The Center for Financial Services Innovation (CFSI) has launched a policy initiative to provide national leadership and new ideas on public policies that encourage and enhance access to reasonably priced financial services for the financially underserved.
CFSI seeks to advance federal financial services policy to spur product innovation and market competition, address impediments to high-quality, reasonably-priced financial services access, and educate policymakers about low income consumers’ financial services needs.
Specific policy activities will include ensuring the needs of the 40m underbanked households are addressed in the current financial reregulation debate, promoting the SAFE-T Account proposal to create a tax time prepaid debit and savings account and developing proposals to address the small dollar credit needs of underbanked consumers.
Jennifer Tescher, director, said: “By ensuring that the rules governing the industry factor in the needs of lower income, underbanked consumers, we are more likely to see the development of the kinds of products and services that put the underserved on a path to financial prosperity.”
US-based Center for Financial Services Innovation is the nation’s authority on financial services for underbanked consumers. Its programs focuses on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies.
