The underbanked, or unbanked, market represents nearly 64 million U.S. consumers who have limited or no traditional credit history. What does this mean for consumers and what are the potential opportunities in the financial services market?  Approximately 25 percent of the population could benefit from a wide range of financial products and services.

The dramatic transformation of the financial services industry requires new advances and innovation in credit strategies to respond to the growing number of underbanked customers who need to be served. At the core of these changes are real people who need financial options to manage their lives and who are critical to getting this nation back on track. Quality products and services are the key to your prospective customers’ future, enabling providers to profit while actively contributing toward improving people’s lives.

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New Rule Proposed by the CFPB
Posted on Apr 17 2012 by


Since President Obama used a recess “appointment” to name former Ohio attorney general Richard Cordray as the first director of the Consumer Financial Protection Bureau (CFPB) in January, the new director and the bureau have hit the ground running.

In February, the CFPB released a proposed rule that defined third-party debt collectors with more than $10 million in annual receipts and consumer reporting agencies with more than $7 million in receipts as “larger market participants.” This is the first of many proposed rules that will define the larger market participants that will be susceptible to the bureau’s nonbank supervision program.

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