On November 14, 2011, the Asset Building Program of the New America Foundation submitted a response to the U.S. Treasury’s Office of Financial Education and Financial Access (OFEFA) request for feedback on its financial access activities.

The New America Foundation supports and deeply appreciates OFEFA’s commitment to ensure that all Americans have the opportunity to strengthen their individual financial capability by improving financial education and access to the tools and resources needed to make smart financial decisions. By seeking programs and activities to further improve access to mainstream federally insured deposit institutions, OFEFA has a tremendous opportunity to make sure that safe and low-cost financial service options are available to lower-income households, particularly those that are currently unbanked. The objectives of such activities should be to have initiatives where there is a strong understanding of what terms are considered abusive, acceptable for market viability and desirable for high attractiveness; that are well-matched to lower-income consumer needs and preferences; and that are well-supported through its execution. Innovation and new methods of financial access, counseling, and education should be encouraged, but never without establishing the relevance of the innovation to the targeted consumer.

To view the complete letter, download the file to the right, or click here.