The Financial Health Network offers its first quality assessment of the payroll card industry.
The Financial Health Network Comment Letter on Evaluating Charter Applications from Financial Technology Companies
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.
Prepaid Industry Scorecard: Assessing Quality in the Prepaid Industry with the Financial Health Network’s Compass Principles
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.