THE AMERICA ONE NEWS
Jun 5, 2025  |  
0
 | Remer,MN
Sponsor:  QWIKET 
Sponsor:  QWIKET 
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge.
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge and Reasoning Support for Fantasy Sports and Betting Enthusiasts.
back  
topic
CNSNews
CNSNews
4 Nov 2024
Craig Bannister


NextImg:Treasury Calls for Financial ‘Inclusion’ of Homeless, Transgenders, Ex-Cons, Immigrants, Refugees, Etc.

The Treasury Department has put out its first-ever “National Strategy for Financial Inclusion in the United States” calling on financial institutions to “address disparities” by lowering their standards and amending their business practices.

The goal of the “national strategy” is to increase “inclusion” of so-called “underserved” groups, which it says financial institutions have historically excluded and discriminated against:

“This inaugural National Strategy for Financial Inclusion in the United States establishes a framework and set of priority objectives to facilitate consumers’ ability to equitably access safe and useful financial services to meet their financial needs and achieve their financial goals, thereby promoting an inclusive financial system that works to reduce rather than compound disparities.”

According to the report, the “historically marginalized and underserved communities” being denied access to financial products and services include:

The national strategy does not explain how financial institutions could viably provide financial products and services to people who are without a fixed address (homeless).

Likewise, it doesn’t provide any concrete suggestions about how to profitably provide financial products and services to immigrants and refugees (especially, if they’re in the U.S. illegally). It just says they should do it.

Providing more financial products and services to “justice-involved individuals” in the name of inclusion also seems a problematic business risk since, by government definition, “Justice-involved individuals”  individuals are:

“People who are now, or have spent time, in jails, youth correctional facilities, or prisons - are at higher risk for injury and death than the general public. They face disproportionate risk of violence, overdose, and suicide.”

The report accuses the financial industry of a variety of historical sins continuing to this day that it says are “designed” to be exclusionary, such as:

“Barriers to wealth-building opportunities coupled with different starting points in wealth have compounded over time,” the report says, laying blame squarely on financial institutions:

“Understanding the origins and compounding consequences of the persistent wealth gap across race and ethnicity, and the ways that the financial system has contributed to that gap, is key to devising financial inclusion strategies tailored to the circumstances and needs of historically marginalized and underserved communities and ultimately closing the wealth gap.”

“Strong legal and regulatory oversight is crucial,” the report concludes.

It calls for federal agencies track the compliance of financial institution by increasing “the frequency of financial inclusion metrics and expanding government data collections to include more information on financial inclusion barriers.”

Under the “guidance” of the federal government, lenders should create “Special Purpose Credit Programs” to provide credit to underserved consumers and promote financial inclusion,” according to the strategic plan.

The report prompts financial institutions to atone by taking a variety of steps – such as removing penalties for bouncing checks and delinquent payments:

Thus, the Treasury Department’s “National Strategy for Financial Inclusion in the United States” is to force “inclusion” by financial institutions, regardless of traditional business considerations.