The American Fintech Council (AFC) has commended the Office of the Comptroller of the Currency (OCC) for its expanded and pragmatic approach to financial inclusion through Project REACh 2.0. The OCC’s initiative aims to address barriers to financial inclusion by incorporating financial technology into its Roundtable for Economic Access and Change.
“For nearly four years, the OCC has convened the participants of Project REACh for open and candid conversations about the barriers to fair and full participation in the U.S. banking system for all families, with the goal of realizing real change,” said Ian P. Moloney, Head of Policy and Regulatory Affairs for AFC. “By expanding Project REACh’s focus, Acting Comptroller Hsu and his dedicated team recognize the importance and positive impact that responsible innovation can have on historically underserved communities.”
Under REACh 2.0, working groups will replace workstreams and focus on place-based initiatives; underserved and disadvantaged populations; technology; and tools, products, and services. Existing projects will transition to these new working groups.
“Through Project REACh, more than 100,000 credit invisibles now have access to credit and more than half a billion dollars has been invested into minority depository institutions,” said Acting Comptroller of the Currency Michael J. Hsu in a recent press release. “As we tackle additional barriers that prevent full, equal, and fair participation in the nation’s economy, we’ve made structural changes to Project REACh so we can sharpen our efforts and leverage new opportunities… This new approach provides more agility to engage in a broader range of initiatives that not only address barriers but accelerate solutions to financial inclusion.”
Since July 2020, Project REACh has assembled key stakeholder groups to address barriers through alternative credit scoring, affordable homeownership, revitalizing minority depository institutions, and developing opportunities for small businesses.
In addition to supporting REACh 2.0's expanded focus on leveraging fintech, AFC CEO Phil Goldfeder participated in a panel discussion at this year’s Financial Inclusion Summit alongside AFC members Self Financial and Upstart.
The AFC is a standards-based trade association representing responsible fintech companies of all sizes as well as innovative BaaS banks. Its mission is to promote an innovative, transparent, inclusive, customer-centric financial system by supporting responsible innovation in fintech while encouraging sound public policy.
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