Treasury Department is seeking comment on financial inclusion strategy

by David Baumann, Washington CU Daily

The Biden Administration last month took the first steps toward developing a framework for broadening access to financial services among underserved communities, asking for public comment on ways to develop a financial inclusion strategy.

“Improving inclusion in the financial system is a critical part of fostering financial security, expanding opportunities to build wealth, and closing the racial wealth gap,” the Treasury Department said, in soliciting comments.

The department added, “Financial inclusion can meaningfully enhance consumers’ ability to transact and save, as well as enable investments that bolster income and wealth, which can ultimately have positive impacts on the overall economy.”

Last year’s omnibus appropriations bill, H.R. 2617, required the department, working with other regulators, to develop the framework. “The strategy should establish national objectives for financial inclusion; set benchmarks for measuring progress; and offer recommendations for advancing financial inclusion through public policy, government programs, financial products and services, technology, and other tools and infrastructure,” the conference report on the omnibus spending bill stated.

 

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