Fed’s Bowman Skips Policy Talk, Stresses Need for Wider Financial Access

Federal Reserve Vice Chair for Supervision Michelle Bowman opened the central bank’s second annual Financial Inclusion Conference on Tuesday without addressing monetary policy or the economic outlook. In brief welcoming remarks, she said the U.S. financial system has made progress broadening access to banking services but “more work remains to be done” to reach underserved consumers and small businesses. Bowman highlighted the role of technological innovation—including the use of alternative data in credit underwriting—in expanding affordable financial products. She also pointed to continuing efforts by regulators and banks to curb payments and check fraud, describing collaboration with law-enforcement agencies as essential to protecting customers while maintaining safety and soundness.