The Federal Reserve continues to focus on financial and payments inclusion, highlighting ongoing research into economic conditions such as inflation, employment, and financial system risks. The Fourth Federal Reserve District, which covers Ohio and parts of Pennsylvania, West Virginia, and Kentucky, plays a significant role in gathering data that informs the public and policymakers.
A 2021 study by the Federal Deposit Insurance Corporation (FDIC) revealed that 4.5 percent of American households lack a bank account while 14.1 percent are underbanked. Current research within the Federal Reserve System and academia examines barriers to financial inclusion and the importance of trust in banking.
The Federal Reserve supports the US economy by studying economic conditions affecting communities, supervising financial institutions, and providing educational resources. An upcoming FedTalk will further explore these issues related to financial inclusion.