A Policy Mapping Analysis of Goals Related to Bank Accounts in Federal Legislative Proposals

Birkenmaier, Julie; Janssen, Alana

doi:10.1007/s42972-021-00037-y

Cited by 3 publications

(2 citation statements)

References 22 publications

(24 reference statements)

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“…First, for policy purposes, regulatory and legislative efforts must be careful in how they think about the meaning of being banked. While some legislative efforts have focused on the importance of ensuring the inclusion of low-income consumers in the traditional banking sector (Birkenmaier & Janssen, 2021 ), that does not align with the preferences we are seeing among some mothers with lower incomes. Mothers are drawing on a wide range of financial services and products, in part dictated by their context, including what their employers offer, and in part driven by their experiences and preferences for more flexible and transparent financial interactions and services.…”

Section: Discussionmentioning

confidence: 99%

“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents

et al. 2022

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Basic financial services facilitate people’s ability to manage their finances, save, and receive payments from employers or the government. Drawing on survey data as well as qualitative interviews with 80 mothers with limited incomes, we find that parents take a pragmatic view and use a wide range of financial services to meet their needs including fintech, prepaid cards, and mobile phone-based solutions, as well as traditional banks. Mistrust in institutions is an important factor in shaping the services mothers avoid. Structural factors, like employers’ payment methods, also play a role in financial service use. These low-income parents of young children are actively using a range of financial services, much broader than those provided by traditional banks. Many mothers engaged in complex financial management practices to receive income and pay their bills. This opens room for potentially costly errors and is, at least, taxing their cognitive bandwidth. Researchers must attend to the diverse set of financial services with which parents engage and investigate how this affects families’ financial wellbeing and inclusion.

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Section: Discussionmentioning

confidence: 99%

“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents

et al. 2022

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“…At the national level, there has been no federal legislation introduced or passed that would require an industry standard for bank account features (Birkenmaier & Janssen, 2021). However, in response to the growing recognition of the challenges related to banked status, national voluntary standards for bank account affordability and safety have been developed (CFE, 2021).…”

Section: Introductionmentioning

confidence: 99%

Bank compliance with national transaction account standards: Evidence from a mid‐western metropolitan area

Birkenmaier

Huang

Balu³

2021

Journal of Consumer Affairs

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Increasing the fully banked population is related to the availability of affordable bank accounts. This study investigates the factors that are associated with bank response to voluntary national bank account standards for an affordable transaction account. We also examine the degree to which account information is available from bank websites. Account feature data were collected from public bank websites and bank tellers (N = 108) in a mid-western metropolitan area. Results suggest that most banks offer an account that meets the majority of the standards. On average, bank websites are missing information about eight (44%) of the voluntary standards. There is weak evidence to suggest that bank asset size is associated both with the number of standards met and the numbers of standards about which a viewer cannot assess from information on their website. Practice and policy implications of the voluntary standards on the availability of affordable transaction accounts are discussed.

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Financial Access Policy Goals Pursued by the Consumer Financial Protection Bureau (CFPB) in Its Regulatory Function: 2011–2023

Birkenmaier

2024

J of Pol Practice & Research

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A Policy Mapping Analysis of Goals Related to Bank Accounts in Federal Legislative Proposals

Cited by 3 publications

References 22 publications

“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents

“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents

Bank compliance with national transaction account standards: Evidence from a mid‐western metropolitan area

Financial Access Policy Goals Pursued by the Consumer Financial Protection Bureau (CFPB) in Its Regulatory Function: 2011–2023

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