604 

The Meeting of the Advisory Committee on Economic Inclusion 

of the 

Federal Deposit Insurance Corporation 

Held in the Board Room 

Federal Deposit Insurance Corporation Building 

Washington, D.C. 

Open to Public Observation via Webcast 

May 24, 2023 – 9:00 A.M. 

The meeting of the FDIC Advisory Committee on Economic 

Inclusion (ComE-IN or Committee) was called to order by Martin 

J. Gruenberg, Chairman of the Board of Directors of the Federal 

Deposit Insurance Corporation (Corporation or FDIC). 

The members of ComE-IN present at the meeting were Steven 

L. Antonakes, Executive Vice President for Enterprise Risk 

Management, Eastern Bank; Marla Bilonick, President and CEO, 

National Association for Latino Community Asset Builders; 

Michael Calhoun, President, Center for Responsible Lending; 

Naomi Camper, Chief Policy Officer, American Bankers 

Association; Thomas Foley, Executive Director, National 

Disability Institute; Kenneth Kelly, Chairman and CEO, First 

Independence Corp and First Independence Bank; Margaret Libby, 

CEO and Founder, MyPath; Brandee McHale, Head of Community 

Investing and Development, Citi and President, Citi Foundation; 

Jonathan Mintz, President and CEO, Cities for Financial 

Empowerment Fund; Jennifer Tescher, President and CEO, Financial 

Health Network; and Susan Weinstock, President and CEO, Consumer 

Federation of America. 

Raphael Bostic, President and CEO, Federal Reserve Bank of 

Atlanta was absent from the meeting. 

Members of the Corporation’s Board of Directors present at 

the meeting were Martin J. Gruenberg, Chairman; Travis J. Hill, 

Vice Chairman; Jonathan P. McKernan, Director; and Rohit Chopra, 

Director (Director, Consumer Financial Protection Bureau). 

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605 

Corporation staff who attended the meeting included Kevin 

M. Acotto, James L. Anderson, Daniel H. Bendler, Tawanta L. 

Brinson, Sylvia W. Burns, Renee Cash, Gary L. Clayton, Angela 

Dena, Debra A. Decker, Paola L. Diaz, Lewis Dorman, Camron A. 

Doss, Ashley E. Emerson, Keith S. Ernst, Sheila R. Finlayson, 

Gregory E. Fitzgerald, David J. Friedman, Fasil Getachew, Jamie 

Z. Goodson, Shannon N. Greco, Patricia S. Gurneau, Mark L. 

Handzlik, Terri R. Hansen, Sean M. Healey, Deva Helmand, 

Nicholas S. Kazmerski, Glenn A. Kivlen, Yan Y. Lee, Brandon 

Milhorn, Jonathan N. Miller, Patrick M. Mitchell, Elizabeth 

Ortiz, Mark E. Pearce, Nikita Pearson, Jon Pogach, Ryan M. 

Rappa, David E. Ramos, James P. Sheesley, Tyler A. Smith, Mia C. 

Sowell, Jacqueline R. Steller, Mona L. Thomas, Jeffrey 

Weinstein, Lauren A. Whitaker, and Kenneth R. Worthey. 

Chairman Gruenberg presided over the proceedings. Elizabeth 

Ortiz, Deputy Director, Consumer and Community Affairs, Division 

of Depositor and Consumer Protection (DCP), and the Committee’s 

Designated Federal Officer, served as moderator. 

Opening Remarks 

Chairman Gruenberg opened the meeting by thanking the 

members for their willingness to serve on the Committee. He then 

invited Ms. Ortiz to read a notice regarding the Government in 

the Sunshine Act (Sunshine Act). The statement explained that 

the meeting is not a meeting of the FDIC Board of Directors 

under the Sunshine Act. She explained that the Board members 

present at the meeting would only engage in general or 

preliminary discussions that do not relate to specific proposals 

for action pending before the FDIC, and that any specific issues 

for Board resolution will remain open for full consideration by 

the Board at a later date. 

Following Ms. Ortiz’s statement, Chairman Gruenberg 

continued his welcoming remarks, making mention of the national 

Bank On conference that occurred the day prior to the 

Committee’s meeting and commenting on the increased availability 

and utilization of those accounts. He welcomed the newest member 

of the Committee: Susan Weinstock, President and Chief Executive 

Officer of the Consumer Federation of America. He concluded his 

remarks with a preview of the meeting agenda. 

Chairman Gruenberg then recognized the other FDIC Directors 

in attendance and invited them to make remarks. Vice Chairman 

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606 

Hill, Director McKernan, and CFPB Director Chopra each made 

remarks to the Committee. 

