OCC launches DC REACh

Federal Issues OCC Bank Regulatory Consumer Finance Underserved

On December 13, the OCC announced the launch of DC REACh , which expands the OCC’s Project REACh (Roundtable for Economic Access and Change) efforts to Washington, D.C. As previously covered by InfoBytes, in 2020, the OCC launched this initiative to promote greater financial inclusion of underserved populations. According to the OCC, Project REACh brings together leaders from the banking industry, national civil rights organizations, and various businesses and technology organizations who will identify and reduce barriers to accessing capital and credit. The OCC further noted that DC REACh “will organize and initiate formal efforts to promote greater access to affordable homeownership, enhance small business financing, and expand access to credit for economically disadvantaged and underserved communities in Washington, D.C.” According to remarks by acting Comptroller of the Currency Michael J. Hsu at the launch of DC REACh, the OCC “will be working with local community leaders and financial institutions to build paths towards entrepreneurship and affordable homeownership for District residents.”