October 2010 Newsletter

The Financial Capability Innovation Fund 
Supporting strategies that provide Americans access to the financial products and educational tools they need to change their lives

The Financial Capability Innovation Fund supports promising nonprofit-led projects designed to help consumers better manage their finances and achieve financial prosperity.

The deadline to submit an application is Wednesday, October 13, 2010 at 11:59 pm CST. No applications will be accepted after this time. Please email cfsi_questions@cfsinnovation.com if you have further questions regarding the fund.

Core Innovation Capital Launches Fund with First Investment
The Fund has invested in GoalSpring Financial, operator of DebtGoal

CFSI's strategic partner Core Innovation Capital has announced its first investment in GoalSpring Financial Inc., the leader in online personal debt management. Core Innovation Capital will provide capital and strategic expertise to help GoalSpring manage its continued growth and expand its solutions to meet the needs of underserved consumers who want to pay off their debt. GoalSpring operates the online service DebtGoal, which features do-it-yourself tools that empower borrowers to pay off debt as quickly as possible while maintaining or rebuilding credit. Read the press release here.

Core Innovation Capital invests in technology-driven companies that deliver the highest value to underbanked consumers-- who currently pay an estimated $25 billion a year in fees and interest charges. A venture capital limited partnership based in New York City, Core has more than $30 million in capital commitments, including an anchor investment from Goldman Sachs. For more information about Core Innovation Capital, or if you are a company seeking investment opportunities, visit http://www.corevc.com.

The Nonprofit's Guide to Prepaid Cards
The Nonprofit's Guide to Prepaid Cards was released on September 15, 2010. Designed for nonprofits focused on consumer finance issues, the Guide builds general awareness around prepaid cards and provides the tools and resources needed to incorporate prepaid into their programming. This guide was made possible by the generous support of the Network Branded Prepaid Card Association, NetSpend Corporation, and the Annie E. Casey Foundation. The guide includes:
    • a basic primer on prepaid products, 
    • various ways nonprofits might engage with prepaid,
    • strategic considerations to help organizations select the right approach,
    • and tips for success with the path chosen.
Click here to download the guide. Join us on October 7, 2010 at 1 pm CST as CFSI Senior Relationship Manager, Sarah Gordon along with Adam Perry of Capital Area Asset Builders and Tim Fisk of Alliance to Develop Power review the guide in a live webinar event. Register now.

CFSI Releases First Secured Credit Cards InBrief

CFSI recognized the potential growth of the secured card market and led a consumer research study on secured card products, conducted with MasterCard and Blue Flame Consulting. CFSI created a series of inBriefs to highlight a number of key findings from the study, among three consumer segments, relating to their needs, preferences, and behaviors toward these products.

This inBrief, first in a series of three, examines the degree of consumer knowledge about plastic payment products focusing on secured cards. It provides a snap-shot of what consumers understand and what the potential benefits and possibilities are.

Click here to read the InBrief. Also, be sure to attend our November 9th webinar Transition to Credit: Opportunities for Secured Cards.

Save the Date for The 6th Annual Underbanked Financial Services Forum in New Orleans!

Our 6th annual conference will be in New Orleans, Louisiana from June 8-10, 2011. Stay tuned for more information including speaker updates, session descriptions, and how you can pre-register.
American Banker: How to Improve the Prepaid Experience
In this month's American Banker, CFSI Director Jennifer Tescher tackles the prepaid card debate focusing on the recent criticism around prepaid products. It is vital to ensure these products provide a positive consumer experience in light of the Treasury Department's recent announcements; among them, to make all federal benefit payments electronic by 2013, and to launch a forthcoming pilot program to distribute tax refunds on prepaid cards to unbanked filers.

Read the article in its entirety here.
Upcoming CFSI Webinars
Stay tuned for these FREE upcoming webinars from CFSI.

To register, please visit our website.
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.

U.S. Banker Issues Top 25 Women in Banking and Finance Lists
(CFSI Previously printed that all three women were listed among the "Top 25 Women to Watch." We apologize for this error and have listed a correction below). On October 1, 2010, U.S. Banker recognized the following CFSI Roundtable participants:
Susan Ehrlich  on the list "Top 25 Most Powerful Women in Finance"
Lynn Heitman on the list  "Top 25 Women to Watch"
Congratulations to these women for their many accomplishments in the banking and finance fields.

MasterCard Strikes a Deal With Cardtronics to Offer Free ATM Access for Prepaid Cards CFSI Roundtable Participant MasterCard inc. is throwing more muscle behind its prepaid growth strategy by offering surcharge-free ATM access to its issuers and program partners ...
Job Opportunities

CFSI offers a fast-paced and highly-collaborative workplace for candidates looking for an entrepreneurial environment.

CFSI Speaking Engagements
  • October 5, 2010 | ATM, Debit and Prepaid Forum 2010 | Phoenix, AZ. CFSI Associate Director, Kimberly Gartner, will discuss prepaid ambitions in a session titled "Marketing to the New Frugal Consumer."
  • October 12-14, 2010 | G2P Payments Conference and Expo | Washington, DC. CFSI Policy Director, Melissa Koide, will speak at G2P Payments 2010 to demonstrate how prepaid cards, savings accounts, debit cards and mobile money are replacing costly cash and paper based payment channels for government agencies and NGOs.
  • October 21-23, 2010 | Microfinance Impact and Innovation Conference 2010 | New York, NY. CFSI Director, Jennifer Tescher, will speak at this event aimed at showcasing research results on topics including microcredit, interest rates, and microsavings.
  • November 4-6, 2010 | Association for Public Policy Analysis and Management | Boston, MA. CFSI Policy Director Melissa Koide will speak about small-dollar credit at the annual APPAM Fall Conference. 

 

 

Posted: October 2010

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