Before I get to that, let me briefly mention some things the Federal Reserve and other agencies have done—in some cases presaging steps taken in the new legislation—to reduce the regulatory burden on community and regional banks. One supervisory improvement is a Federal Reserve program called Bank Exams Tailored to Risk, or the BETR program.
Financially literate and empowered consumers interact more effectively and assertively with financial services providers, ultimately leading to them attaining their financial objectives. Essentially, consumer empowerment is instrumental in supporting financial inclusion policies.