Treasury meets with Bank Policy Institute CEOs

The Treasury Department has published a readout of Deputy Secretary of the Treasury Wally Adeyemo's July 30, 2021, meeting with three CEOs from the Bank Policy Institute (BPI) Board of Directors to discuss issues related to economic inclusion.

Adeyemo emphasized the pivotal role the banking industry plays in ensuring the successful implementation of Treasury programs. He highlighted the expanded Child Tax Credit as an area where public-private partnership is key to delivering critical tax relief to working families, because the majority of eligible families receive the benefit via direct deposit and checks. Adeyemo and BPI CEOs also promoted continued investment in underserved communities through partnerships with Community Development Financial Institutions and minority depository institutions and direct investment, including investing in technology infrastructure and providing advisory services for these critical institutions.

Also discussed was the need for banks to continue working to improve access to low-cost accounts through Bank On and utilize financial literacy education programs as a way to build economic inclusion and foster an equitable economic recovery. Adeyemo highlighted the need to expand access to financial services for unbanked and underbanked populations and discussed with the BPI CEOs additional options to provide low-cost services to populations in need, especially through digital tools.