Milwaukee, Wis., is the latest addition to a program of the national bank regulator aimed at improving financial access to capital for minority-owned and small businesses, and affordable home ownership, the agency said Wednesday.
The Office of the Comptroller of the Currency (OCC) said the Milwaukee launch of its Project REACh (Roundtable for Economic Access and Change) will help address barriers to financial inclusion.
“Census data shows that Milwaukee’s Black homeownership rate is 27%, one of the lowest rates among large metro areas,” said Acting Comptroller of the Currency Michael Hsu in a release. He said REACh brings together leaders from the banking industry, civil rights organizations, business, and technology to identify and reduce structural barriers to financial inclusion. Milwaukee is the OCC’s fifth regional REACh effort, the agency noted.
According to the OCC, Milwaukee REACh will construct and begin formal efforts to reduce financial barriers that include low rates of affordable homeownership and poor access to capital for minority-owned and small businesses.