News | Current Newsletter
 Announcing the Financial Capability Innovation Fund
Supporting strategies that provide Americans access to the financial products and educational tools they need to change their lives
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 The Financial Capability Innovation Fund supports promising nonprofit-led projects designed to help consumers better manage their finances and achieve financial prosperity. Specifically, the Fund is looking for educational projects focusing on behavioral changes, which ultimately result in measurable, improved outcomes for lower-income, underbanked consumers. Examples of these results are: improved credit scores, increased savings, or avoidance of unnecessary transaction fees. Through a competitive request for proposals (RFP) process, CFSI will award $1.25-$1.5 million total to 4-6 nonprofit-led projects with the average award size ranging from $200,000-$300,000 per project. CFSI seeks models that are relevant, timely, actionable and ongoing and that are scalable and sustainable in the long run. In addition to financial support, CFSI will provide several forms of non-financial support to ensure success of the selected projects. Enter your information at www.cfsinnovation.com/ |
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| U.S. Treasury Department Launches Tax Time Debit Card Program |
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On September 2nd, the U.S. Treasury Department announced a 2011 pilot program to test the delivery of tax refunds via debit card accounts. This represents a critical milestone by the Obama Administration to ensure millions of underbanked consumers have access to good transaction products. The pilot program, which was deeply informed by CFSI's SAFE-T Accounts proposal, is a critical first step to offering lower-income tax filers the option to directly deposit their tax refunds into reloadable debit card accounts.
Click here to read CFSI's press release. |
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| 2010 Assets Learning Conference Presented by the Corporation for Enterprise Development (CFED), September 22-24 in Washington, DC
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| CFSI is a sponsor at this year's CFED conference in Washington, DC.
This year's theme, The Assets Movement at Its Moment: Creating A Save & Invest Economy, will focus on laying a new foundation for economic recovery and will feature more than 1,000 insightful and influential domestic and international community practitioners, government officials, policymakers, researchers, business leaders, innovators and entrepreneurs. CFSI speakers at the event will include Director Jennifer Tescher, Policy Director Melissa Koide, Senior Relationship Manager Sarah Gordon and Innovation Analyst Joshua Sledge. Sessions will include "Financial Counseling and Capability" and "Tax Time Asset-Building Innovations," as well as the Financial Capability Innovation Fund bidder's meeting. Click here for more information or to sign up for the conference. |
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| Save the Date for The 6th Annual Underbanked Financial Services Forum in New Orleans, LA! |
| Our 6th annual conference will be in New Orleans, LA from June 8-10, 2011. Stay tuned for more information from us including speaker updates, session descriptions and how you can pre-register. |
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| CFSI Testifies at the Federal Reserve Hearings |
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On August 6th, CFSI testified at a Federal Reserve hearing in Atlanta on the Community Reinvestment Act (CRA) with recommendations on reforms that could be made to the CRA in order to improve access to financial products and services for underbanked consumers. For more information, please see our written testimony.
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| Comment Letter to the Financial Crimes Enforcement Network |
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Earlier this summer, the Financial Crimes Enforcement Network (FinCEN) released proposed new rules for applying the Bank Secrecy Act (BSA) to general purpose reloadable prepaid cards. CFSI believes these proposed rules, as drafted, would also have unintentionally harmful consequences for underbanked consumers. To read CFSI's analysis of the new rules, please see our official comment letter to FinCEN that was submitted on August 27th.
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| Upcoming CFSI Webinars Stay tuned for these FREE upcoming webinars from CFSI:
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To register, please visit our website. |
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| Winners Announced in Industry Scan Lottery for Early Results to Findings Congratulations to the Spokane Neighborhood Action Programs and Midwest Minnesota Community Development Corporation!
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| On September 2nd, CFSI officially closed the first annual Underbanked Industry Scan. Thanks to everyone who participated in our inaugural effort to benchmark the complete existing supply of financial products and services for the underbanked in the U.S. In particular, we would like to recognize the two organizations that won our drawings for an advance briefing of the survey results: Spokane Neighborhood Action Programs and the Midwest Minnesota Community Development Corporation. We look forward to releasing results publicly later this year. If you have any questions, or would like additional information about the project, please contact industryscan@cfsinnovation.com |
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| The 18th Annual ATM, Debit & Prepaid Forum October 3-5, 2010 in Phoenix, AZ
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| Register for the ATM, Debit & Prepaid Forum as CFSI Associate Director Kimberly Gartner presents in the session "Marketing Prepaid Products to the New Frugal Consumer." Panelists will share the latest research on the prepaid consumer, prospective consumers, and how to make prepaid cards accessible. The forum will feature more than 80 industry pioneers on hand to guide participants through an ever-changing financial landscape. To register, go to http://www.paymentssource.com/ |
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| Innovators Showcase 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 articles and press releases ...
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| Job Opportunities CFSI offers a fast-paced and highly-collaborative workplace for candidates looking for an entrepreneurial environment.
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| CFSI Speaking Engagements |
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Posted: September 2010
