Bowman: Banks well-positioned to support financial inclusion

The U.S. banking system is well-positioned to bring consumers into the financial mainstream by providing innovative solutions to meet their credit needs, Federal Reserve Governor Michelle Bowman said.

Details: Speaking in Washington, Bowman said banks help consumers and small businesses by providing financial products and services that are safe, fair, and responsive, including through small-dollar loan products. Contrasting banks with payday, pawn, and other nonbank lenders, Bowman said small-dollar loans from banks offer a more fairly priced alternative for low- and moderate-income consumers.

ICBA View: ICBA supports voluntary financial education and identifying regulatory obstacles that discourage development of affordable products.