This week, the U.S. Department of the Treasury convened a roundtable to explore how financial institutions can enhance their support for Tribal Nations in accessing capital. The event brought together various stakeholders from the Tribal finance ecosystem, including representatives from Tribal governments, financial technology firms, consumer advocacy groups, government agencies, and financial institutions.
The discussions centered on the challenges that Tribal communities face in accessing capital and credit. Participants highlighted issues related to insurance, mortgages, and consumer loans. They also examined the role of traditional financial institutions within these communities and identified areas where further engagement is needed.
Treasury officials guided conversations on recent trends in financing, particularly noting the rise of online lending by financial technology companies. The need for robust capital access to drive economic development in Tribal communities was a key point of discussion.
"The Biden-Harris Administration has prioritized alleviating burdens constraining the financial growth of Tribal communities," stated Treasury officials. A proposed rule announced last week aims to clarify that wholly-owned Tribal entities are exempt from federal income tax. This initiative is part of broader efforts by the Administration to strengthen Tribal communities across America.
Treasury plans to continue its collaboration with stakeholders to support economic growth in these communities.
