Fed Officials Say More Needs to Be Done on Financial Inclusion

US Federal Reserve Governor Michael Barr said Tuesday that banks and advocates have worked together to “deepen and widen financial inclusion,” but emphasized much more needs to be done to meet the needs of low-income Americans.

“Better access to affordable financial services, geared to the needs of underserved families and entrepreneurs, can help them to build more secure lives, stronger communities, and a stronger American economy,” Barr said in prepared remarks for the Fed’s Financial Inclusion Conference in Washington.

Barr also pointed to the benefits of faster payments services, responsible small-dollar lending and the use of alternative data to promote ...