Understanding how banks can play a greater role in expanding access to capital and credit for rural, underserved, and economically distressed communities was a focus of a South Carolina low country tour conducted by the leader of the regulator of national banks, the agency said Friday.
The Office of the Comptroller of the Currency (OCC) said Acting Comptroller Michael Hsu Friday conducted the tour. The agency said Hsu met with local leaders businesses, and non-profits to “discuss how bank partnerships with community development financial institutions (CDFI) and community-focused rural groups support economic development in rural areas, particularly communities of color.”
The South Carolina Association for Community Economic Development (SCACED) hosted the event. The tour also included a visit to “The Opportunity Center,” which the agency described as an “innovative space that provides workforce development, small business incubators, and workspaces for entrepreneurs and start-ups, and houses offices of local non-profits.”