Credit unions were on hand for the launch of the U.S. National Strategy on Financial Inclusion, developed by Treasury following a request by Congress last year.

America’s Credit Unions Regulatory Advocacy Senior Counsel Amanda Smith attended the kickoff event during the Financial Literacy and Education Commission meeting, which brings a panel made up of heads of 24 federal agencies together three times per year.

Treasury Secretary Janet Yellen introduced the strategy, which establishes objectives and recommendations designed to expand access to safe and affordable financial products and services.

“The strategy is designed to address these issues head-on—setting out a plan to make our financial system more inclusive and our economy more dynamic and resilient,” Yellen said at the kickoff. “And it importantly focuses not just on increasing access to the financial system but also on leveraging that access to drive better consumer outcomes like increased financial resilience, well-being, and wealth.”

The National Strategy on Financial Inclusion’s five objectives align with credit union advocacy priorities. They are to:

1. Promote access to transaction accounts that meet consumer needs;
2. Increase access to safe and affordable credit;
3. Expand equitable access to savings and investments;
4. Improve the inclusivity of financial products and services provided or backed by the government; and 
5. Foster trust in the financial system by protecting consumers from illegal and predatory practices.