The Office of the Comptroller of the Currency (OCC) is touting National Financial Capability Month, which runs through April 30.
The OCC is encouraging national banks and federal savings associations to support financial literacy throughout the year, but particularly in April, backing programs expanding financial literacy, economic empowerment, and access to capital and credit for all consumers, including the underserved or those without access to traditional banking services.
“Financial capability and financial empowerment enable people to achieve their goals and live their best lives,” Acting Comptroller of the Currency Blake Paulson said. “National Financial Capability Month reminds everyone of the importance of taking charge of your personal finances. Banks play an important role in supporting their communities’ financial capabilities, particularly underserved and low-income communities where expanded access to credit and capital are most needed.”
OCC officials noted the agency encourages banks to guide consumers to HelpWithMyBank.gov as a means of aiding the process of garnering answers about banking services and resolving questions or problems consumers may have with their banks.
The OCC founded Project REACh to promote participation in the financial system by bolstering financial capability and inclusion and reducing barriers to access among minority and underserved populations.
The Project REACh focus, per officials, is expanding credit access for more than 45 million consumers; supporting small businesses, particularly in minority communities and helping them to access capital more effectively; and supporting minority-owned banks in providing financial literacy education, credit, and homeownership counseling, and other services to customers.