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Financial Health. Only 30 percent of Americans are spending, saving and borrowing in a manner that indicates a financially healthy life. However, community banks are in an optimal position to help consumers improve their financial lives. Community banks are relationship-based providers of financial services and understand the unique situations of the members of their communities, including underbanked consumers.
Technology. Individuals with little or no relationship with a bank may struggle to manage their funds effectively and to save, prepare, or borrow for emergencies. Technology can play a role in raising awareness among such individuals of available products and services and providing access to them.
Affordable Products. Many community banks offer various affordable loan and deposit products and services to their customers. ICBA welcomes opportunities to expand ways to serve new, existing, and potential customers, but guidelines must be simple, easily understood by bankers and examiners, and flexible enough to allow individual community banks to adapt them to their own market and operations.
Overly proscriptive requirements could add to burdens and costs and have the unintended consequence of discouraging these types of products.