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FEDERAL DEPOSIT INSURANCE CORPORATION

CHARTER OF THE

FDIC ADVISORY COMMITTEE ON ECONOMIC

INCLUSION

1. Committee's Official Designation (Title): FDIC Advisory Committee on

Economic Inclusion (the Committee).

2. Authority: Discretionary committee established under agency authority and in

accordance with the provisions of the Federal Advisory Committee Act, as amended, 5 

U.S.C. App. 2.

3. Objectives and Scope of Activities: The Committee will provide advice and 

recommendations on initiatives to expand access to banking services for underserved 

populations. The Committee will review various issues that may include, but not be

limited to, basic retail financial services such as low-cost, sustainable transaction 

accounts, savings accounts, small dollar lending, prepaid cards, remittances, the use of

new technologies, and other services to promote access to the mainstream banking 

system, asset accumulation, and financial stability.

4. Description of Duties: The Committee will provide advice and recommendations 

only. It will have no formal decision-making role, will have no access to confidential 

supervisory or other confidential information, and will not have access to or discuss any

non-public information regarding specific financial companies.

5. Agency or Official to Whom the Committee Reports: The Committee reports to 

the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation

(Chairman).

6. Support: The FDIC will establish such operating procedures as required to support 

the Committee, consistent with the Federal Advisory Committee Act, as amended. The

FDIC will provide whatever support is required for the Committee's activities, to the

extent permitted by law and subject to the availability of resources.

7. Estimated Annual Operating Costs and Staff Years: The annual operating costs 

associated with supporting the Committee's functions are estimated to be $300,000 per

year, including staff time. It is estimated that two staff-years per year, of FDIC personnel 

time, will be required to support the Committee on a continuing basis. Committee 

members will be reimbursed for expenses for travel, per diem, and other miscellaneous 

expenses incurred in the performance of their duties for the Committee, subject to FDIC 

approval.
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8. Designated Federal Officer: A full-time or permanent part-time employee, appointed 

in accordance with agency procedures and designated as such by the Chairman, will 

serve as the Designated Federal Officer (DFO). The DFO will approve or call all of the 

Committee's and subcommittees' meetings, prepare and approve all meeting agendas, 

attend all Committee and subcommittee meetings, adjourn any meeting when the DFO

determines adjournment to be in the public interest, and chair meetings when directed to do so by

the official to whom the Committee reports.

9. Estimated Number and Frequency of Meetings: The Committee shall meet at such 

intervals as are necessary to carry out itsfunctions. It is anticipated that the Committee 

will meet at least two times per year.

10. Duration: The Committee will exist for two years from the date of the Charter, 

unless earlier renewed.

11. Termination: The Committee will terminate two years from the date of charter

filing, unless sooner renewed or terminated.

12. Membership and Designation: The groups represented in order to achieve a fairly 

balanced membership are the federal government, banking industry, state regulatory 

authorities, consumer or public advocacy organizations, community-based groups, 

academia, philanthropic organizations, as well as others impacted by banking-related

practices. Members will serve for a term of three years, which may be renewed, and the 

number of members of the Committee will not exceed 25. The Chairman of the

Committee, to the extent one is desired by the FDIC, will be selected from among the

members of the Committee by the Chairman of the Board of Directors of the FDIC. No

Special Government Employees are expected to be on the Committee; the Committee will 

be composed exclusively of representatives of the above-described groups. Committee 

members will not receive compensation for their services.

13. Subcommittees: The Chairman is authorized to create any subcommittees that may 

be necessary to fulfill the Committee's mission. Any subcommittee created will report 

back to the Committee and will not provide advice or work products directly to the

FDIC.

14. Recordkeeping: The records of the Committee will be handled in accordance with

the FDIC's records disposition schedule. These records will be available for public

inspection and copying, subject to the Freedom of Information Act, 5 U.S.C. § 552.
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15. Filing Date: This charter has been filed with the Chairman of the FDIC, the

Senate Committee on Banking, Housing and Urban Affairs, the House Committee on

Financial Services, and the General Services Administration's Committee Management

Secretariat, and furnished to the Library of Congress on December ___, 2022.

________________________ ___________________________________ 

 Dated Martin J. Gruenberg 

Acting Chairman

 Federal Deposit Insurance Corporation 

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