News | CFSI in the News

Juggling Act for Obama in Filling Fed Board Openings

Jennifer Tescher is quoted in this New York Times article discussing the importance of finding qualified candidates to fill three vacant slots on Federal Reserve’s board of governors. Though many names have been suggested, finding nominees to fill these vacancies could be ...

Posted: March 2010

Take Financial Education Beyond 101

According to a recent survey, nearly two-thirds of American’s said they did not use a budget to guide their spending, a third reported having no emergency savings, and 26% admitted not paying all their bills on time. Many efforts to educate Americans ...

Posted: March 2010

Move Your Money: Make the Switch and Invest in America

The recent economic shift in this country has become a continuous source of ire for the American people. Though consumers many remain angry with the government, big banks and Wall Street, Dave Adams, CEO of Michigan Credit Union League, points to a growing ...

Posted: February 2010

Retail Banks Losing Grip on Customers

Retail banks and credit unions have dominated the market for consumer’s financial services needs for decades. In recent years, however, this trend has begun to shift as alternative outlets provide increasingly diverse financial products such as credit cards, savings products and payment options. ...

Posted: February 2010

Viewpoint: Retail Banks Losing Grip on Customers

In this month’s American Banker article, CFSI Director Jennifer Tescher and CFSI Fellow Corey Stone recount the steady proliferation of "monoline" financial service providers over the past 20 years and their effect on retail banks and credit unions. Amidst this broad landscape today, retail ...

Posted: February 2010

CFSI scholarships for Prepaid Expo

The Green Sheet features CFSI’s efforts to promote prepaid in this article about CFSI’s scholarship program to send nonprofits to the 2010 prepaid expo USA. Relationship Manager Sarah Gordon is quoted in this article saying the scholarships are part of CFSI’s broader ...

Posted: January 2010

Banks Seek to Scoop Up the Underbanked

CFSI research is quoted in the Arkansas Business article discussing the challenges that surrounds getting low-income and unbanked consumers to use mainstream financial services. Many underbanked consumers believe that they lack a minimum amount of money to open a bank account, which is ...

Posted: January 2010

Tightening Screws on Tax Refund Anticipation Loans

Refund anticipation loans, a long-time embattled financial services product, may soon become obsolete as the IRS cracks down on these loans that often take advantage of underbanked and low-income consumers. Tax preparers (and the banks that fund such loans) charge high up-front fees ...

Posted: January 2010

Corey Stone and Mike Griffin Join Consumer Advisory Council of the Federal Reserve Board

CFSI fellow Corey Stone and stakeholder Mike Griffin join CFSI Director Jennifer Tescher and other leaders in the financial services industry as the newest members of the Consumer Advisory Council of the Federal Reserve Board. The Council advises the Board on the exercise of ...

Posted: January 2010

Prepaid vs. Checking: Fairer Fight?

Prepaid cards have seen exceptional growth and recognition as an alternative to debit cards in the past year. In 2010, federal regulations will go into effect making it difficult for banks to incur overdraft fees on their checking accounts without consumer knowledge. This change is ...

Posted: December 2009

Viewpoint: In Poor Lands, a Wealth of Models

In this month’s American Banker article, CFSI Director Jennifer Tescher comments on financial services progress around the globe and the need for America to step up our own financial product access. Due to the recession, America’s financial landscape is changing drastically, providing the perfect ...

Posted: December 2009

Bank of America Retreats on Annual Fees After a Backlash

CFSI Associate Director Kimberly Gartner is quoted in this American Banker article discussing Bank of America’s decision to add annual fees to some existing accounts. After experimenting with a trial run of this initiative that included .5% of its cardholders, B of ...

Posted: December 2009

A New Year, a New Strategy

Entrepreneur magazine mention’s CFSI in this article discussing trends for entrepreneurship funding in the upcoming year. CFSI is listed among advocacy-driven innovation funders, along with socially driven investors and angel groups, as one of the new trends entrepreneurs are using to secure funding in the ...

Posted: November 2009

For Wal-Mart, No Bank Charter Is No Problem

Two years ago, super-store retail chain Wal-Mart unsuccessfully applied for a bank charter. Undeterred, Wal-Mart Stores Inc. continues to expand its financial services agenda by offering bill-pay services, prepaid card options and payroll cards. CFSI Director Jennifer Tescher is quoted in this article as ...

Posted: November 2009

People on the Move: Melissa Koide, CFSI

Paybefore.com announces CFSI’s appointment of Melissa Koide as policy director to lead expanded policy initiatives in Washington. Koide comes to CFSI from the New America Foundation, where she was the deputy director of the asset building program.

The plight of the unbanked: Why 50 million Americans don't use a traditional bank

CFSI research is referenced in this article discussing why Americans are unbanked (both voluntarily and involuntarily) and what options these consumers have to participate in the financial space. Being unbanked doesn’t necessarily mean a lack of options—consumers still have several choices when it ...

Posted: November 2009