10 50:2 84:2 

165:10 

40,000 55:12 155:10 

45 31:18 55:2 119:21 

160:10 173:19 174:1 

4th 174:15 

5

5 35:3 

5.4 110:20 

500 55:3 

52 150:13 

56 150:15 

6

6 35:1 

60,000 55:10 

66 32:10 55:14,15 

67 147:2 

6th 15:15 

7

7 7:13 26:9 75:18 202:4 

71 3:6 55:12 

76 55:18 

78 3:8 

79 55:10 

7th 47:11 

8

80 87:20 152:19 

828 28:19 

85 180:10 182:5 

85-plus 178:5 

86 178:13 

9

9.9 29:15 

90 31:21 78:22 87:20 

167:4 

94.6 7:10 

99 181:2 

Neal R. Gross and Co., Inc. 

(202) 234-4433 Washington DC www.nealrgross.com 
 

228

C E R T I F I C A T E 

This is to certify that the foregoing transcript 

In the matter of: Advisory Committee on

Economic Inclusion

Before: FDIC

Date: 05-13-21

Place: teleconference

was duly recorded and accurately transcribed under 

my direction; further, that said transcript is a 

true and accurate record of the proceedings. 

-----------------------

Court Reporter 

NEAL R. GROSS 

COURT REPORTERS AND TRANSCRIBERS 

1323 RHODE ISLAND AVE., N.W. 

(202) 234-4433 WASHINGTON, D.C. 20005-3701 www.nealrgross.com