Financial inclusion

Policymakers need to update banking regulations to minimize the risks posed by technology companies entering financial services, a well-known policy analyst says in a new paper.

The Financial Services Committee also announced the head of a newly created subcommittee on diversity and inclusion.

Three credit unions will receive $18,000 each and work with the Center for Financial Services Innovation to track the strength of certain products and services.

The bill would require at least one gender diverse and one racially or ethnically diverse candidate to be interviewed for Fed regional bank president vacancies.

A Financial Services subcommittee planned by Democrats to root out discrimination and expand financial inclusion could put institutions on the hot seat, but it could also foster regulatory relief.

A Financial Services subcommittee planned by Democrats to root out discrimination and expand financial inclusion could put banks on the hot seat, but it could also foster regulatory relief.

MyBucks and its New Finance Bank subsidiary have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp.

The Federal Reserve is paying close attention to how it might regulate artificial intelligence and machine learning, Fed Gov. Lael Brainard said in a speech Tuesday.

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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.

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