FDIC reveals more households entering the ranks of the underbanked

One in 12 U.S. households does not have access to a bank deposit account, while families with bank accounts are increasingly relying on nonbank remittances, payday loans and other alternative financial services to meet their needs, according to a new report from the Federal Deposit Insurance Corp. Read on to learn about the report and what CFPB Director Richard Cordray said about his agency’s plans to ensure that unbanked and underbanked consumers are protected.