The U.S. Department of the Treasury has unveiled its National Strategy for Financial Inclusion, a comprehensive plan aimed at expanding access to financial products and services across the United States. The strategy was developed following a request from Congress in 2023 and involved extensive research and consultation with various stakeholders, including experts, community leaders, industry representatives, and federal agencies.
The Treasury emphasizes that participation in the financial system is crucial for financial resilience and wealth-building opportunities. The strategy outlines objectives and recommendations to ensure financial products are accessible and designed to improve consumers' financial well-being.
One objective focuses on promoting access to transaction accounts at insured depository institutions. This includes leveraging government-to-consumer payments to reduce unbanked households and encouraging private sector involvement in offering affordable accounts tailored to underserved communities.
Another goal is increasing access to safe and affordable credit by integrating alternative data into credit scoring models. Expanding Special Purpose Credit Programs can help address disparities in credit availability, while lenders are encouraged to consider product structures that support consumer financial health.
The strategy also aims to expand equitable access to savings and investments by providing incentives for retirement savings and offering tools for emergency savings. Employers are urged to design benefits that support employee financial health and provide education on saving and investing.
Improving inclusivity of government-backed financial products is another key focus. The government should ensure these products enhance inclusion with minimal fees and easy application processes.
Consumer protection is highlighted as essential for fostering trust in the financial system. Regulators must enforce laws ensuring safe, transparent, and fair financial services.
Financial education is underscored as vital for enabling informed decisions. The strategy calls for unbiased information, clear disclosures, culturally relevant resources, and benchmarks to measure progress over time.
The strategy is intended as a dynamic framework adaptable to changing conditions. Its success relies on collaboration among various stakeholders: financial service providers, government agencies, community organizations, employers, researchers, and academia.
Treasury invites all parties to engage with this initiative to create a more inclusive financial landscape.
