Underbanked

The California company, which filed an application Monday with the Office of the Comptroller of the Currency, is following a path charted by Varo Money and SoFi.

The Toronto parent of BMO Harris Bank has joined a growing list of banks directing billions of dollars toward affordable housing and loans to low- and moderate-income communities.

The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State.

The Pasadena, Calif., bank is partnering with and investing $2.5 million in Gig Wage to offer services like debit cards and money management to gig workers, many of whom are among the tens of millions of unbanked and underbanked Americans.

Harvest, a fintech founded by Nami Baral, has developed an alternative scoring method that amasses data on spending patterns, debt payments and even earnings potential to get a better sense of consumers' creditworthiness.

A New York CDFI is halfway to its $100 million fundraising goal for a fund that would put deposits in Black-owned banks and make loans to key businesses or projects. It hopes the moves will improve availability of capital and access to mainstream financial products.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

The 2020 election has tossed the U.S. Postal Service under extreme scrutiny, pressuring the institution at a time when it has become a potential catalyst for financial inclusion.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

Treasurer Ma has championed programs to give minority and women-owned businesses a seat at the table throughout her career. A mission of the Treasurer is increasing diversity to increase equitable outcomes.