"Wall Street cop" Bauman: Urges banks to take more innovative measures to improve credit access.

Federal Reserve Vice Chair Bowman, in charge of financial regulatory affairs, encourages the financial industry to consider taking more innovative measures to attract Americans who often struggle to access loans due to insufficient credit history. "Innovation takes many forms. One example is that banks can provide services like small affordable loans by using alternative data, or create channels for credit invisible populations who may not be able to obtain loans and other financial services from traditional lenders," Bowman said in a statement prepared for the Washington Federal Reserve financial inclusion conference.