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Financial Services Law Insights and Observations

Hsu highlights financial health for consumers

Bank Regulatory OCC Underserved Consumer Finance Federal Issues

On July 14, acting Comptroller of the Currency Michael J. Hsu delivered remarks before the U.S. Department of the Treasury’s Financial Literacy Education Commission (FLEC) discussing financial health for consumers. Hsu began by emphasizing that those who are invested in crypto-assets “are disproportionately young, diverse, and underbanked.” He noted the need “to take a careful and cautious approach” to crypto-assets, and then described the agency’s November 2021 reminder to national banks that their crypto activities must “be done in a safe, sound, and fair manner and that they need to obtain supervisory non-objections from us before engaging in new activities.” Hsu also mentioned that the OCC staff joined the FLEC Digital Assets working group to develop consumer materials clearly explaining new products in the cryptocurrency arena. Additionally, Hsu discussed the OCC’s “Financial Health: Vital Signs” discussion series, which explores issues affecting consumer financial health and well-being (covered by InfoBytes here). He further explained that a “financial health lens focused on individuals and communities, rather than solely on products or services, should enable a more sophisticated and effective approach to balancing the financial empowerment and protection of consumers.” Hsu concluded by noting the second anniversary of “Project REACh,” an initiative to promote greater financial inclusion of underserved populations, as previously covered by InfoBytes.