News Release 2006-123 | November 15, 2006
OCC Highlights Strategies for Reaching Minority Markets
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a new Community Developments Insights report, "Reaching Minority Markets: Community Bank Strategies," examining a variety of methods that banks are using to target specific minority markets in the United States.
"The diversity of our Nation's population continues to grow, yet many minorities do not have a banking account," said John C. Dugan, Comptroller of the Currency. "By offering an expanded array of products and services to this changing consumer base, banks broaden their market and enable a greater number of consumers to enter America's financial mainstream."
Depending on their business model and targeted customer base, community national banks are using various approaches to reach minority consumers. These products, services, and marketing strategies can assist banks with developing customers from growing minority markets, many of whom currently use nonbank financial service providers, such as check cashing outlets and payday lenders, for their financial service needs.
This Community Development Insights can be found on the news release page of the OCC Website by going to www.occ.gov and clicking on the news release button on the left side of the page or by visiting https://www.occ.gov/topics/community-affairs/publications/index-ca-publications.html for the OCC Community Affairs publications page.