Fed official urges more inclusive financial system

By Ovunc Kutlu

ISTANBUL (AA) – A key Federal Reserve official has urged a more inclusive financial system through collaboration and collective action.

"An inclusive financial system offers access and choices that enhance consumers' and businesses' financial well-being," Michelle Bowman, a member of the Fed Board of Governors, said Tuesday at the Aspen Institute in Washington, DC.

"An inclusive financial system recognizes that consumers come from a wide range of economic circumstances, have varied perceptions of and experiences with the banking system, and most importantly, different needs for financial products and services," she added.

Bowman said greater inclusiveness in the financial system is an ongoing priority for the Fed, and stressed that the central bank is trying to promote financial inclusion.

She said banks may expand their lending opportunities through technological innovations and increase their online access to financial services for consumers.

"From checking and savings accounts to credit and insurance, consumers benefit from having financial products and services that are affordable, safe, and responsive to their needs. Without them, consumers may turn to alternative financial services, which can often be more costly or may lead to consumer harm," she added.