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CFPB’s “Project Catalyst” Invites Consumer Protection Innovators to Workshop
FlexWage Solutions, LLC was honored with an invitation to the Consumer Financial Protection Bureau’s (CFPB) initiative, “Project Catalyst,” in Mountain View, California, November 14, 2012.
Dombroski demonstrated FlexWage’s WageBank employee-managed debit card tool to access earned wages in advance of payday. “Employees who have access to wages earned today can pay bills tomorrow without ever visiting a check-cashing store, payday lender, or other predatory enterprise,”
Estimates show that average underbanked individuals making less than $42,000 per year spend more than $1,000 annually to simply cash checks and pay bills. Further, since they have not been able to build an economic buffer to deal with unforeseen emergencies or short-term cash volatility, they often turn to predatory products such as payday loans between paychecks. The average payday borrower takes out nine loans a year, spending up to $700 for a $325 loan.
More information on the CFPB’s Project Catalyst is available at http://www.consumerfinance.gov/
FlexWage Solutions is based in Mountainside, New Jersey. For more information on FlexWage Solutions, please visit FlexWage.com, on Facebook at Facebook.com/