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NCUA launches new initiative in support of financial inclusivity
NCUA Chairman Rodney Hood Monday announced the launch of the agency's new Advancing Communities through Credit, Education, Stability and Support (ACCESS) initiative bringing together leaders from across the NCUA to modernize regulations, policies, and programs in support of greater financial inclusion.
"As Chairman, I have consistently characterized financial inclusion as the civil rights issue of the 21st century," said Hood in a release on the initiative. "There is a clear business case for credit unions to enhance their outreach to underserved and underbanked populations. The NCUA will dedicate resources from across its lines of business to bring more Americans into the financial mainstream and provide them with greater access to safe and affordable financial services."
According to the release, new initiatives under the program will include:
- increased access to credit and loan products;
- dedicated resources to help people make smart financial decisions;
- enhanced existing programs that encourage credit union membership and access to financial services; and
- inclusive policies and outreach efforts in surrounding credit union communities.
In addition, the NCUA is set to host a webinar on financial inclusion and minority depository institutions (MDIs) tomorrow that will tackle how credit unions, specifically MDIs, can provide financial products and services to help bring underserved communities into the "financial mainstream."
The webinar is slated to begin at 2 p.m. Eastern and will feature staff from NCUA’s Office of Consumer Financial Protection and Office of Credit Union Resources and Expansion; registration is still open.
NAFCU has previously pledged to promote programs and resources to help Americans reach their financial goals, including working with the CFPB and NCUA on financial literacy resources, and will continue to support efforts from the NCUA and Congress that ensure credit unions can continue to promote financial inclusivity when serving their communities.