Bridging the financial inclusion divide digest

Positioning purpose and profit through financial inclusion

Prioritizing financial inclusion can pave a path forward in every community by offering financial resources and tools that can accelerate individual economic mobility and promote collective economic growth.

Recession concerns ease, economic challenges continue

While concerns about a possible economic recession have eased slightly, the economy continues to face challenges such as a slowdown and elevated interest rates. In our most recent issue, we’re offering a look at recent regulatory advancements with a focus on how regulators are prioritizing greater transparency and improved access to credit and implementing noteworthy changes within FSI. Additionally, the Federal Housing Finance Agency (FHFA) has been steadfast in its ongoing endeavors to ensure housing for all. Explore the digest for insights into how these regulatory developments may affect your business.

Key takeaways

Despite the growing momentum of financial inclusion as a solution for achieving economic parity, a significant amount of unfinished work remains. Moreover, implementing and prioritizing measures that help ensure fair access to financial services for vulnerable groups can result in reduced barriers, improved financial literacy, and less discrimination. In this issue, we highlight various ongoing regulatory initiatives aimed at addressing potential inequities: 

  • The FHFA announced updated Equitable Housing Finance Plans for Fannie Mae and Freddie Mac, aiming to promote fair and affordable housing opportunities.
  • Vice President Harris and the Treasury Department announced more than $1.73 billion to enhance access to capital and financial services in underserved communities, addressing economic disparities.
  • The FHFA issued a final rule amending the Enterprise Duty to Serve Underserved Markets regulation, encouraging Fannie Mae and Freddie Mac to serve low-income and underserved communities. It also proposed a rulemaking on fair lending oversight, signaling increased attention to ensure fair lending practices and prevent discriminatory practices in the housing market.
  • The Treasury Department held roundtable discussions to discuss the American Rescue Plan’s investments in rental assistance for AANHPI communities and engaged with financial institutions serving low-income and minority communities in California.
  • Treasury Deputy Secretary Wally Adeyemo and Counselor for Racial Equity Janis Bowdler attended an ECIP roundtable with UC Investments, discussing the Treasury’s $8.4 billion investment in CDFIs and MDIs. The focus was on expanding financial services in underserved communities, benefiting low-income families, immigrants, and people living in rural areas in California.
Bridging the financial inclusion divide digest | September 2023

Regulatory developments to watch

Take a look back at previous digests

May 2023

The chasm of financial inequities disproportionately impacting historically marginalized communities cannot be ignored and, in many ways, has grown throughout the global pandemic. With the threat of a recession looming closer, many working families are struggling to make ends meet as they’re saddled with high interest rates and inflation at every turn.

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March 2023

While financial inclusion efforts have increased significantly over recent years, regulators continue to take critical steps to implement a more equitable and resilient financial sector and correct discrimination, increase access to financial services, and promote equality with consumer protection. In this issue, we noted several aspects of the ongoing wave of regulatory initiatives to address potential inequities.

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December 2022

As the financial services industry faces a pivotal point in its evolution, policymakers are encouraging the industry in cultivating a better world with policies that aim to make things easier for the financially underserved. In this issue, we bring forward the latest developments taking place in the industry regarding how discrimination is being brought under the spotlight with the reintroduction of bills and other notable regulatory advances.

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August 2022

With the realization that universal progress hinges on the inclusion of socioeconomically disadvantaged segments, there’s growing interest in the “social” factor when measuring the environmental, social, and governance sustainability and ethical impact. This issue presents the latest developments taking place in banking and capital markets, insurance, investment management, and commercial real estate.

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Financial inclusion is a critical consideration in defining an organization’s corporate social purpose. As a more human-centric economy rapidly takes shape, financial services organizations must heed the call to engage with a broader array of customer, employee, and community stakeholders in more direct, personalized, meaningful, and socially responsible ways. Learn how we can help your organization lead the way, with financial inclusion efforts that create a higher bottom line for all.

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