Cachet Financial Solutions, Inc. and Central Bank of Kansas City have rolled out an end-to-end reloadable prepaid card program for banks, credit unions and alternative financial services providers. Powered by Central Bank of Kansas City's program managmenet and Cachet's award-winning Select Mobile Money technology, the new card program provides a more convenient way for financial institutions and marketing organizations to offer general purpose reloadable prepaid cards. It also makes card usage more engaging and convenient for customers. The companion mobile app can be customized with corporate branding, a range of optional features and a suite of tools that can help card distributors manage their card programs and engage card users.
Beneficial State Bank has completed its merger with Pan American Bank and is celebrating with a Toyota Prius giveaway. The merger will increase the size of Beneficial State to approximately $650 million in assets, allowing it to better meet the needs of underserved communities in the Central Valley and Los Angeles with financial products and services. “We are embarking on an exciting moment in our journey,” said Dan Skaff, Beneficial State Co-CEO and president. "We are bringing together extraordinary talent and partnering with innovative companies that provide forward-looking technology to deliver beneficial banking products and services to all families throughout California, Oregon and Washington."
Teri Williams, President of OneUnited Bank discussed the financial system's structural racism in a recent interview. “If you look at what has happened in the banking industry or financial services industry over the past 10 years, the black community was faced with predatory lending, we currently have payday lenders that charge rates as high as 400% on a short term loan, they charge fees to cash checks of 1% or more, and the legal framework, the regulatory framework allows this to exist… Black people spend $1.2 trillion annually. That is more than some whole countries spend. But only 2% of that is spent in the black community, so the opportunity for us to use that spending to build wealth in our community is very small.”