FDIC Efforts to Increase Consumer Participation in the Insured Banking System

Submitting OIG:

Federal Deposit Insurance Corporation OIG

Date Issued:

Wednesday, September 13, 2023

Agency Reviewed / Investigated:

Federal Deposit Insurance Corporation

Submitting OIG-Specific Report Number:

EVAL-23-003

Location(s):

Agency-Wide

Type of Report:

Inspection / Evaluation

Special Projects:

DEIA

Questioned Costs:

Funds for Better Use:

Number of Recommendations:

Report updated under NDAA 5274:

View Document:

Attachment	Size
eval-23-003.pdf	1.04 MB

Recommendation Number	Recommendation Status	Significant Recommendation
1	Open	No
In developing future Economic Inclusion Strategic Plans, perform an environmental scan of the current economic inclusion landscape. The environmental scan should include external resources, such as national partners and banks, to identify and understand trends in banking services and technology solutions that may affect the FDIC’s economic inclusion goals.
2	Open	No
Resume the Bank survey, or implement another mechanism, to obtain the perspectives of banks, including bank efforts to address primary reasons cited by households for being unbanked, and data related to the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 questions. Data obtained should be leveraged to inform the development of the FDIC’s future economic inclusion strategic planning efforts.
3	Open	No
Identify and describe internal and external stakeholder coordination and collaboration efforts, including inputs, responsibilities, and expected contributions in the FDIC’s future Economic Inclusion Strategic Plans.
4	Open	No
Review Executive Orders related to advancing equity and improving economic opportunities in specific communities to identify and consider best practices that can be incorporated into the FDIC’s future economic inclusion strategic planning efforts.
5	Open	No
Clearly identify and describe strategies to achieve the desired goals in the FDIC’s future Economic Inclusion Strategic Plans.
6	Open	No
Develop and implement consistent assessment and progress reporting for all Economic Inclusion Strategic Plan goals and objectives, and ensure that the expressed intent of annual FDIC Performance Goals related to economic inclusion matches the goals and objectives articulated in the Economic Inclusion Strategic Plan.
7	Open	No
Coordinate with the Division of Finance to develop and implement formal policy and guidance for the formulation of discretionary strategic plans that are consistent with strategic planning best practices from the Office of Management and Budget, the Government Accountability Office, and other organizations identified in this report.
8	Open	No
Align the Economic Inclusion Strategic Plan with the policy and guidance developed in response to Recommendation 7.
9	Open	No
Develop or use an existing tracking system to measure internal staffing costs related to individual economic inclusion programs and initiatives.
10	Open	No
Develop procedures governing when to form or dissolve an Alliance for Economic Inclusion and for monitoring Alliances for Economic Inclusion to ensure the FDIC aligns Alliances for Economic Inclusion to geographical areas with the highest consumer needs or other factors that contribute to the achievement of Economic Inclusion Strategic Plan goals and objectives.

Recommendation Number

Recommendation Status

Significant Recommendation

Additional Details

Open

In developing future Economic Inclusion Strategic Plans, perform an environmental scan of the current economic inclusion landscape. The environmental scan should include external resources, such as national partners and banks, to identify and understand trends in banking services and technology solutions that may affect the FDIC’s economic inclusion goals.

Open

Resume the Bank survey, or implement another mechanism, to obtain the perspectives of banks, including bank efforts to address primary reasons cited by households for being unbanked, and data related to the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 questions. Data obtained should be leveraged to inform the development of the FDIC’s future economic inclusion strategic planning efforts.

Open

Identify and describe internal and external stakeholder coordination and collaboration efforts, including inputs, responsibilities, and expected contributions in the FDIC’s future Economic Inclusion Strategic Plans.

Open

Review Executive Orders related to advancing equity and improving economic opportunities in specific communities to identify and consider best practices that can be incorporated into the FDIC’s future economic inclusion strategic planning efforts.