I’m now a pundit on Pymnts.com, which is a delightfully geeky site about the payments industry. It’s well curated, clean, crisp and features paid content in very creative ways. It’s put together by the folks at Business Wire (the press release company) and Market Platform Dynamics (payments consultants). It’s a…
Depository-AFS Hybrids
Last week, unnoticed to most of the world, something noteworthy happened: a hybrid credit union and check-casher opened in East San Jose, CA. This is not without precedent (CheckSpring Bank opened a bank-like check cashing branch in the Bronx, Kinetka Federal Credit Union bought the Nix Check Cashing chain in…
Micro business
We focus on retail finance for the underserved, underbanked, unbanked, LMI. We’re committed to do so in a way that’s commercially viable and good for people. With “good” we mean that it improves their lives. And with that we mean it increases economic stability, increases assets and thereby the overall…
Underbanked Census Survey
The FDIC came out with some useful information in December. It chartered the Census to conduct a survey of the un- and underbanked in the US. Largest sample for a report of its kind. The results can be found at www.economicinclusion.org. Roughly, the findings affirm CFSI smaller, but deeper survey…
Credit Softening
Wow, there is so much going on these days! Exciting times. My colleagues at CFSI and I have long been interested in what we call “alternative credit.” Basically, it’s the use of new types of data to help lenders figure out good risk from bad for the 50 million Americans…
Crooked Smile
I’m wearing my Gonzo Banker T-shirt today, which is one of the only connection points between my friends, and their affinity for the late Hunter S Thompson, and my work, if only vaguely. Gonzo Banker is a newsletter from bank consulting firm Cornerstone Advisors and it’s always surprisingly good. Recently,…
Kroger
My CFSI colleague, Karen Andres, took this picture recently while on a date with her husband – to Krogers in Norwood, OH. This isn’t just proof that we at CFSI take the underbanked seriously. It’s also another compelling data point that retailers are the most exciting thing happening in financial…
It’s not rate, it’s life
There are people, myself included, who love provoking innocent bystanders about how insanely high the interest rates are for various short term loan-type products: “a payday loan can cost 500% APR!” “No! That’s criminal!” “Oh, but an overdraft charge on a normal checking account could easily be 1000% APR!” “What…
Of medicine and credit
I spent the day at the US Capitol yesterday, at an event sponsored by CFSI, Pew and New America to discuss how the Consumer Financial Protection Agency (CFPA) should contemplate the underbanked (Marketplace on NPR did a little piece on it, quoting Melissa Koide and myself). Representative Barney Frank spoke and…
No Longer Ignored, but where is the innovation?
In a Washington Post story, entitled ‘Unbanked,’ but No Longer Ignored, last week, industry advocates argue “that innovation — not legislation — is the key to reform. And the private sector has been quick to step in with other solutions.” Yes and no. As far as I can see, the establishment…