Recently, the Treasury released the National Strategy for Financial Inclusion in the United States, which provided direction to industry participants to expand access to safe and affordable financial products and services for consumers. The strategy outlined several objectives and recommendations, noted in the Treasury’s fact sheet, including (i) promoting access to transaction accounts that meet consumer needs; (ii) increasing access to safe and affordable credit; (iii) expanding equitable access to savings and investments; (iv) improving the inclusivity of government-provided or backed financial products and services; and (v) fostering trust in the financial system through consumer protection. The strategy emphasized the importance of financial education and culturally relevant resources to help consumers make informed financial decisions. It also called for measured benchmarks and that financial inclusion should increase over time.