Following these remarks, Chairman Gruenberg invited Ms. 

Ortiz to introduce the first presentation. 

Identifying Bankable Moments – Sharing Successful Applications 

Ms. Ortiz introduced Jacqueline Steller, Program 

Specialist, DCP to moderate this panel discussion. Ms. Steller 

explained that the discussion would be comprised of two parts. 

The first panel, regarding facilitating account access during 

the COVID-19 pandemic, involved Mia Sowell, Senior Community 

Affairs Specialist, DCP; Linda Chero, Chief Disbursing Officer, 

Bureau of the Fiscal Service, U.S. Department of the Treasury; 

and Donald Dill, Senior Tax Analyst, National Partnerships, 

Stakeholder Partnerships, Education, and Communication, Internal 

Revenue Service (IRS), U.S. Department of the Treasury. The 

second part addressed how trusted intermediaries facilitate 

account access at the local level and how the U.S. Department of 

Veterans Affairs, working with non-profit organizations, has 

been successful in getting veterans banked. This segment 

involved Andia Dinesen, Executive Vice President of 

Communications and Operations, Association of Military Banks of 

America, and Sue Rogan, Director of Strategic Partnerships, CASH 

Campaign of Maryland. 

Ms. Sowell, Mr. Dill, and Ms. Chero began by discussing the 

effectiveness of inter-organization cooperation among the FDIC, 

IRS, the American Bankers Association (ABA), the Independent 

Community Bankers (ICBA) and other intermediaries to distribute 

Coronavirus Aid, Relief, and Economic Security (CARES) Act 

Economic Impact Payments. The presenters emphasized the 

importance of using trusted organizations to distribute 

information and noted their success in converting over 70 

million payments by check into electronic deposits. Then, Ms. 

Rogan and Ms. Dinesen discussed their successful outreach 

campaigns with the Maryland Division of Unemployment Insurance 

and the U.S. Department of Veterans Affairs, respectively. 

Following the presentation, Committee members provided some 

comments and asked a number of questions. Topics discussed 

included: the difficulty of overcoming distrust in the IRS in 

low- and moderate-income communities; building organizational 

trust between state governments and non-profit organizations for 

effective outreach; the future funding of outreach programs; and 

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lowering fees and customer requirements to further expand access 

for unbanked individuals.

At the conclusion of this discussion, the meeting stood in 

recess from 10:35 a.m. to 10:50 a.m.

Setting the Stage for Financial Success

After the recess, Ms. Ortiz introduced the moderator of the 

next panel, Kenneth Worthey, Senior Community Affairs 

Specialist, DCP. Mr. Worthey explained that this discussion 

would also consist of two parts: on-ramps to the financial 

system for young people and self-sufficiency programs for those 

for those on housing assistance. He introduced the panelists: 

Michelle Hammonds, Director, Office of Financial Empowerment and 

Education, District of Columbia Department of Insurance, 

Securities, and Banking; Arellia Lisa Hinton, Assistant Vice 

President, Industrial Bank; Jayme Brown, Director of Community 

and Supportive Services Division, U.S. Department of Housing and 

Urban Development; and Biljana Jesic, Director of Community 

Services, Home Forward – Housing Authority of Portland, Oregon.

The panel began with Ms. Hammonds presenting on D.C.’s Bank 

On program, which aims to improve financial literacy, build 

credit histories, and overall financial security to unbanked and 

underbanked individuals. Ms. Hammond also highlighted how Bank 

On D.C. Summer Youth program is a local collaboration including 

the D.C. government, financial institutions, and community 

organizations to provide access to affordable financial products 

and services to unbanked and underbanked individuals, including 

youth. Ms. Hammonds noted that Bank On DC created virtual 

lessons and provided outreach during COVID-19. She explained 

that the overall program approach is to provide outreach to 

youth, facilitate the account opening process, enroll them into 

direct deposit, and offer financial education at orientation as 

well as ongoing experience-based training. Ms. Hinton then 

talked about Industrial Bank’s success in offering non-custodial 

accounts to young people as both an opportunity to develop a 

consumer relationship and to teach financial literacy.

The panel continued with Ms. Brown presenting on the U.S. 

Department of Housing and Urban Development’s Family Self- 
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Sufficiency Program. She explained the scope of the program and 

how it helps residents in public housing increase their economic 

self-sufficiency by providing financial incentives to help 

residents build savings through escrow accounts that are 

overseen by case managers. Ms. Brown noted that these savings 

can be used to help residents enter the job market, advance 

their education and continue to increase earnings while living 

in public or multi-family housing. Ms. Brown outlined the 

success of the program, noting that within one year of 

completing the program, 27 percent of participants no longer 

needed rental assistance and were able to exit public housing.

