The U.S. Federal Office of the Comptroller of the Currency (OCC), is the primary regulator for national banks and federal savings associations in the USA.

Two hundred and fifty years ago, the world’s first known building society was founded in Birmingham, England. In 1775, an innkeeper named Richard Ketley brought together neighbors and friends who trusted each other to pool their funds and lend money to their fellow members seeking houses.

Across the globe in January 1831, 45 men in the Philadelphia area launched the Oxford Provident Building Association, the first savings and loan association in the United States. The financial institution was modeled closely after its counterparts in the Midlands of England. An American scholar later wrote that the “building society movement was the first effort to help people not in the upper classes become homeowners.” The effort started in the middle class, then spread to the working class, to both men and women.

Today, we recognize this as “financial inclusion.” It is an area of my personal focus as the Acting Comptroller at the U.S. Federal Office of the Comptroller of the Currency (OCC). We regulate more  than 1,000 national banks and federal savings associations and supervise and license the federal branches and agencies of foreign banks. Together, these institutions represent more than $16 trillion in  assets, or two-thirds of all U.S. banking assets, and a variety of business models. Each institution has an  opportunity to advance financial inclusion and bring unbanked and underbanked individuals into the banking mainstream. 

Financial inclusion is the civil rights issue of our time. Without access to fair and affordable financial  services, citizens remain vulnerable to predatory lenders, to economic shocks, and to exclusion from opportunity.

I view financial inclusion as more than just a regulatory objective, but as a cornerstone of economic empowerment. Individuals and communities should have the financial tools and resources necessary to  build wealth, invest in education, start businesses, and importantly, achieve homeownership. Homeownership is not merely about possessing property; it is about establishing roots, fostering  community, attaining financial stability, and creating opportunities for generational wealth.

Recognizing these challenges, the OCC launched Project REACh - or the Roundtable for Economic Access and Change - in July 2020. This initiative convenes leaders from banking, business, technology, and community organizations to identify and reduce barriers that prevent underserved communities  from fully participating in our economy. Through collaborative efforts, Project REACh aims to  dismantle systemic barriers and promote innovative solutions that advance financial inclusion such as:

• Extending consumer loans to customers with thin and non-existent credit files by using transaction data rather than credit scores to open the financial system to consumers who were previously credit invisible.
• Expanding down payment assistance programs, special-purpose credit programs, and innovative mortgage products tailored to help first-time homebuyers.
• Enhancing counseling so that prospective homeowners can successfully navigate the home buying  process.

As we acknowledge the 250th anniversary of the world’s first building society, it is worth emphasizing that banks, building societies, and co-operative financial institutions share a common calling: to expand economic opportunity, foster trust, and build stronger, more inclusive communities. Working toward this objective, we can ensure that the values which shaped our founding—collaboration, mutual benefit, and a spirit of service—remain vibrant and effective long into the future.

Find out more about Project REACh: https://www.occ.treas.gov/topics/consumers-and-communities/project-reach/project-reach.html

Rodney E. Hood was acting Acting Comptroller of the Currency for the U.S. Federal Office of the Comptroller of the Currency until 14 July 2025.

This article was first published in the summer edition of Society Matters magazine.