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For a variety of its own reasons not applicable to the Committee, the agency may implement all/most of the recommendations,
but few times recommendations are not implemented.
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On June 19, 2007, the FDIC's Board of Directors approved a two-year pilot project to evaluate effective business models used
by participating financial institutions in offering affordable small-dollar loans to consumers. Best practices resulting from
the pilot were identified and became a resource for other institutions. The pilot was launched in February 2008, with an initial
group of 31 banks of varied sizes and diverse locations. The pilot was intended to be a case study to identify and disseminate
information to banks and others on replicable business models and best practices for small-dollar loans, including ways to
offer small-dollar loan customers other mainstream banking services.On September 4, 2008, the FDIC issued a Financial Institution
Letter (FIL) entitled Best Practices from the Forum on Mortgage Lending for Low- and Moderate Income Households.On October
8, 2009, the FDIC made available on its website the committee report on the issues and challenges to increasing access to
the financial mainstream by the underserved communities and low-and moderate-income consumers.On May 7, 2010, the FDIC published
for comment templates for safe, low-cost transactional and basic savings accounts. The FDIC received forty-seven comments
by the June 6, 2010 deadline. The comments were considered by FDIC prior to revising and combining the templates, which were
presented at the June 24, 2010 committee meeting. The comments are available on the FDIC’s website. On June 24, 2010, the
FDIC endorsed the small-dollar loan pilot in a press release. The FDIC has also published an article on the topic to promote
the results of the pilot.On August 10, 2010, the FDIC approved the Model Safe Accounts Pilot to evaluate the feasibility of
insured depository institutions offering safe, low-cost transactional and savings accounts. The pilot accounts are based in
large part on the templates discussed at the June 24, 2010 committee meeting. The pilot was launched on January 1, 2011, with
nine financial institutions offering accounts in the one-year pilot.
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