Financial inclusion

The biggest U.S. banks criticized a pair of proposals designed to help consumers who don’t use their services.

The company said it will increase access to affordable products, expand financial-education offerings and launch a National Unbanked Advisory Task Force.

The Federal Reserve Bank of Atlanta is enlisting banks, payment companies, retailers and universities to address problems that digital commerce creates for cash-reliant consumers.

The Mojaloop Foundation's Adama Diallo and Paul Hunter argue open, affordable real-time payments systems have the potential to include all and help turn underserved women into the newly served, enabling them to become economically active.

The agency has stepped up efforts to encourage those lacking banking relationships to choose an affordable account option for their pandemic relief funds. It will have to overcome distrust of financial institutions in communities of color.

Too many Americans lack a sound grounding in personal financial management, which limits their opportunity to build long-term financial independence.

Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

Ten companies this week joined the American Fintech Council, which debuted March 3 after the Marketplace Lending Association and Online Lending Policy Institute combined.

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.