CFSI Meeting Today Explores Consumer Credit and Industry Needs

The meeting will focus on credit needs and opportunities in this new environment, including the links between savings/deposit behaviors and the need for credit, the implications of impending regulatory changes and the proposed Consumer Finance Protection Agency and the financial needs of young adults and students. Industry leaders participating in the joint meeting include Bank of America, Citi, Fidelity National Information Services, Experian, GE Money, H&R Block, LexisNexis Risk Solutions, Meta Payment Systems, US Bank, Visa, and Wells Fargo.

“These companies are true industry innovators who believe that by sharing information and working together each can move the industry forward and empower consumers to build financial prosperity,” said Kimberly Gartner, CFSI Associate Director. “This opportunity for these leaders from a cross-section of the financial industry to sit at one table and discuss the major issues facing consumers today is critical both to accelerating their own strategies and to ensuring underbanked consumers have access to high quality financial products and services.”

As part of the agenda, Susan Ehrlich, Senior Vice President & President of Sears Financial Services, will provide a keynote on the current macro economic environment, its impact on Sears’ customers and how the company is addressing their needs in line with the company’s history and mission. Also scheduled is Bill Satchell, Partner at O’Melveny's Washington, DC office and a member of the Firm’s Securities Enforcement and Regulatory Counseling Practice, who will discuss implications of impending regulatory changes. Finally, the non-profit credit counseling organization Take Charge America and Goalspring, the creators of the first free online debt management service DebtGoal.com, will share their individual findings in developing innovative debt management tools designed to help consumers better manage their debt.

In addition to formal twice-yearly meetings, roundtable participants cooperate on projects determined by the group and assisted by CFSI staff. Participating organizations make a multi-year commitment, including a financial contribution. More information about the Roundtables and other CFSI initiatives can be found at http://www.cfsinnovation.com.