As many employees struggle with unmanageable debt, employers can make a difference by providing credit- and debt-related financial wellness solutions. Here are fiscal, legal, and regulatory considerations for businesses to keep in mind as they develop offerings to help employees manage debt, build credit, and improve their financial health.

Employers, benefits platforms, regulators, and employees are paying more attention to earned wage access (EWA) products for their potential to improve employee financial health. Employers can maximize the positive outcomes of EWA products by minimizing associated fees, explaining the program mechanics to employees, and providing a complementary suite of financial resources.

The Financial Health Network offers its first quality assessment of the payroll card industry.

In this letter, the Financial Health Network supports the OCC’s leadership in encouraging innovation that can improve the lives and financial health of consumers and small businesses.

Understanding the three prominent financial health challenges that community college students face and how those students can improve their financial health through choosing and using quality products and services.

This one-pager gives examples of applying the Compass Principles to transaction products.

With millions depending on prepaid cards to help manage their financial lives and forthcoming CFPB regulations, it is important to gauge the quality of products in the marketplace and to encourage prepaid card issuers to develop offerings that actively improve consumers’ financial health.

Millions of Americans lack access to high-quality, affordable credit. While innovating in the small-dollar credit industry poses challenges, the opportunity to serve borrowers in need of high-quality, small-dollar loans is significant.

The Compass Guide to Payroll Cards defines industry-wide best practices for the design and delivery of payroll cards.

To help the industry take the lead in addressing these challenges and build trust with the public, the Center for Financial Services Innovation, in partnership with a cross-section of industry participants, created the Compass Principles.

The Compass Principles are guidelines for the U.S. financial services industry. They affirm standards of excellence in the design and delivery of basic tools that people use to manage their daily financial lives.

Millions of Americans do not have access to small-dollar credit or only have access to high-cost, low quality small-dollar credit products that too often lead them into a cycle of repeat usage and mounting debt.

Over the past decade, millions of American households have turned to prepaid cards to spend, save, and manage their money.

Since launching its first general purpose reloadable prepaid card program in 2008, Sunrise Community Banks affiliate University Bank has expanded to issuing 50 prepaid card programs for 16 program managers.

AARP Foundation understands that many older people do not necessarily have access to affordable and reliable financial services.

When Patrice Peyret started Plastyc in 2006, he saw an opportunity to help people outside the mainstream economy participate in better and more cost-effective financial services.

The Compass Guide to Prepaid defines industry-wide best practices for the design and delivery of GPR prepaid card accounts.

Discover the Compass Guide to Prepaid, with insights into the increased use of prepaid cards and the growing need for guidance around developing high-quality prepaid products. 

Increasingly, underserved Americans are turning to prepaid cards to meet their basic financial services needs.

This one-page document has examples of applying each of the four Compass Principles to savings products.

Discover the Compass Principles through this informative infographic.

More than 600 participants gathered at the Sixth Annual Underbanked Financial Services Forum to discuss the future of the marketplace for the underbanked.