Analysis Of The Federal Deposit Insurance Corporation

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Unbanked Latinos; AARP Opportunity to Gain -Trust Unbanked, as defined by the Federal Deposit insurance Corporation, or FDIC, is a Household that do not have a checking or savings account and have used alternative financial services like money order, check cashing, remittance, payday loans, etc. Economic reports have Latinos growing rapidly in the United States. There are about 57 million Latinos in the United States and represent about 18 percent of the total population; of these 57 million, 60 percent are Millennials (18-49) and in total they inject about $1.7 trillion (projected in 2020) dollars a year to the U.S. economy. In 2014 the number of Unbanked Latino Households declined, still the number of unbanked remains much higher…show more content…
(Latinos, [documented and undocumented] lost confidence in banks in several aspects Wells Fargo 2017 Suit: Wells Fargo targeted 'undocumented immigrants ' for accounts, Thomas Lee, April 26, 2017) perhaps AARP Prepaid cards....? Fifty-three percent of Mexican immigrants and 37 percent of other Latin American immigrants are unbanked, according to a report by the Federal Reserve Bank in Kansas City. “Undocumented immigrants are also concerned that banks will share their information with immigration officials, or that they wouldn’t be able to access their funds if they are deported,” according to a report by the Federal Reserve Bank in Richmond, Va. “This is a real fear among undocumented immigrants and a potentially high barrier to overcome, because it could mean the difference between staying and working in the United States (and sending money back home) and being forced to leave the country,” the report said. All 3 generations connected through two elements that bind them together SOLUTION: 1st, 2nd & 3rd generation Latinos have little to no education to college educated family members in the household, some members with advanced degrees. The number of Latinos graduating from High School dropped significantly (2000 to 2014) and a significant number enrolled in two year college institutions, a 35% increase among the ages of 18 to 24 from 1993 to 2014 that 's a jump from 22% a 13% percentage point increase.

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