News Topic: Financial inclusion

Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers. ... Read full article

The next downturn will come sooner rather than later, so bankers should press policymakers for several core improvements to the financial system before attitudes in Washington change. ... Read full article

The Human Account, a survey of 11,500 people, is intended to inspire banks and governments to come up with better ways to help low-income people. ... Read full article

A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised. ... Read full article

The agency’s biennial survey showed gradual improvement in access to mainstream banks, but over 14 million adults lack ties to a federally insured institution. ... Read full article

Better web access, paid for by banks, could go a long way toward moving the unbanked into the mainstream. It was one of many ideas batted around at a recent a conference on the role fintech can play in promoting financial inclusion. ... Read full article

Banks should work to shield some customers who may otherwise be flagged or blocked by AI-powered safeguards, and consider using alternative data to expand services to the underbanked. ... Read full article

Judy Long, president of First Citizens National Bank in Dyersburg, Tenn., launched the Smart Women financial literacy program after seeing female customers struggle with managing their finances. ... Read full article

An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem. ... Read full article

It bothered Jeannie Tarkenton, founder of Funding University, that too many kids from lower-income families didn't graduate because they lacked just a few thousand dollars and couldn't get a loan. ... Read full article

The bank's $7 million over four years toward the initiative is its largest overseas philanthropic commitment. ... Read full article

A $52 million-asset African-American-owned bank in South Carolina is hoping its efforts can be expanded to help underbanked consumers nationwide. ... Read full article

The OCC has simplified language detailing how fintech charter applicants will clear requirements for meeting community needs. The move has some consumer groups worried. ... Read full article

Jonathan Walker of the Center for the New Middle Class and Mark Schwanhausser of Javelin kick around ideas for helping women caught in a subprime trap. ... Read full article

Women with credit scores below 700 feel more stressed about money than any other group, according to a new study. The findings suggest financial firms should cater to them with special advisory products and services. ... Read full article

The agency’s recent bulletin could help banks get back into the small-dollar lending business, keeping needy borrowers out of debt traps. But other regulatory limits remain in focus. ... Read full article

Fair Square Financial has received a $100 million equity investment from the Orogen Group to fund a credit card designed for underserved U.S. consumer segments. ... Read full article

The bank’s latest punishment would settle charges by the CFPB and the OCC; Staley did not act without integrity in trying to unmask a whistleblower. ... Read full article