#FinHealthMatters: brokeGIRLrich
By Mel Bondar, brokeGIRLrich I am the world’s laziest runner. I kind of hate it. Sometimes it’s my legs that hate it. Sometimes it’s my lungs. Most of the time though, it’s my mind. My mind really hates running. My mind wants to be at home binge watching Pretty Little Liars and eating chocolate chip…
The first #FinHealthMatters Day: Deeply personal stories about financial health in America
In case you missed it, June 29 was the first-ever #FinHealthMatters Day. You might be wondering what that’s all about, maybe even why you should care. In a nutshell, it’s this: 57% of Americans — approximately 138 million adults — are struggling financially. If that doesn’t scare you, it should. The struggling majority aren’t who you think: While it’s…
Five Reasons Why #FinHealthMatters (Or Should) to Innovators
Building products that help consumers improve their financial health is hard. Finance is complex, the space is regulated, and consumers tend to be reserved about sharing their financial information, limiting viral loop options. So why would anyone try to build a product in this space instead of another food delivery app? Here are five reasons […]
Announcing 7 Companies Measuring Financial Health
By Thea Garon, Senior Manager, Financial Health Network Financial Health Network is pleased to announce the launch of the Financial Health Beta Project, an initiative designed to help providers measure and improve their customers’ financial health. From June to December 2016, participating companies will use Financial Health Network’s 8 financial health indicators to measure and…
Why the CFPB’s Payday Regulations Need to be the Starting Point, not the End
By Rachel Schneider Senior Vice President, Financial Health Network Last week, the Consumer Financial Protection Bureau (CFPB) released its long-awaited proposed rules about payday lending. The CFPB is to be applauded for wading into the near-impossible task of trying to regulate this controversial product without causing harm to the millions of people who rely on…
American Banker: CFPB Payday Rule Addresses the Problems, Not the Solution
The CFPB’s proposal protects borrowers from unaffordable loans, cycles of reborrowing, and exorbitant fees—all positive steps in reducing consumer harm. But if the final rule doesn’t create a clear lane for good lenders to step in with a variety of new loan product designs, the CFPB risks leaving important consumer needs unfulfilled. Read the full […]
Four Things you Need to Know about Payday and Small-Dollar Lending
By Sohrab Kohli, Senior Associate, Financial Health Network Thursday in Kansas City, Missouri, the Consumer Financial Protection Bureau (CFPB) will be issuing a proposed rule on payday loans and other small-dollar loan products. This rule will likely introduce protections that would curb consumer harm and have other broad implications for much of the small-dollar credit…
Press Release: Center for Financial Services Innovation Releases New Indicators for Measuring Consumers’ Financial Well-Being
CHICAGO–(BUSINESS WIRE)–Today, the Financial Health Network released alandmark report that urges financial services providers to measure the financial health of their customers. Thework, which benefitted from the strategic and financial support of MetLife Foundation, equips financial services providers and nonprofits with the tools to better understand the state of their customers’ financial health and their […]
Three Things Innovators Should Know About Prepaid
Three Things Innovators Should Know About Prepaid Millions of Americans–whether they have bank accounts or not–depend on prepaid cards to take more control over their financial lives in a way that cannot easily be done with cash alone. High-quality prepaid products are a critical component to the financial health of those who use them to […]
5 Things to Remember as the Big Data Debate Heats Up
By Sarah Parker, Director, Financial Health Network Originally published on Financial Health Network’s website on February 2, 2016 The better a financial services provider understands its customers, the better it can serve them. With Big Data, providers can increase customer loyalty and gain market share by better serving its customers. Big Data here is defined…
Bankless Times: Puddle Aims to Serve the Bottom 60%
Skylar Woodward tapped into a rich background when developing Puddle, a platform which uses the power of the group to help people out of temporary economic jams. Learn more about Puddle and read the full article today >>
The Atlantic: Who Gets Excluded from the Modern Economy?
In the aftermath of the recession, researchers, academics, and bankers themselves analyzed and opined on the role that investment banks and the use of derivative products played in contributing to the crisis. Many wondered and theorized about what that sector of the economy would look like in a post-crisis era. But as the economy has […]