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Could Municipal IDs Facilitate Access to Financial Services?

Author

Listed:
  • Terri Bradford

Abstract

Of the approximately 5.6 million U.S. households that did not have a bank or credit union account in 2023, about 13 percent cited not having the identification (ID) required to open an account as a reason for being unbanked. Municipal ID programs provide a form of local identification and can be designed to facilitate access to banking and financial services, though challenges to achieving this potential remain.

Suggested Citation

  • Terri Bradford, 2024. "Could Municipal IDs Facilitate Access to Financial Services?," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-6, December.
    • Handle: RePEc:fip:fedkpb:99287
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