The Green Sheet Online Edition
September 27, 2010 • Issue 10:09:02
Fix that microfinance story
I am a frequent reader of The Green Sheet and usually find information that is useful to pass along to the members of our trade association. However, today in your article, "The United States of microfinance," I found two errors that gave me pause.
The first: "Treasury also plans to redouble efforts to get more recipients of federal payments to accept direct deposit and to enroll those who don't want to deal with banks in a prepaid debit card program using the MasterCard Worldwide Direct Express debit card. More than 12 million benefits recipients have signed up for the Direct Express card since it was introduced in 2008, according to a Treasury spokeswoman."
Treasury is not merely redoubling their efforts to get federal benefits recipients to use direct deposit - they have made it law! As of March 2011, all federal benefits recipients will be required to receive their benefits direct deposited either into bank accounts of their own or into the Direct Express card. Consumer groups are actually lobbying against this restrictive law, as for some people, a paper check is the best instrument for them to use to manage their finances.
The second: "Mango is the brainchild of two brothers, Roy and Bertrand Sosa, who previously founded NetSpend Corp. and sold the prepaid debit card company to Capital One Financial Corp. for a reported $700 million."
While it is true that the Sosas founded NetSpend, they did not sell it to Capital One. The acquisition of NetSpend by Capital One fell through; NetSpend remained independent and changed CEOs. Now NetSpend is in a quiet period awaiting their IPO.
This is the kind of information I expect The Green Sheet to be distributing to readers - not the other way around.
Financial Service Centers of America Inc.
Thank you for calling the errors in the lead article "The United States of microfinance" to our attention. In addition to printing your correction, we will also see that the HTML online version of the article is corrected.
We endeavor to produce an entirely accurate publication. We regret that we let you down this time and hope it doesn't happen again.
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