CFSI Convenes Nonprofits and Financial Institutions To Discuss Underbanked in U.S.  Nov 4, 2009
By: Press Release - Wednesday, November 04, 2009

Unique Joint Meeting Designed To Share Knowledge, Promote Cross-Sector Innovation

CHICAGO - November 4, 2009 – The Center for Financial Services Innovation (CFSI) announced today an unprecedented joint gathering of its Nonprofit Development Lab and its Underbanked Solutions Exchange, comprised of nonprofit executives and mid-sized financial institutions, respectively, all united in a commitment to better serve underbanked consumers. 

“This joint session will be an important opportunity to bring together innovators from across the financial services industry,” said Karen Andres, Relationship Manager, CFSI.  “By combining these two networks, our diverse group of participants will be able to learn from each other and share ideas and first-hand intelligence on best practices in serving the underbanked market. Key elements of our agenda for this meeting are a case study of a real-world partnership between a nonprofit and a financial institution making an impact for underbanked consumers.  Participants will also engage in a visioning exercise designed to help place their efforts to serve the underbanked in the context of the dynamic financial services landscape of the future.”

Financial Institutions participating from the Underbanked Solutions Exchange include: Bethpage Federal Credit Union, Centris Federal Credit Union, Comerica Bank, El Banco de Nuestra Comunidad, ESL Federal Credit Union, Guaranty Bank, Kinecta Federal Credit Union, Old National Bank, ShoreBank and US Federal Credit Union.  Nonprofit Development Lab participants include the following nonprofit organizations: Alliance to Develop Power, Center for Community Self-Help, Credit Builders Alliance, Consumer Credit Counseling Service of Delaware Valley, Doorways to Dreams (D2D) Fund, Eastside Financial Center, Mountain Association for Community Economic Development and Mission Asset Fund. 

“CFSI is committed to deepening nonprofits’ understanding of financial institutions’ views and efforts around serving the underbanked and vice versa,” said Sarah Gordon, Nonprofit Relationship Manager.  “Our hope is that participants will leave the convening better positioned to develop and maintain successful cross-sector partnerships.”

Nonprofit Development Lab is supported by grants from the Citi Foundation and The Walmart Foundation.  The Underbanked Solutions Exchange is sponsored in part by Meta Payment Systems. For more information about Nonprofit Development Lab or the Underbanked Solutions Exchange, visit http://www.cfsinnovation.com.

About CFSI:
The Center for Financial Services Innovation is the nation’s leading authority on financial services for underbanked consumers. Since 2004, its programs have focused on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies. A non-profit affiliate of ShoreBank Corporation, CFSI works with leaders and innovators in the business, government and non-profit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com. 

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