You feel its effects every day but simply consider it a part of doing business. Referred to as the “silent epidemic,” Financial Stress affects 30 million American workers (25% of the workforce), and unless your employees are requesting loans against their 401(k)s or you’re receiving garnishment or bankruptcy notices, it goes largely unnoticed.
FlexWage Solutions announced increased demand for its payroll card services as well as its WageBank employee financial empowerment solution for the underbanked. “We’re thrilled to continue our growth and client acquisition objectives for the fourth quarter, making 2012 a breakthrough year,” said Frank Dombroski, CEO. “WageBank is helping drive employee adoption of payroll cards, delighting employees and employers.”
The Consumer Financial Protection Bureau’s “Project Catalyst” team invited FlexWage Solutions CEO Frank Dombroski, one of a select group of entrepreneurs with innovations, to its kickoff event in Northern California last week. Project Catalyst, an initiative to support consumer-friendly innovation in the public marketplace, is the CFPB’s answer to developing better policy decisions by gathering entrepreneurs, innovators, consumer trends, and emerging technology.
FlexWage Solutions announced today two key milestone achievements in the adoption of its FlexWage payroll card and WageBank alternative to check cashing stores, payday lending, and predatory lenders.
Payday lending has existed in some form for over 100 years, but in its current incarnation it’s been around since the early 1990s. A recent Pew Charitable Trust report on Payday Lending in America provides some eye-opening information regarding borrowers and lenders.