DATE: January 24, 2008
From: Financial Service Centers of
America
Cynthia Vega (201.562.1029, cvega@fisca.org)
Stephen Altobelli (201.964.2369,
saltobelli@mww.com)
Statement by Hank Shyne, Executive Director, Financial Service
Centers of America, Responding to Opinion-Editorial Which Appeared in
The Wall Street Journal, Authored by Former President Clinton and
Governor Schwarzenegger
“We agree with President Clinton and Governor
Schwarzenegger that every American should have complete access to a full
range of financial services.
“For more than 70 years, the Financial Service
Centers industry, now numbering more than 13,000 locations, has been
providing millions of low and moderate income consumers with the
financial services they need – many of which are not readily
available at banks. Through new technologies, we even have expanded
those financial opportunities with services that are, in essence,
virtual bank accounts. Yet, we recognize that technology allows for even
more opportunities.
“In fact, the Financial Service Centers of
America (FiSCA), the national trade association representing the FSC
industry, recently met directly with the Federal Deposit Insurance
Corporation, as well as its Advisory Committee on Economic Inclusion
(ComE-IN), to make recommendations on how to enhance access.
Additionally, Financial Service Centers already have introduced three
key programs towards this goal:
-
National Saving Program: This first-of-its-kind
savings program offers a no-fee, interest-bearing, federally-insured
savings account linked to a prepaid debit card.
-
Credit Building Initiative: This initiative enables
consumers and small businesses to build a credit file and score, based
on their history of making rent, utility, phone, and other recurring
bill payments that can be used to demonstrate creditworthiness, which
helps secure access to credit.
-
Financial education program: FiSCA’s financial
education program will directly target low- and moderate-income
consumers, educating them on the products and services they use. The
program is designed to reach consumers where they live, work and
actually conduct their financial transactions.
“FiSCA and its membership are committed to
these initiatives and to others that would enhance economic
opportunities to all Americans. We believe that banks and non-bank
financial service centers can work together to benefit everyone. And, we
welcome the opportunity to work with President Clinton and Governor
Schwarzenegger on their initiative, and all others in pursuing that
goal.”
About FiSCA
FiSCA, founded in 1987, is the national trade
association representing financial service centers across the United
States. FiSCA members provide a wide variety of financial services and
products to their communities, including check cashing, money orders,
money transfers, and electronic bill payment services, automatic teller
machine access, government benefit and payroll payments, small dollar
short-term loans, electronic tax preparation, prepaid debit cards,
deposit acceptance services, public transportation fare and token sales,
motor vehicle license plate and title distribution, postage stamp sales
and numerous other services. For more information, please visit www.fisca.org.
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