Since I started writing at Forbes, I’m unclear what to do with my “own” blog. So, for today, I’m reposting. If you have a better idea, let me know. The week before last I attended a show-and-tell event for adults in the crevice of the financial industry that calls itself…
“Um, excuse me!” My Comment to the OCC on small-dollar loans
Re: OCC Guidance on Deposit-Related Consumer Credit Products (Docket ID OCC-2011-0012) Dear OCC Representative: Core Innovation Capital is submitting this letter in response to the request for comments by the Office of the Comptroller of the Currency (OCC) on June 8, 2011. We appreciate the opportunity to respond to the…
Short-term loans you can TRUST
A couple weeks ago, I launched my one-man campaign to eradicate APR when it comes to short-term lending and proposed we replace it with TRUST. APR is bad because actually it doesn’t help the consumer, it provokes anger which informs regulations which causes the unintended consequences of even less availability…
Underbanked Inspire a Wealth of Services
My friend and colleague, founder and CEO of CFSI, Jennifer Tescher, writes a monthly column for the American Banker. This month it was on the Core Challenge (see my previous post), available here for those with a subscription. For those who don’t, here’s a long excerpt, and my encouragement to…
The Core Challenge Finalists
A couple months ago we announced the first Core Underbanked Innovation Challenge for the most innovative new products serving the unbanked and underbanked in America. Since our fund is the premiere venture fund targeting innovation for this segment, it seemed like a logical thing to do. Much to our…
Let’s Finovate
The last couple days at Finovate San Francisco have been fun. The conference – focused on one-track, demo-only, 7 minute limit presentations by any financial technology company willing to spend a couple grand to hawk their wares to assembled gaggle – is getting big enough, as Brian McLoughlin pointed out,…
Prepaid Banks (Post Prepaid Expo)
A month ago BB&T launched a prepaid account, a GPR program targeting the underbanked. It sports a $10 monthly fee (half that if you deposit $1k/mo) and free cash deposits from any branch or via the Visa ReadyLink Network. Several banks have approached Green Dot about managing GPR programs for them.…
Small Business and the Underbanked
Seeing the announcement that Sequoia Capital invested $27.5 million in Jack Dorsey’s Square, reminded me of the fact that many of those interested in the underbanked are stuck thinking about the consumer. Well, this “consumer” is a person fully capable of economic production, by means of a job and…
Rent in credit report!!!!
This is a big-deal announcement: “As of December 2010, Experian® will include positive rental payment data as part of a consumer’s credit file.” Sound dry? Not so: My numbers are old, but before the recession 50-odd million Americans had no or thin credit reports. So, if you’re an immigrant…
Zestfully Clean
You’re not fully clean unless you’ve tried to get a ZestCash loan, except you won’t have any luck, unless you live in Utah. Former Googler Douglas Merrill and former Cap-Onener Shawn Budde introduced ZestCash today. It’s the latest entrant in the anti-payday online short-term lending space, following suit to Wonga,…