The Center for Financial Services Innovation (CFSI) announced Wednesday (Dec. 3) the expansion of its Small-Dollar Credit Test & Learn Working Group with the addition of Canada’s largest credit union, Vancity.
The stated purpose of the working group is to bring together credit providers to pilot innovative products and features that are aligned with the Compass Guide to Small-Dollar Credit. The Compass Guide supports companies looking to safely and sustainably meet consumers’ needs by defining clear standards of quality for small-dollar credit products.
“Consumer financial health requires access to well-designed, high-quality products,” said Jennifer Tescher, president and CEO of CFSI. “With the working group, we are exploring new ways to meet the needs of millions of North Americans using credit products each year. We believe this group will provide significant insights into the future of small-dollar credit, advancing our understanding of products that contribute to positive long-term outcomes for both providers and consumers.”