Takeaways (and Surprises) from 1,000 Fintech Startups
The Center for Financial Services Innovation recently released its 2017 FinLab Snapshot paper. And, if you think you know fintech, what we found may surprise you.
CFSI
Eight Fledgling Fintech Providers Win Capital with CFSI Awards
Eight fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation. Each FinLab winner in this third annual competition from the CFSI receives $250,000 in capital, along with resources to test, enhance and scale their products, in part via the expertise of JPMorgan Chase, a founding lab partner.
CFSI Sets the Table for Financial Health
Hoping to build on last year’s success, the Center for Financial Services Innovation is encouraging participants in next month’s FinHealthMatters Day to craft videos, write blogs and plan events that highlight the need for better financial health for U.S. consumers. FinHealthMatters Day is June 27.
N.Y. DOL Fires Back at Industrial Board of Appeals, Global Cash Card
The New York Department of Labor has fired the latest salvo in the battle over the use of payroll cards in the state. The agency has filed an appeal that could jeopardize the outcome of a petition granted to Global Cash Card to revoke the N.Y. DOL payroll card regulations, which were due to go into effect March 7, 2017. At stake are rules that are considered so burdensome by the prepaid industry that—if restored—could force some payroll card providers out of New York.
‘Mythbusting’ Payroll Cards
To coincide with its just released and first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.
CFSI, Chase Seek Fintech Startups for Financial Health Awards
Fintech entrepreneurs still have a few weeks left to win financial backing from two big players in the payment space. The Center for Financial Services Innovation (CFSI) and JPMorgan Chase’s Financial Solutions Lab (FinLab) plan to award $250,000 to programs that help consumers build financial health, “with a special focus on those communities that are frequently underserved, such as older Americans, communities of color, people with disabilities and products that address the gender wealth gap.”
CFPB Seeks Help in Tackling Thin-, No-File Challenge
In a Feb. 16 field hearing, the CFPB said it wants industry input on using alternative data to help thin- or no-file consumers build credit scores. It’s a challenge that many in the prepaid industry have been trying to solve for years to better serve cardholders who often are among the approximately 26 million U.S. consumers who don’t have a credit history and another 19 million consumers whose credit histories are insufficient to produce a credit score, according to CFPB estimates.
