FDIC seeking pilot program participants
The FDIC is seeking financial institutions to participate in a pilot program that will evaluate the feasibility of low-cost transactional and savings accounts aimed at the underserved. Under the pilot, participating institutions will offer electronic deposit accounts with product features identified in the FDIC Model Safe Accounts Template. The accounts will be FDIC insured, have reasonable rates and fees, and be subject to applicable consumer protection laws, regulations and guidance. Banks may not charge fees for non-sufficient funds or overdrafts on these accounts. The FDIC said one-quarter . . .
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