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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 ...

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 ...

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 ...

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 ...

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 ...

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.

Read more here www.paybefore.com

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 ...

Cell phone text messages: bad 4 grammar, good for savings?

Jennifer Tescher is quoted in this Wall Street Journal article suggesting that text messages can increase savings.  Studies abroad have shown that by sending out cell phone reminders, they were able to increase the amount of savings by 6%. According to experts, this ...

Viewpoint: Improve Credit Product Access, Quality

As we begin to dig ourselves out of this challenging economic climate, questions emerge as to what kind of financial world we will resurface in. Access to credit remains a huge factor in helping American’s regain financial prosperity. Consumers will need access to high-quality ...

Advocates fight for 'underbanked'

Listen to this program as Arjan Shutte talks about the need for new financial models to help unbanked consumers in the face of a recession. Ideally, these new models would provide protection to consumers while encouraging innovation.

 

Loaded propositions

Prepaid cards are becoming an increasingly viable alternative to credit and debit cards, even though some can carry an assortment of fees. Regardless, these products have gradually grown in popularity especially among immigrants, underbanked consumers and college students. CFSI Innovation Director Rachel Schneider ...

Prepaid Savings Programs Emerging, But Consumer Interest Is Lagging

Innovation Director Rachel Schneider is quoted in this article discussing how emerging savings programs are being tied to prepaid products. These savings options are beneficial to underbanked consumers who typically do not have a traditional means for saving. Offering a savings feature in the ...

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'Unbanked' but No Longer Ignored

CFSI Innovation Director Rachel Schneider is quoted in this article discussing the recent movement to enact federal regulation for payday lenders and check cashers, who have until now have operated with little competition or guidelines. In a recessionary environment, the abusive practices ...

Spotlight On: Mobile money? Why not

CFSI research is mentioned in this article about Paypal’s plan to expand their offerings of mobile financial transactions.  In countries with weak financial systems, mobile banking has already become a main form of banking and cash transfers.  Paypal is hoping this ...

Report Looks at Prepaid Cards as Potential Source of Income for CDFIs

 
The National Community Investment Fund (NCIF) has produced a report that examines the benefits of the development of prepaid card programs to both underbanked members of a community as well as Community Development Financial Institutions (CDFIs). In this article, Ellen Seidman, ...