During National Small Business Week in May, the nation celebrated the important role that Main Street businesses play as an economic driver for their communities. Yet even as the focus on employee wellbeing, and financial wellbeing in particular, grows in importance among human resources and benefits leaders, millions of small businesses – particularly historically underestimated businesses led by entrepreneurs of color – are unable to access the types of benefits and solutions that can help their employees thrive financially.

My colleagues at Financial Health Network recently released research citing that amid government policy overhauls and renewed regulatory attention to overdraft and NSF fees, understanding when, how, and why members overdraft should inform further shifts in credit union practices and regulatory actions.

The finances of about 40 million Americans with college loans may take a hit now that the Supreme Court has struck down President Biden's plan to forgive up to $20,000 per person in student debt.

The economy has been through the wringer for the past few years. Skyrocketing inflation in the wake of the COVID-19 pandemic brought with it a series of rapid rate rises that still may not have reached an end.

Consumers spent $347 billion on interest and fees in 2022, up from $304 billion the previous year, according to a report from Financial Health Network, a nonprofit organization that focuses on improving Americans' financial outcomes.

The report from the Financial Health Network, a Chicago-based nonprofit focused on consumer financial health, offers some insight into how much consumers rely on buy now, pay later services. The report said a third of users had turned to BNPL two or more times in the month before participating in the survey, signaling that consumers are “loan stacking.”

Americans paid $40 billion more on interest and fees than in 2021, with financially vulnerable families paying 28% of that total — despite making up only 15% of the total population.

Ben du Pont talked about his firm's partnership with Discover, tech start-ups in the region, and research coming out of Longwood Gardens.

But the share of people paying the fees remains unchanged, and they’re often among the most financial vulnerable.

Discover Bank launches financial health fund, Cross River Bank climbs past real-time payment transaction benchmark, Webster funds financial education at youth-focused nonprofits and more in this week's banking news roundup.

Discover Bank has launched a fund to support startups working to improve people’s financial health. The $36 million Discover Financial Health Improvement Fund will back companies aiming to help low- and moderate-income people, communities and small businesses in the mid-Atlantic region, according to a Tuesday (June 13) press release.