| Vol. 7 Issue 2 | February 2011 |
 CFSI Comments on Rollout of U.S. Treasury Department's MyAccountCard Visa® Prepaid Card Tax Time Program The pilot represents a key milestone in the electronification of millions of tax refunds and the ability to deliver a reasonably priced financial product to millions of households
In January, the U.S. Treasury Department launched a national pilot to deliver prepaid cards at tax time. The pilot is the first step in delivering federal personal income tax refunds via a prepaid card. Green Dot, one of the largest prepaid card companies in the U.S., was chosen as the card provider.
"CFSI is pleased to see the Treasury's choice of a General Prepaid Reloadable card to deliver tax time accounts," said Melissa Koide, Policy Director, Center for Financial Services Innovation. "It bolsters the credibility of a quickly maturing market already well versed in serving low-income consumers. The pilot is an excellent start to bringing low cost transaction and savings products to millions of tax filers."
Download the full press release here. |
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| The Future of Financial Services Webinar Recording Throughout 2010, CFSI engaged in a marketplace-wide research effort to understand how impending changes - in demographics, the macroeconomic environment, regulation and legislation, technology, cultural paradigms, and institutional dynamics - will affect the structure of the financial services industry. On the basis of the findings, CFSI developed a set of recommendations for how organizations focused on asset-building can craft strategies that leverage recent trends influencing the financial services industry. In this webinar recording, CFSI's Innovation Director Rachel Schneider, Innovation Analyst Joshua Sledge, President & CEO at EARN.ORG Ben Mangan, and VP, Director, Asset Building Program at New America Foundation Ray Boshara discuss the opportunities and challenges the research revealed and the resulting recommendations. |
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| Register for the 6th Annual Underbanked Financial Services Forum |
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Register now for the 6th Annual Underbanked Financial Services Forum to be held from June 8-10 at the Hilton Riverside in New Orleans, Louisiana.
Check out the registration site to read the 2010 Underbanked Financial Services Forum highlights, look at the 2010 Underbanked Financial Services Forum Twitterlogue, and share your ideas, thoughts and expectations for the 2011 Underbanked Forum on Twitter with hashtag #underbanked. Click here for more information and to register. |
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| Partnering for Innovation Partnerships between banks and nonbanks can improve products for low-income consumers.
As a result of the financial crisis and the sweeping regulatory changes that occurred over the past few years, banks face a crucial question: how to offer sustainable, reasonably priced products to millions of moderate- and low-income consumers. This consumer segment often carries low account balances, makes numerous small transactions, and needs credit and savings options.
The answer lies in forging innovative, bank-nonbank partnerships that are designed specifically to meet this consumer segment's financial services needs. In these partnerships, banks engage with nonbanks to provide products that feature low barriers to entry, are easily accessible and come with transparent, upfront prices.
Melissa Koide, CFSI's Policy Director, explores these partnerships and more in this month's BAI article.
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| American Banker: Prepaid's Future Is Looking Better |
| For bank customers who can't keep big balances, free checking is on its way out. New overdraft rules and the proposed cut in interchange rates have ushered in a new reality in banking. But an alternative waits in the wings: prepaid debit accounts. Banks are beginning to look at prepaid accounts as a way to take advantage of the interchange carve-out. It is one of the few ways they have to serve the underbanked directly, responsibly, and profitably. |
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Congressional Briefing on Tax Time Savings Bonds |
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CFSI grantee D2D Fund has been working with the Hatcher Group and New America Foundation to organize a congressional briefing on Tax Time Savings Bonds, sponsored by the Congressional Savings and Ownership Caucus. This campaign's goal is to promote the importance of saving by encouraging taxpayers to put all or part of their refunds into a U.S. Savings Bond. Legislators can play an important role by helping to spread the word about this new opportunity to save. U.S. Savings Bonds provide a safe and simple way for Americans to build their families' financial security. For the first time, taxpayers can purchase savings bonds through their federal tax return for as little as $50. The briefing will be held on February 2nd at 10am on Capitol Hill. Click here to learn more. |
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| News from Core Innovation Capital |
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CFSI's strategic partner Core Innovation Capital's Managing Partner Arjan Schütte blogs on important issues affecting underbanked consumers as well as innovative financial services products. This month, read Arjan's insights into small business and the underbanked, the power of rent, prepaid "cards" versus prepaid "accounts," and more. For more information about Core Innovation Capital, or if you are a company seeking investment opportunities, visit http://www.corevc.com. |
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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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| 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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| New Job Opportunities from CFSI 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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| CFSI Events of Interest |
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