The Obama Administration recently launched a push to boost access to basic banking services for millions of Americans who lack them. As Treasury Secretary Jack Lew noted, an inability to access high-quality, low-cost transactional services drives millions of low and middle-income individuals and families to high-fee options like check-cashing outlets. One Financial Holdings (OFH), a New York-based startup with roughly ten employees, bills itself as “a venture-backed laboratory for innovation in retail financial services,” with a focus on the financial …
