CFSI Hosts "Finding True North" Event to Discuss Improving Consumers' Lives with Financial Services.
On October 28, 2011, CFSI hosted "Finding True North: Improve People's Lives with Financial Services" at the National Press Club in Washington, DC. Supported by the Ford Foundation, the meeting discussed the Compass Principles. CFSI is actively soliciting input and feedback from a variety of marketplace and policy actors and experts to ensure the Compass principles are robust, comprehensive, and effective.
President and CEO of CFSI Jennifer Tescher remarked, "The financial crisis has dramatically changed the regulatory environment for the financial services industry, and new regulations will play a significant and valuable role in re-shaping the landscape for providers and consumers. Our True North event was a way for CFSI to engage a wide-range of marketplace stakeholders and government officials in this important dialogue."
The discussion was moderated by Ellen Seidman, CFSI Board Chair, and included guest speakers Frank F. DeGiovanni, Director of Financial Assets, Ford Foundation, Stephen Brobeck, Executive Director, Consumer Federation of America, and David C. Reiling, Chief Executive Officer, Sunrise Community Banks. Senior representatives from regulatory and other governmental agencies were in attendance.
Become part of the conversation in what constitutes quality in financial services at www.compassprinciples.com.
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Financial Capability Institute Workshop Being Held in Chicago Nov 1-2
The Center for Financial Services Innovation (CFSI) today commenced the inaugural workshop for the Financial Capability Institute, sponsored by the Citi Foundation. The goal of the Institute is to build a pipeline of high-performing, well-positioned nonprofits that embrace the financial capability framework by linking their clients with both high-quality financial products and relevant, timely, actionable, and ongoing guidance to help them use those products well. At the two-day workshop this week in Chicago, participating nonprofits will thoughtfully assess the opportunity of product distribution and understand what it takes to implement successfully.
For more information on the Financial Capability Institute see the press release here.
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Highlights from The Sixth Annual Underbanked Financial Services Forum 2011
The Sixth Annual Underbanked Financial Services Forum held on June 8-10, 2011, provided an occasion to discuss the ideas, technology, partnerships and policies that are transforming the market. The conference, held in New Orleans, Louisiana, brought together leaders from diverse institutions and highlighted innovators working in the underbanked space. The conference also provided an opportunity for organizations to discover new ways to reach and work with underserved consumers.
Read more about 2011 Underbanked Financial Services Forum in ourHighlights paper.
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The Underserved Are Not Who You Think They Are
by Jennifer Tescher
This month, CEO and President of CFSI, Jennifer Tescher, concentrates on Redefining the Underserved Consumer in her American Banker article.
With new talk about checking account fees and their impact on the financially underserved, many are forgetting who the consumers really are. Tescher reminds of the true profile of a typically underserved consumer.
With 30 million households falling into the "underserved consumer" category, its quite impossible to generalize these people into narrow categories. The fact is, there is no monolithic "underserved consumer." They aren't all the same. And most of them aren't who you think they are. Often times it is assumed that income level, race or ethnicity are the driving factors which contribute to a consumer being "underbanked". However, CFSI finds that these are not the driving factors, but that it is more about preferences, cash flow and behavior.
See the full article here.
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| Prize-Linked Savings Conference |
Former CFSI Grantee Doorways to Dreams is hosting the first ever Prize-Linked Savings Conference on November 18th, 2011 in Boston.
The conference will bring together financial service executives, policymakers and public officials, researchers legal experts, entrepreneurs and funders for a robust discussion of the role prizes-linked structures can play in motivating savings and innovative models to scale PLS nationally.
More information about the conference, agenda and speakers
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| Upcoming Webinar: Banks and Prepaid Cards |
Join CFSI for a free webinar event on December 13th at 1 pm CST titled "Banks and Prepaid Cards: Trends, Public Policy, and Innovations". CFSI will present some of the latest trends and themes we've uncovered from banks exploring or issuing prepaid cards and will welcome MasterCard to present their latest research on over 40 financial institutions regarding their interest in prepaid products, plus drives and challenges related to offering prepaid.
Hear directly from a representative of a bank who is currently issuing prepaid products, and from a member of CFSI's policy team describing the regulatory environment and how it will affect the future of prepaid.
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CFSI Convenes Nonprofit and Industry Innovators to Spur Underserved Innovation
On October 4, CFSI commenced the Innovators Roundtable in tandem with its Financial Capability Development Lab in New York, NY. The meeting focused on bringing together thought leaders and innovators, all united in commitment to better serve financially underserved consumers.
The Innovators Roundtable represents a gathering of senior representatives from many of the nation's largest financial services companies, all interested in developing products that improve financial outcomes for underserved consumers.
For a full list of participants and supporters see our press release here. |
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BAI Retail Delivery Conference
CEO and President Jennifer Tescher attends BAI Retail Delivery conference.
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On October 11th, Jennifer Tescher was able to meet Bill Clinton after his presentation at the BAI Retail Delivery. Clinton Spoke about inequality issues and how to increase shared opportunity in today's economy.
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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 ...
- Prepaid Card Aim at Hispanics Unveiled. Visa, a participant in CFSI's Innovators Roundtable has been making big strides in embracing Financial Inclusion. Coopera and The Members Group are now offering a prepaid card created specifically for underbanked Hispanics...
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CFSI Speaking Engagements
- November 9, 2011 | The Clearing House | New York, NY. CFSI Vice President, Innovation and Research, Rachel Schneider will speak at this first annual business meeting and conference on the panel "From "Un" to "In:" A Fresh Look at Ways to Move the Un- and Underbanked into the Payments Mainstream."
- November 16, 2011 | Opportunity Finance Network | Minneapolis, MN. CFSI Vice President, Advisory Services, Kimberly Gartner and Core Innovation Capital's Managing Partner ArjanSchütte are speaking at this event on the panel "Intro to the Financing Needs of Consumers."
- November 17, 2011 | Opportunity Finance Network | Minneapolis, MN. CFSI Director, Advisory Services and Nonprofit Investments, Sarah Gordon will speak at this event on the panel "Consumer Finance: Partnership and Other Delivery Options."
- November 18, 2011 | Prize-Linked Savings (PLS) Conference | Boston, MA. CFSI's Monica SanMiguel, Program Manager, Advisory Services, will be facilitating a panel at the Prize-Linked Savings (PLS) Conference being hosted by Doorways to Dreams.
- November 30, 2011 | Financial Education Network | New York, NY. Melissa Koide, CFSI Vice President of Policy, will be speaking on a panel about regulatory changes in the banking sector at the Financial Education Network Forum.
- March 13, 2012 | Prepaid Expo | Las Vegas, NV. Rachel Schneider, CFSI Vice President, Innovation and Research, will be moderating a panel at the Prepaid Expo. The panel will discuss the Compass Guide to Prepaid Quality.
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