SEATTLE — NCUA Vice Chairman Rodney Hood encouraged all sectors of the financial services community to work together to serve the underserved during a West Coast conference on the issue. "While the American economy is strong as a whole, there still remains a segment of our population that has yet to achieve the American dream of financial self sufficiency, because they lack the awareness of and access to the necessary services offered by mainstream financial institutions," Hood said during remarks at the Treasury's Northwest Regional Conference on Reaching Unbanked People. "Reaching out to the underserved and poor is the responsibility of the entire financial services community. Together, we can make great strides in bringing hope to underserved communities across America."

He emphasized financial literacy as a good starting point at the conference organized by Treasury's Financial Literacy and Education Commission of which NCUA is a member. "Americans will never reach the financial mainstream unless they are aware of the services available which will empower them to do so," he said. "It is essential to educate the underserved so they will choose consumer friendly products from traditional financial institutions. If Americans lack financial education, they will be vulnerable to predatory lenders, payday lenders, and pawn shops."

This conference was third of four events called for in the FLEC's National Strategy on Financial Literacy.