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In 2013, about 9.6m US households were unbanked, based on the Federal Deposit Insurance Corporation.

In 2013, about 9.6m US households were unbanked, based on the Federal Deposit Insurance Corporation.

In 2013, about 9.6m US households were unbanked, based on the Federal Deposit Insurance Corporation. A third of households without bank records stated that lack of task and earnings had been the causes they closed down their records. Another 24.8m were “underbanked”, having a banking account but in addition making use of alternate economic solutions such as pay day loans and look cashing.

“If you had been me personally, just what could you inform [my constituents] when they stumbled on me personally and stated that they had an urgent situation in addition they had a need to get $50 or $100 for per week or three or four days? Where could you advise us to inform them to attend get that sort of credit?” Georgia congressman Lynn Westmoreland asked Cordray as he provided the bureau’s semi annual are accountable to Congress at the start of March.

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