WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the launch of REACh 2.0 at its Project REACh Financial Inclusion Summit.
Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation’s economy.
“Through Project REACh, more than 100,000 credit invisibles now have access to credit and more than half a billion dollars has been invested into minority depository institutions,” said Acting Comptroller of the Currency Michael J. Hsu. “As we tackle additional barriers that prevent full, equal, and fair participation in the nation’s economy, we’ve made structural changes to Project REACh so we can sharpen our efforts and leverage new opportunities.”
Under REACh 2.0, working groups will replace workstreams and focus on place-based initiatives; underserved and disadvantaged populations; technology; and tools, products, and services. Existing REACh projects will transition to the new working groups.
“This new approach provides more agility to engage in a broader range of initiatives that not only address barriers but accelerate solutions to financial inclusion,” Hsu said.