Chairman Hood: COVID-19 Shows Need for Greater Financial Inclusion

October 2020
Chairman Hood: COVID-19 Shows Need for Greater Financial Inclusion

ALEXANDRIA, Va. (Oct. 28, 2020) – National Credit Union Administration Chairman Rodney E. Hood delivered remarks today at the annual Inclusiv Conference in support of a financial inclusion agenda that expands economic opportunity for all Americans.

“The COVID-19 pandemic has revealed a concerning aspect of American life; even in an age of relative plenty and prosperity, inequalities continue to plague our nation,” Chairman Hood said. “Consider the pandemic’s disproportionate impact on communities of color. That stems, in part, from economic opportunity, an area where leaders in the financial services industry can have a powerful impact by making a genuine commitment to a financial inclusion agenda.”

Hood cited the NCUA’s new financial inclusion initiative, ACCESS, as an example of what the agency is doing to foster greater financial inclusion, accessibility, and opportunity for all Americans.

“This initiative will bring together leaders across the NCUA to develop policies and programs in support of financial inclusion within the agency and the credit union system,” Hood said. “ACCESS will build on the earlier successes, including our Second Chance Initiative, PALS II Rule, and MDI Preservation Program, to expand and address the financial services, financial literacy, and employment needs of underserved and diverse communities.”

The ACCESS initiative builds on similar efforts underway at the agency and in credit unions that include building diverse and inclusive workforces and supplier chains, enhancing support for small, low-income and minority credit unions, and supporting initiatives aimed at increasing economic opportunity for all Americans.

Efforts under this program include increasing access to credit and loan products, dedicating resources to help people make smart financial decisions, enhancing existing programs that encourage credit union membership and access to financial services, and fostering inclusive policies and outreach efforts in the community.

To learn more about the ACCESS initiative, go to www.ncua.gov/access.

Last modified on
10/28/20