2023 survey of household economics and decisionmaking ” ( 2024 ), https : / / www. federalreserve. gov / consumerscommunities / shed. htm. board of governors of the federal reserve, economic well - being of u. s. households in 2023 ( washinton : board of governors, may 2014 ), https : / / www. federalreserve. gov / publications / files / 2023 - report - economic - well - being - us - households - 202405. pdf. banks can look for guidance on small dollar loans through interagency statements related to alternative data and small dollar loans. see board of governors of the federal reserve system, “ interagency statement on the use of alternative data in credit underwriting, ” ca letter 19 - 11 ( december 12, 2019 ), https : / / www. federalreserve. gov / supervisionreg / caletters / caltr1911. htm, and board of governors of the federal reserve, “ interagency lending principles for making responsible small - dollar loans, ” sr letter 20 - 14 / ca letter 20 - 8 ( december 12, 2019 ), https : / / www. federalreserve. gov / supervisionreg / srletters / sr2014. htm. - 5some banks that offer small dollar loan products often use automated underwriting based on alternative information that can include consumer - permissioned cash - flow data. if used appropriately, this approach can reduce bank underwriting costs, potentially making affordably priced loans available to consumers on a more timely basis. if these loans were more available in the banking system, they could serve as an alternative to more costly options from alternative financial services providers. small dollar loans targeted to low - and moderate - income consumers have the potential to provide an accessible and more fairly priced alternative when consumers experience a financial emergency. remittances and financial inclusion as we heard from our panelists earlier today, payments inclusion can look different in domestic and international contexts, but a reliable, safe, and cost - efficient payment system that minimizes unintended frictions is important to consumers around the world. international remittances can serve an important role in enhancing financial inclusion, especially in countries where these funds are a significant source of household financial support. and some research indicates that the ability to receive remittances increases the likelihood of bank account ownership, which furthers economic engagement. 7

border payments : stage 3 roadmap ( financial stability board, october 2020 ), https : / / www. fsb. org / wp - content / uploads / p131020 - 1. pdf, and financial stability board, g20 roadmap for enhancing cross - border payments : consolidated progress report for 2023 ( financial stability board, october 2023 ), https : / / www. fsb. org / wp - content / uploads / p091023 - 2. pdf. for more information on the united nations sustainable development goals, see “ transforming our world : the 2030 agenda for sustainable development, department of economic and social affairs, united nations, https : / / sdgs. un. org / 2030agenda, and financial stability board, targets for addressing the four challenges of cross - border payments : final report ( financial stability board, october 2021 ), https : / / www. fsb. org / wp - content / uploads / p131021 - 2. pdf.