Black Lawmakers Want to Renew Advisory Committee on Economic Inclusion
Senator Cory Booker (D-NJ),Congressmen Gregory Meeks (D-NY)and Lacy Clay (D-MS), andCongresswoman Mia Love (R-UT) are requesting the renewal of the Federal Deposit Insurance Corporation’s (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) to help continue to expand access to safe and affordable banking services among underserved populations. In a letter to FDIC Chair Jelena McWilliams, the members advocated that ComE-IN has been useful due to the variety of perspectives of its membership -- which includes bankers and other industry participants -- and has provided substantial information to state and federal policymakers, particularly those on the House Committee on Financial Services and the Senate Committee on Banking. They also said ComE-IN could provide input on modernizing the Community Reinvestment Act, which was designed to encourage commercial banks and savings associations to help meet the needs of low- and mid-income neighborhoods. “With the FDIC's role as the banking system's deposit-insurer, ComE-IN can be helpful in informing the FDIC's decision-making as the agency considers the future of banking,” they wrote. “We reiterate our strong bipartisan support for ComE-IN and encourage you to renew the Committee's structure and responsibilities unchanged, consistent with Democratic and Republican FDIC chairs of the past.” More here.