Financial inclusion

As the Federal Reserve continues to explore issuing a digital U.S. dollar, the Biden administration and key congressional leaders are endorsing the idea as a way to expand banking access for underserved consumers.

Y-Combinator fintech Stilt has secured a new loan facility from Silicon Valley Bank to diversify its funding sources and expand its lending efforts to immigrants and thin-file borrowers.

During the past year we’ve seen some ingenious, innovative solutions addressing financial inclusion, and that will need to continue, says GPS CFO Richard Hodgson.

Smaller financial institutions and fintechs need to work together to continue closing the unbanked gap through expanded digital banking capabilities.

U.S. consumers wanting to use cash for online payments will have the option to do so through a collaboration between Paysafe and Incomm Payments.

The pandemic has highlighted massive inequalities in American life but the financial services industry can play a role in reducing these divisions.

Community development financial institutions, which tend to be less digitally savvy than traditional banks and credit unions, are developing online-lending platforms and automating backroom processes with investments and technical assistance from big banks, high-tech firms and other sources.

Ludwig, an ex-banking regulator and CEO of Promontory Financial Group, describes how economic conditions for middle- and low-income Americans have declined and advocates a living wage, investment in infrastructure, smart regulation and other solutions.

Traditional lenders must embrace fintech underwriting tools that would help women- and monitory-owned businesses get loans they are too often denied.

The Democratic nominee has not gone as far as some progressives in support of financial inclusion, but ideas such as postal banking, a government-run credit reporting system and universal bank accounts would likely gain traction under a Biden administration.

Mexican payments startup Klar has raised $15 million in a Series A round in an effort to challenge traditional banks by expanding access to debit cards and credit lines.

Both the Federal Deposit Insurance Corp. and the American Bankers Association are encouraging the industry to offer basic products that could bring more unbanked households into the financial mainstream.

In an exclusive interview announcing the regulator's new financial inclusion program, NCUA Chairman Rodney Hood explains why the time was right to double down on the agency's efforts to expand access for marginalized communities.

Many consumers around the world rely on cash-based payments, even when shopping online, says PPRO's Steve Villegas.

A trio of small credit unions designated as minority depository institutions have been matched with larger institutions to improve outreach to low-income and underserved consumers.

Larry Sewell has also pledged to continue a series of industrywide conversations on race relations.

Transfiya, a blockchain-based funds transfer system, is transforming payments in Colombia for the benefit of underbanked and financially excluded consumers.

All parts of the payments industry can preserve cash, but mandates may be necessary, says Moorwand's Luc Geuriane.

With the USPS emerging as an election-year flashpoint, postal banking is an idea that could gain steam. But a number of proposals are out there, and they have wildly varying implications for financial inclusion.

Remitly has added 11 new mobile wallets to its network, almost doubling its reach to 300 million consumers, to meet demands for cash alternatives amid the COVID-19 pandemic.