Introduction

On October 29, 2024, the U.S. Department of the Treasury released the inaugural National Strategy for Financial Inclusion. The strategy identifies goals and recommendations for expanding consumer access to safe financial products and services. It serves as a roadmap for policymakers, industry stakeholders, employers, and community organizations to strengthen financial security and improve financial participation across the United States.

The strategy reflects extensive collaboration and research by Treasury, which sought input from experts, industry leaders, and community representatives to address disparities in financial access.

Key Objectives of the Strategy

The National Strategy for Financial Inclusion focuses on five primary objectives to address barriers to financial services:

1. Promote Access to Transaction Accounts

   • Expand access to accounts that meet consumer needs by incorporating features like affordability and simplified application processes.

2. Increase Access to Safe and Affordable Credit

   • Use alternative data to improve credit scoring and expand availability of consumer-friendly credit products.

3. Expand Access to Savings and Investments

   • Provide tools for emergency savings and incentivize retirement savings through employer-supported programs.

4. Enhance Inclusivity of Government-Backed Financial Products

   • Streamline access to public financial tools, including government-backed loans, to make them more accessible for eligible households.

5. Foster Trust in the Financial System

   • Strengthen oversight of predatory practices and illegal financial schemes to improve consumer confidence in financial services.

Relevance for Stakeholders

The National Strategy invites collaboration from the public, private, and nonprofit sectors to implement its objectives. Businesses, policymakers, and community organizations are encouraged to assess their practices and innovate to meet the strategy’s recommendations.

Treasury Secretary Janet L. Yellen remarked:

“Implementing these recommendations will help more families build financial security and get ahead.”

How MZLS Can Assist

At MZLS, we assist businesses, nonprofits, and government entities in navigating the regulatory framework of federal initiatives like the National Strategy for Financial Inclusion. With offices in Puerto Rico, Virginia, and Washington, D.C., we are equipped to offer tailored legal and strategic support.

Our services include:

• Regulatory Compliance: Guidance to ensure alignment with the strategy’s goals.

• Policy Implementation Support: Assistance in adapting products and services to meet Treasury recommendations.

• Stakeholder Collaboration: Facilitating partnerships with government agencies and community organizations.

Contact MZLS Today

If your organization is impacted by the National Strategy for Financial Inclusion, contact MZLS for expert guidance. Our team is ready to help you implement practices that align with these federal priorities. Find the fact sheet here and full report here.

Schedule a consultation today to explore how we can assist with your legal and strategic needs.