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News Release 2022-39 | April 20, 2022

Acting Comptroller of the Currency Launches Project REACh Efforts in Milwaukee

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic and community advocates, bankers, and business leaders to launch Milwaukee REACh.

The Office of the Comptroller of the Currency (OCC)'s Project REACh, the Roundtable for Economic Access and Change, brings together leaders from the banking industry, civil rights organizations, business, and technology to identify and reduce structural barriers to financial inclusion. Milwaukee is the OCC's fifth regional REACh effort.

"As Mayor Johnson noted today, Milwaukee's residents face socioeconomic challenges including limited access to credit and capital and a lack of opportunity for affordable home ownership," said Acting Comptroller Hsu. "Census data shows that Milwaukee's Black homeownership rate is 27 percent, one of the lowest rates among large metro areas. By convening local leaders, Milwaukee REACh will help address that and other barriers to financial inclusion."

Milwaukee REACh will construct and begin formal efforts to reduce financial barriers that include low rates of affordable homeownership and poor access to capital for minority-owned and small businesses.

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