TO JOIN BY TELEPHONE: TO JOIN BY TELEPHONE: Phone: (5 Phone: (510) - - PowerPoint PPT Presentation

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TO JOIN BY TELEPHONE: TO JOIN BY TELEPHONE: Phone: (5 Phone: (510) - - PowerPoint PPT Presentation

Sep 08, 2023 49 likes •160 views

The Of The Office of the Compr ce of the Comproller ller of Currency Begins at 3:45 pm f Currency Begins at 3:45 pm TO JOIN BY TELEPHONE: TO JOIN BY TELEPHONE: Phone: (5 Phone: (510) 2 ) 210-8882 0-8882 | Access Code: 1 Access Code: 199 1

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The Of The Office of the Compr ce of the Comproller ller of Currency Begins at 3:45 pm f Currency Begins at 3:45 pm

TO JOIN BY TELEPHONE: TO JOIN BY TELEPHONE: Phone: (5 Phone: (510) 2 ) 210-8882 0-8882 | Access Code: 1 Access Code: 199 1 99 191 92 1 9244 4

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Office of the Comptroller of Currency Project REACh: Creating Economic Access for Diverse Communities through the Roundtable for Economic Access and Change OCC’s Project REACh promotes financial inclusion through increasing greater access to credit and

  • capital. Persistent racial disparities in wealth, income, and homeownership show that America’s

promise of opportunity has been more obtainable for some communities than for others. Project REACh provides an opportunity for the OCC, civil rights organizations, financial institutions and minority depository institutions, and technology innovators to develop immediately actionable ideas to address these structural issues. Project REACh aims to achieve two or three national projects and to successfully implement locally based demonstration projects that can serve as a model for financial inclusion and wealth building in communities around the country. This session will highlight these national projects as a vehicle for economic well-being. Presenter: Lissette Flores Community Relations and Minority Affairs Specialist

Working Together to Serve Diverse Communities: A Virtual Resource Fair

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Project REACh

  • Launched by Acting Comptroller Brian Brooks
  • REACh stands for Roundtable for Economic

Access and Change

  • Initiative to promote financial inclusion through

greater access to credit and capital

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The Challenges to Full Financial Inclusion

  • Over the past 25 years:
  • The wealth gap has increased
  • Minority unemployment exceeds white

unemployment

  • Minority homeownership has remained virtually

stagnant

  • Despite trillions in community reinvestment and

philanthropic contributions, inherent barriers prevent millions from participating fully in the nation’s economy

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Our Approach

  • REACh brings together leaders from the banking

industry, civil rights organizations, business, and technology to eliminate specific barriers that prevent full, equal, and fair participation in the nation’s economy

  • These leaders identify and work to remove barriers that

exist at the national or local levels to expand access to credit and capital

Working Together to Serve Diverse Communities: A Virtual Resource Fair

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Barriers

  • 50 million people in the U.S. have no or

incomplete credit scores

  • Affordable homeownership remains a problem
  • Minority-owned banks play critical roles in their

communities but face challenges accessing capital, growing technology, and modernizing infrastructure

Working Together to Serve Diverse Communities: A Virtual Resource Fair

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Alternative Credit Score Initiative

The goal is to promote entry to financial services, and include credit counseling and education

  • Phase 1: Focus on those who are banked individuals (such as a

checking account), but who do not have robust credit files (thin file/no credit history)

  • Phase 2: Enroll more people into checking accounts as an entry point

to financial services

  • Phase 3: Expand target population to include unbanked population

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Minority Depository Institution Revitalization

Goals

  • Creation of an MDI Investment Fund
  • Pursue the establishment of a “Toxic Asset” Fund
  • Provide targeted technical assistance
  • Enable and improve access to cost effective, shared

loan origination platforms

  • Establish an ongoing advisory group and provide

revenue generating partnerships

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Homeownership

  • Initiative to address challenges with closing

costs, down payments and underwriting

  • Identifying bank-owned properties for purchase
  • Housing counseling and financial education

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For more information, contact Lissette Flores at Lissette.Flores@occ.treas.gov

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