On May 23, acting Comptroller of the Currency Michael J. Hsu discussed the agency’s commitment to promote a fair and inclusive financial system. During remarks presented at the Bank On National Conference, Hsu observed that while progress has been made to reduce the number of unbanked households in recent years and broadly improve account access, 5.9 million U.S. households remain outside the banking system. Higher unbanked rates are found among consumers with lower incomes and less education, as well as consumers who are young, Black or Hispanic, have disabilities, or are single mothers, Hsu added. He commented that to continue expanding financial access, innovations and adjustments should be made to banks’ screening processes, such as allowing for more forms of identification, streamlining remote account opening, partnering with benefits providers and employers, and training frontline staff to consistently offer Bank On accounts to new customers. “One of the ‘strongly recommended’ features of Bank On certified accounts is the acceptance of alternative forms of identification such as consular identification cards and municipal IDs,” Hsu said. “Bank On also ‘strongly recommends’ that accounts only be denied for customers with past incidences of actual fraud.” Hsu further recommended that banks pay particular attention to how they measure and manage financial crime risks specifically associated with Bank On accounts as account opening processes evolve “so that those who lack traditional forms of identification or fixed addresses and those who cannot physically visit a branch can still open an account.” Hsu warned banks to continue considering risks associated with overdraft protection programs and encouraged banks to explore other measures such as low-cost accounts and lower-cost alternatives for covering overdrafts.