Finally, Ms. Jesic presented on the growth and success of 

Portland’s Home Forward, a housing authority that develops 

affordable housing and social services. She highlighted how the 

program’s voluntary nature and long-term partnership fostered 

trust and engagement with its participants.

Following the presentation, members provided some comments 

and asked a number of questions. Topics discussed included: 

setting the stage for financial success including a focus on 

youth account access and financial education, as well as, a HUD 

housing assistance program; effects of peer-education and trust 

building among young consumers and financial institutions; 

factors that lead to the programs’ many successes; the positive 

impact of financial literacy and education; and the funding 

needs to grow the programs.

At the conclusion of this panel, the meeting stood in 

recess from 12:13 p.m. to 1:29 p.m.

Members Roundtable

Ms. Ortiz next moderated the members’ roundtable 

discussion. The Committee members discussed a broad range of 

topics, including the following: overdraft fees, the CFPB’s 

proposed credit card late fee safe harbor, the results of the 

Financial Health Pulse Survey, and the growth in the number of 

bank offering certified Bank On accounts. Several members 

discussed racial justice issues, including ways to address 

racial inequality, racial disparities in housing and financial 

services, the racial wealth gap, and building trust between
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banks and minority communities. One member specifically 

highlighted accessibility issues for individuals with 

disabilities. Members also discussed a number of other topics 

including the effects of the current high-interest rate 

environment on borrowers and NSF fee and overdraft reform.

Additionally, members provided updates on current happenings and 

work streams occurring at their organizations.

At the conclusion of this discussion, the meeting stood in 

recess from 2:57 p.m. to 3:07 p.m.

Establishing Special Purpose Credit Programs (SPCP)

Ms. Ortiz introduced the moderator of the final panel of 

the day, Paola Diaz, Senior Community Affairs Specialist, DCP. 

Ms. Diaz made introductory remarks regarding SPCPs and 

introduced the panelists: Gary Clayton, Senior Examination 

Specialist, DCP; Chad Gourley, Manager, Retail Lending Products, 

Zions Bank; and Gabe Del Rio, President and CEO, Homeownership 

Council of America.

Mr. Clayton began the panel by providing a general overview 

of SPCPs consistent with the Equal Credit Opportunity Act (ECOA) 

and Regulation B, followed by a timeline of events leading to 

the February 22, 2022 SPCP Joint Interagency Announcement; then, 

he broadly explained the written regulatory requirements to 

establish SPCPs to meet the credit needs of specified classes of 

persons; and provided an overview of the FDIC procedures to 

review SPCPs. Next, Mr. Gourley shared his institution’s 

experience implementing its SPCP called Zion’s Bancorporation 

Small Business Diversity Banking Program.

Finally, Mr. Del Rio described objectives of the 

Homeownership Council of America (HCA), discussed SPCP 

considerations for mortgage lenders, and described the Mortgage 

Bankers Association and the National Housing Alliance Online 

Toolkit for Special Purpose Credit Programs in Underserved 

Communities, HCA’s Community Lending Initiatives in Mortgage 

Banking (CLIMB) Program and National SPCP Equity Down Payment 

Assistance Program.

Following the panel presentation, Committee members 

provided comments and asked a number of questions. Topics 

discussed included: the number of institutions offering SPCPs; 

the credit evaluation criteria for SPCP participants including
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the use of credit scores and other factors; the interaction of 

SPCPs with fair lending regulations; measuring the impact of 

SPCPs; and marketing SPCPs effectively.

Closing Remarks

Chairman Gruenberg delivered closing comments on the 

content of the final presentation and thanked the members and 

the staff for their contributions to the meeting.

There being no further business, the meeting was adjourned 

at 3:56 p.m.

Debra A. Decker 

Executive Secretary

Federal Deposit Insurance Corporation 

And Committee Management Officer 

FDIC Advisory Committee on Economic 

Inclusion
NONPUBLIC//FDIC INTERNAL ONLY 

Minutes 

of 

The Meeting of the FDIC Advisory Committee on Economic Inclusion 

of the 

Federal Deposit Insurance Corporation 

Held in the Board Room 

Federal Deposit Insurance Corporation Building 

Washington, D.C. 

Open to Public Observation via Webcast 

May 24, 2023 - 9:00 A.M. 

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

complete. 

Martin J. Gruenberg 

Chairman 

Board of Directors 

Federal Deposit Insurance Corporation