Treasury issues request for input on financial inclusion

The Treasury Department issued a request for information on its planned development of a national strategy for financial inclusion.

Details: The request for information allows interested individuals and organizations to identify opportunities to advance financial inclusion through policy, government programs, financial products and services, technology, and other tools and infrastructure. ICBA plans to submit comments ahead of the 60-day deadline.

ICBA Advocacy:

• ICBA supports voluntary financial education and identifying regulatory obstacles that discourage development of affordable products.

• ICBA met with Treasury officials in October on financial inclusion at community banks after previously joining the Aspen Institute’s Financial Security Program in support of a national financial inclusion strategy.

• ICBA last year encouraged Treasury’s new Interagency Community Investment Committee to promote agency collaboration as it works to support access to affordable financial services in underserved communities.

• ICBA in 2021 issued a white paper on community bank solutions and policy recommendations to promote inclusion, such as promoting mission-oriented banks and responsible small-dollar lending.