I go to more conferences than are good for me. And if you’re like me, you don’t attend many sessions, and you meet with the same cast of characters. I have two suggestions on breaking those rules. If you read this blog, I’d argue there are two must-do conferences on…
Underbanked Wish List
Goal and resolutions? Too personal. Predictions for this coming year? Too much pressure. Post mortem on last year? Too boring. So, instead, here is my wish list for our industry for the year of the Snake. An Iconic Brand. Confidence in banking is at historic lows. Perception of alternative financial services are…
Bureau sets table for innovation. Carrots on menu
The CFPB is meant to be an enforcer of consumer protections. Many of its staff sit in offices of our biggest banks and are hard at work ensuring financial services work for everyday Americans. But uniquely, its mandate extends also to provide access and encourage innovation. They have a carrot…
I’ve seen the future, and it’s Prepaid
About a year ago, a friend set up a call for me with Suze Orman, while she was still planning her Approved Card. She was somewhat weirdly obsessed with the vision of a digital cash economy. No paper. No credit. Also, not realistic. General purpose prepaid has basically gotten a…
I’m Stuffed: the importance of full file in alternative credit
The House Financial Services subcommittee contemplated a new Act today. It goes by H.R.6363, but its friends know it as Credit Access and Inclusion Act. Basically, it encourages utilities to report to the credit bureaus information about whether I pay, or do not pay said utility on time. This is interesting because…
More than one in four Americans are Unbanked or Underbanked
The FDIC updated its 2009 figures (based on 2008 Census data) of who uses what kind of basic financial services and released them yesterday. It’s not just any four years later, but marks a period that represents significant change in the economy and individual American’s lives. What did we learn?…
Society’s protections for life does not extend to livelihood
Dating back to the 12th century, western medical professionals have signed the Hippocratic Oath. Most US medical schools require their students to sign some form of this oath, swearing to practice medicine ethically and honestly, and never to do harm to anyone. While the Oath has been modernized and is not…
Compass Principles: Moving in the Right Direction
My partner in crime, Jennifer Tescher, who runs the Center for Financial Services Innovation, is leading a bold movement to increase quality in consumer finance. High time! Here’s what she has to say: Given the high level of consumer confusion and distrust, the Center for Financial Services Innovation (CFSI) set out in…
Give Credit Where Building it is Overdue
Suze Orman, Credit Karma and others are breathing new life into the important effort of helping people see, track and improve their credit score. My friends at CFSI and at PERC have long been active in trying to expand the dataset used to build ones credit report. The idea was,…
Welcome Green Dot Bank
On Freedom Boulevard in Provo, Utah, nestled between the mountains of Uinta National Forest and Lake Utah is a nice little one-branch bank, pictured above. It looks innocent enough. Its CEO, Doug Christensen, invites personal emails from his home page. Ping him quickly, as I assume he’s soon out of a…