A Direct Line Blog

By Donya Parrish, MCU VP Risk Management

The U.S. Treasury released an interesting Fact Sheet last week, and it’s one that I think points directly to credit unions as a solution on multiple fronts. The National Strategy on Financial Inclusion in the United States includes five objectives focused on their primary belief that the “ability to fully and beneficially participate in the U.S. financial system is a foundation for financial resilience, well-being, and the opportunity to build wealth” for all Americans.

The key recommendations included the following:

1. Promote access to transaction accounts that meet consumer needs
2. Increase access to safe and affordable credit
3. Expand equitable access to savings and investments
4. Improve the inclusivity of financial products and services provided or backed by the government
5. Foster trust in the financial system by protecting consumers from illegal and predatory practices

Each of the five is worthy of an entire discussion from the lens of your credit union. The last one included several stakeholders who have a role in the success of the strategy. It noted that financial service providers, like credit unions, “have a crucial role in developing and offering inclusive financial products, including through leveraging technology for broader access and partnering with community organizations.”

Where does your board and credit union plan to expand reach and get started?