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The Office of the Currency Auditor tries to remove structural barriers to financial inclusion

July 11, 2020

The currency auditor ‘s office or OCC launched a project to improve the financial inclusion of underserved populations.

With the name REACh, which stands for Round Table on Access and Economic Change, leading representatives of the banking industry and the national organizations for civil rights, companies and technology will come together to identify and remove obstacles and the Improve access to capital and credit. The group met on July 10th to look for projects the group will tackle.

Part of the round table is to find out which structural policies and problems at national and local levels are preventing access to credit. Brian P. Brooks, the acting currency auditor and formerly part of the Coinbase legal team, said one of the obstacles the group will try to overcome is the lack of credit scores for nearly 50 million Americans who may not be able to get credit. traditionally and create a credit pattern.

The Office of the Currency Auditor tries to remove structural barriers to financial inclusionThe Office of the Currency Auditor tries to remove structural barriers to financial inclusion

“The recent unrest in our country has shown that too many people have been excluded from our nation’s economy.”Brooks said in an OCC statement. “While we applaud others who have made huge financial contributions to meet immediate needs, the REACh project will focus on political and structural changes that can help more people participate in our economy and thrive in the same way how many others.” .

The first meeting included representatives from the Asian American National Coalition, the NAACP, the Native American Association of Finance Officers, the Hispanic Chamber of Commerce of the United States, banks such as JPMorgan Chase, Wells Fargo and Citigroup, and Credit Karma. among other.

The OCC has discussed ways to integrate more financial technology, including the possibility of integrating crypto functions into the banking system.