#2577: CUNA White Paper Outlines Obstacles and Solutions for Improving Financial Inclusion...

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Watch the clip above and check out the entire episode below located below the show notes.

CUNA Chief Advocacy Officer Ryan Donovan joined us on the show to share highlights from their recently published white paper, peroduced in conjunction with The Clearing House and other trade organizations: "Delivering Financial Products and Services to the Unbanked and Underbanked in the United States - Challenges and Opportunities.”

This white paper outlines the obstacles and viable solutions for improving financial inclusion. With nearly 6% of households not having a bank/credit union account, the financial services industry, government, etc. have some work to do to help this group get a firm financial footing for a brighter future.  Here are a few of the many takeaways from the paper:

• “one-size-fits-all” approaches to addressing the unbanked and underbanked population are likely to be less successful in advancing financial inclusion
• products and programs already available in the marketplace that have successfully banked the unbanked
• recent legislative proposals for services (enjoy our tangent of Postal Banking) fail to get at the root cause of problems

Ryan also talked about a few of the recommendations in the paper to help the unbanked/underbanked -- one of which is mobile/online access, especially as digital services have ramped up since COVID. Something many of us take for granted now.

In addition, Ryan addressed the banking industry organizations that partnered with CUNA on this paper, which is probably a good thing for the greater good.

Check it out and let us know your thoughts. And watch the entire interview with Ryan below for all the details.