Office of Comptroller of the Currency Acting Comptroller Michael J. Hsu recently toured South Carolina, highlighting an effort to assess financial needs within rural communities.
The South Carolina Association for Community Economic Development (SCACED) hosted the endeavor in which Hsu met with local leaders, businesses, and non-profit organizations to determine how bank partnerships with community development financial institutions (CDFI) and community-focused rural groups support economic development, particularly in communities of color.
“I would like to applaud the efforts of SCACED and its member community development organizations in helping to address gaps in capital access for businesses, community services, and housing providers,” Hsu said. “The strong partnerships these organizations have developed with banking institutions should inspire and serve as a great model for other rural communities.”
The visit also included Hsu’s participation in a roundtable discussion with local community leaders to garner greater insight into the increased role banks can play in expanding capital and credit access for rural, underserved, and economically distressed communities.
Hsu visited the Opportunity Center, which officials described as a space providing workforce development, small business incubators, and workspaces for entrepreneurs and start-ups while housing offices of local non-profits.