NCUA Chairman discusses financial inclusion initiative

on "October 28, 2020 10:48 am"

NCUA Chairman Rodney Hood’s recent CU Broadcast interview shared news of the recent launch of ACCESS, the financial inclusion initiative.

Chairman Rodney Hood mACCESS, which stands for Advancing Communities through Credit, Education, Stability, and Support, builds on similar efforts already underway at NCUA. ACCESS will expand on those efforts to address the financial services and financial literacy needs of underserved and diverse communities, as well as expand opportunities for employment.

Chairman Hood has stated a number of times this year that financial inclusion is the civil rights issue of the 21st century and that this issue was one of the primary, driving forces behind launching ACCESS.  He also talks about how the program works, how credit unions can get involved, benefits to the industry, and his goals for this initiative.

Here are some key actions Chairman Hood has slated for ACCESS:

  • Expanding access to credit gives more Americans the opportunity to build businesses, afford higher education, achieve the dream of homeownership, and create strong, vibrant communities.
  • Expanding access to financial literacy education helps consumers start on the right path financially and make smart financial decisions that improve their financial well-being.
  • Ensuring financial stability allows credit unions that serve minority and underserved areas to thrive and meet the evolving financial needs of their members and by extension, their communities.
  • Supporting new employment opportunities for minorities, women, the disabled, and the underserved allows these individuals to join the financial mainstream and benefit from greater economic opportunity. 

View CU Broadcast interview here.