U.S. Department of the Treasury Releases Request for Information on Financial Inclusion

Following a corresponding announcement in November 2023 (EventID 23941), the U.S. Department of the Treasury, USDT, has launched a request for information (RFI) as regards financial inclusion. The aim of the „consultation“ is to inform a national strategy on financial inclusion and „to advance financial inclusion through policy, government programs, financial products and services, technology, and other tools and infrastructure“. The RFI is high level in nature in that it does not propose any specific measures or policies. Instead, it seeks answers on a number of questions, e.g. on the meaning of „financial inclusion“, possible ways to promote the inclusion, or barriers to inclusion.
Some questions raised by the USDT are quoted below; for all of them, please consult the enclosed legal document.
#### Questions raised by the USDT in relation to financial inclusion:
– How do you or your organization define financial inclusion?
– Are there features of the existing financial system (for example, pricing strategies, fees, penalties, underwriting methods and standards, uses of consumer data, technological systems or constraints, institutional protocols related to fraud or risk management, or other features) that limit or create inequalities in the ability of consumers and communities to access, use, and benefit from financial products and services? Which features are the most limiting, and for whom?
– What are key indicators that can be used to measure and track financial inclusion? If possible, please provide specific examples of existing data sources.
– Please describe examples of existing programs, initiatives, products, or services successful in promoting financial inclusion. Why were these effective and what are promising practices or other lessons learned?
– How can initiatives to promote financial inclusion be tailored to address the unique needs and preferences of underserved communities, and how can the financial system build trust among consumers who have been excluded? Please provide specific examples.
– What can be done to enable responsible, equitable innovation in financial products and services that enhances financial inclusion while ensuring robust consumer protections, including privacy and data security? For example, could novel data sources, data analytic techniques or algorithms be leveraged to promote access to financial products while ensuring privacy protections and safeguarding consumer data?
– What are examples of innovative financial products, services, and strategies that have enhanced individuals‘ ability to access, use, and benefit from these offerings?
– What roles should the public, private, and nonprofit sectors play in promoting financial inclusion?