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Vol. 6, Issue 2

March 2, 2010
 
 
 
From Financial Education to Financial Capability: Opportunities for Innovation
    
As the economy rebounds, one solution for financial success lies in consumers ability to take responsibility for their finances through behavior changes as well as increased financial knowledge.  CFSI proposes, in a new research paper from CFSI sponsored by the Citi Foundation, that financial capability become the focus in moving towards a new financial landscape.  Whereas financial education is a set of provider outputs, financial capability is a set of consumer outcomes. The implications of this research are far-reaching. Becoming financially capable is a critical step toward establishing financial security and bringing America back to prosperity.
 
Read the paper in its entirety and the InBrief here.  
 
Just Announced: The Agenda for the Underbanked Financial Services Forum is Complete
 
This year’s agenda is packed with industry leaders as well as emerging innovators, all leading a variety of cutting-edge sessions that highlight the most current and central issues pertaining to the underbanked. Hear speakers like Twitter co-founder Jack Dorsey speak about his new product, Square, slated toempower micro-entrepreneurs throughout the US, and Susan Ehrlich, Senior Vice President of Sears Holding Corporation speak on a retailer’s perspective of serving the underbanked. Check out our updated agenda here. Join us for the 5th annual event in Miami, Florida from June 9-11 to take advantage of these exciting seminars.
 
Please refer to our website for more information on the Forum and registration.
  
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 about these issues have been enacted over the past two decades, yet there is little evidence that these efforts have succeeded in combating the overall lack of financial responsibility. In this month’s American Banker article, CFSI Director Jennifer Tescher suggests that the answer to the financial problems facing many Americans lies in embracing a broad framework of financial capability, which in addition to financial knowledge emphasizes the proper steps to take in order to become financially successful.
 
Download the article in its entirety here.
 
Prepaid Expo Scholarship Winners Announced
 
CFSI is pleased to announce the winners of our Prepaid Expo scholarship awards. Thanks to the sponsorship of the Network Branded Prepaid Card Association (NBPCA) and NetSpend, representatives from five nonprofit organizations that are actively integrating prepaid cards into their programming were able to attend the three-day conference in Las Vegas, Nevada. We ultimately narrowed the winners of the many qualified applicants down to:
 
Erika Eurkus, ACCION USA, Inc.
Hassan Nicholas, Community Financial Resource Center
Julie Farwell, Community Action of Nebraska
Adam Perry, Capital Area Asset Builders
Rita Eygabroad, C.A.S.H./Empire Justice Center
 
Congratulations to the 2010 scholarship recipients, and thank you to all who applied. Please click here to read more about our experience at the Prepaid Card Expo and the winners.
 
Webinar Recording 
 
 
Listen to experts from across the financial services marketplace as they address challenging questions regarding what's next in the future of savings and the challenges in motivating consumers to save. 
 
To view the powerpoint presentation and MP3 recording of our webinar, please click here.
 
Innovators Showcase: Recent News Briefs
 
If you want to know how our showcased innovators are transforming the financial services landscape to better serve underbanked consumers, check out these recent and archived news articles and press releases…
Job Opportunities
 
·         Communication Manager
·        Innovation Manager
 
CFSI offers a fast-paced and highly collaborative workplace for candidates looking for an entrepreneurial environment.
 
CFSI Speaking Engagements
  • March 18-20, 2010 | United Way Community Leaders Conference | Washington, DC. CFSI Policy Director Melissa Koide will speak at the Income Innovations and Strategy Exchange roundtable at this event.  This session will highlight innovations in policy and practice in the areas of workforce development, income supports, financial services, free tax preparation, and savings and assets. 
  • April 25-28, 2010 | NACHA Payments 2010 | Seattle, WA. Karen Andres, Relationship Manager at CFSI, will be presenting a session entitled "Reloadable Prepaid Cards in Branch-Research Study Results."
CFSI Events of Interest
  • April 19, 2010 | Family Financial Security Symposium | Madison, WI. Jennie Romich will be presenting a session on prepaid stored value cards based on a paper authored by her and CFSI’s Relationship Manager Sarah Gordon. 
 
 
 
 
About CFSI:
 
The Center for Financial Services Innovation is the nation’s leading authority on financial services for underbanked consumers. Since 2004, its programs have focused on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies. A nonprofit affiliate of ShoreBank Corporation, CFSI works with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com.
 

 

Posted: March 2010