The Alliance for Economic Inclusion (AEI) is the FDIC's national initiative to establish broad-based coalitions of federally insured financial institutions, community-based organizations and other partners in several territories across the nation to bring unbanked and underbanked individuals and families into the financial mainstream. The Chairman’s Advisory Committee on Economic Inclusion (ComE-IN) provides senior-level guidance and recommendations. For more information about AEI activities and ComE-IN, see: http://www.fdic.gov/consumers/community/AEI/index.html.
The Boston Alliance for Economic Inclusion (BAEI) is one of these public-private coalitions, offering banks, credit unions, and other financial institutions opportunities to work with the non-profit and public sectors to better understand, and tap into, the significant business potential of unbanked and underbanked consumers, and remain in compliance with all current banking laws.
The Mission of the Boston Alliance for Economic Inclusion is to enhance the economic well-being of the unbanked and underbanked in metropolitan Boston by improving their access to the mainstream banking system, developing and marketing more responsive and affordable financial products and services, promoting financial education, and addressing technical or regulatory issues surrounding these developments.
In order to achieve its Mission, the BAEI:
- Informs and educates its members about the positive business opportunities provided by improved access to mainstream financial services by unbanked and underbanked individuals and families; and identifies and solves issues and obstacles associated with new product or service development, and
- Encourages a continuing commitment by leaders in all sectors to take positive action in response to these opportunities.