Comptroller Wants to Expand Financial Education to Encourage Digital Asset Investment

Acting Comptroller of the Currency Rodney E. Hood recommended expanding educational efforts on financial literacy and urged "everyone in the financial ecosystem" to "carefully monitor the rapidly changing financial marketplace and update financial education strategies accordingly." 

Speaking at a public meeting of the Financial Literacy and Education Commission ("FLEC"), whose members include 24 federal agencies as well as the OCC, Mr. Hood said "expanding financial literacy resources to address digital asset investments may be useful," as financial educators "consider how to leverage interest in investing in digital assets to help consumers consider opportunities to engage in this product." He emphasized that "digital asset investors may be first-time investors," suggesting that "it may be useful to draw upon other investor education efforts to help new investors succeed." He noted that in 2023, "almost 5 percent of all households owned or used cryptocurrency, with more than nine in 10 of those holding it as an investment."  

Mr. Hood reaffirmed that "financial literacy education plays a key part in driving financial inclusion and participation in our financial system."

Mr. Hood also noted the OCC’s long-standing support for bank efforts to promote financial education. He encouraged banks to better understand their customers’ financial challenges and to develop responsive products that enhance financial health.