Tis the season: Serving the financially underserved
Seasonally, the hope of many during this time of year is to gather with loved ones and adorn our homes with the tinsel and lights that give us all the holiday feelings. Soon, some of [...]
Posts Tagged ‘Underbanked’
How credit unions can help underbanked members overcome barriers to financial inclusion
For most of us in America who count on financial institutions to manage our primary financial requirements may find it difficult to believe that, according to the Federal Deposit Insurance Corporation (FDIC), 14.1 million [...]
Minority households: A key factor for the future of credit unions
If you are anything like me, you often brag about how amazing credit unions are and you enjoy sharing member stories of how you were their shining light during a financial hardship. You pride yourself [...]
An easy way your credit union can help veterans
Serving those who serve our country is a deep commitment to proudly serve our nation’s military, veterans, and their families. It is a commitment every credit union in the United States shares as military [...]
Serving the underbanked and millennials – Can credit unions be the disruptors?
As credit union boards and executives refresh their strategic plans, some will take a similar approach to what bankers are doing. They will focus on growth and market share, driven by improvements to the member [...]
Finding new ways to serve the nation’s underbanked
According to the Federal Deposit Insurance Corporation, approximately 27 percent of all American households are unbanked or underbanked – that’s 50 million individuals. For purposes of this article, unbanked refers to individuals who don’t [...]
Mobile access: How credit unions can effectively reach underbanked
Almost 70 million Americans are currently outside, or at least not fully in, the U.S. financial system. Of those Americans, 51 million are underbanked—meaning they supplement their traditional bank accounts with alternative financial [...]
An inside view of the CFPB review process on the new payday lending rule
It was in late 2014 that the email came in from a member who works for a consumer protection group in DC – “Would North Side like to participate in the CFPB rulemaking process on the [...]
Evolving a credit card program for the underserved
Helping community members build and maintain credit is a core objective for many credit unions. So, too, is earning the business and trust of underserved consumers. The underserved market presents a tremendous growth opportunity for [...]
The worst word in marketing is…
Imagine you are in a new relationship. It’s been a great few weeks. You’ve spent many evenings talking until the wee hours learning about each others’ families, friends, careers, childhood, and dreams for [...]
Credit unions pursue their social mission by reaching out to underserved communities
In keeping with the credit union movement’s commitment to help all people realize their financial dreams, many institutions are focusing on serving the “underbanked” and “unbanked” in communities throughout the United States. According to [...]
The credit union dream is alive!
One thing that was clearly evident at the recent World Credit Union Council & America’s Credit Union Conference was the dedication and commitment of those in attendance to continue providing financial services to the [...]
CFPB should increase relief in ‘rural’ definition rule
The Consumer Financial Protection Bureau's (CFPB) proposal regarding rural and underserved areas is a positive step, but CUNA urged the agency to take further regulatory relief steps, in a comment letter filed Monday. The CFPB [...]
Five reasons consumers are unbanked
For many people – especially those of us working in the financial services industry – it can be difficult to understand why someone would not have a bank account (or if they do, why they would still [...]
Increased digital payments will foster financial empowerment among unbanked
by: Brian Day Digital payments could help billions of unbanked people achieve financial inclusion. Specifically, World Bank reports mobile money and electronic transfers could bring financial services to more than 2 billion marginalized people worldwide. [...]