Markets Wired

WASHINGTON – This week, the U.S. Department of the Treasury (Treasury) hosted a roundtable with stakeholders from across the Tribal finance ecosystem – including Tribal government representatives, financial technology firms, consumer advocacy groups, government agencies, and financial institutions – to discuss how financial institutions, including depository and non-depository institutions, can better serve Tribal communities. 

At the roundtable, participants discussed barriers to capital and credit access for Tribal communities, including issues related to insurance, mortgages, and consumer loans. Specifically, roundtable participants discussed the role that traditional financial institutions play in the Tribal community, highlighting gaps where financial institutions should engage further. 

Treasury officials led discussions addressing recent trends in the financing space, including the growth in online lending by financial technology companies. Participants also discussed the various ways that Tribal borrowers need access to robust capital to spur economic development in their communities. 

The Biden-Harris Administration has prioritized alleviating burdens constraining the financial growth of Tribal communities. Last week, Treasury announced a proposed rule that would clarify the fact that wholly-owned Tribal entities are not subject to federal income tax. This is just one of the many ways in which the Administration is strengthening Tribal communities across America. Treasury will continue to engage with stakeholders to help grow the economies of Tribal communities. 

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