Open and Operating To Serve the Community

CHAIRMAN’SLETTER

The coronavirus pandemic has touched nearly all our lives in one way or another. Whether you have lost a loved one, experienced illness, or your business has been dramatically affected, this pandemic knows no boundaries when it comes to who it affects, when it will arrive, and where it could ultimately take us.

Within the financial service industry, we are collectively facing obstacles on a daily basis – be it the ever-changing rules and regulations at the local, state and national levels regarding how businesses must operate during this pandemic, keeping our employees safe and healthy, or finding new ways to reach customers that are unable or afraid to come into our brick-and-mortar locations.

Given the types of businesses that we run, we are especially attentive to communities that are underserved or unserved – from broadband penetration to healthcare accessibility, and from access to retail stores serving healthy foods to, of course, financial services. Communities that do not have proximity to these critical services risk not only being left behind, but are further susceptible to extended harm, particularly economic, due to the coronavirus pandemic.

A critical concern right now is the plight of the underbanked and unbanked in our communities. According to the FDIC’s annual reports, over 60 million Americans do not hold depository accounts at traditional financial institutions. These hardworking, taxpaying individuals either lack access to banks in their neighborhood or they choose not to participate in our country’s traditional banking system.

We deliver liquidity into our communities through a variety of services, including check cashing, wire services, and provisioning small loans, all regulated according to federal laws and state-specific statutes that in many cases, cap our fees. Not only that, we adhere to robust transparency and disclosure requirements, enabling us to work with our customers on individualized plans that help them make any number of ends meet with a complete understanding of their obligations.

This approach under our competitive, regulated market ensures that our customers, our neighbors, have the confidence in sound financial products and services that enable them to make the purchases they choose, from buying groceries to affording other everyday expenses incurred by their families. There is nothing more important right now than having the financial accessibility to do that. With four out of ten Americans unable to cover a $400 emergency expense, multi-suite lines of financial products and services like ours are needed now more than ever. What I have learned from being a neighborhood business owner is that our customers want a partner in their financial decisions and support with their future economic goals.

In early July, the Consumer Financial Protection Bureau (CFPB), under the leadership of Director Kathy Kraninger, released its long-awaited revision of the small-dollar lending rule titled, “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” redesigned to restore confidence to the millions of customers who rely daily on our services. With this final rule, the preservation of access to credit finally allows hard-working Americans to have a real choice.

The rule comes at a time of great need, and solidifying access to these critical products and services should be welcome news to many of our nation’s suffering communities. Together we’ve experienced the toll this pandemic has wrought in our neighborhoods and cities, and by working together, I am confident we can overcome this challenge. As a dedicated small-business owner, I look forward to playing a small role in this recovery.

Best,

Jennifer Robertson, Chairman 2I Currents October 2020