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News Release
HSBC Finance Corporation Sets New Course in Taxpayer Financial Services Business
Discontinues Certain Tax Refund Loan Products
15 March 2007
Prospect Heights, Ill. - HSBC Finance Corporation, a unit of HSBC North America Holdings Inc., today announced plans to discontinue certain tax refund loan products offered by its Taxpayer Financial Services (TFS) business. Beginning with the upcoming tax season, HSBC intends to discontinue pre-season and pre-file products.
As contracts mature, HSBC will work with its tax partners to significantly modify agreements in order to reflect its strategy toward offering only the most value-added tax products. "We are committed to being a leader in consumer finance lending practices, including our TFS business, and believe this approach will provide the best products and services for our customers," says Brendan McDonagh, Chief Executive Officer, HSBC Finance Corporation. "In addition, we have been in discussions with key consumer advocates and public officials so that we may include their perspectives in making the best strategic decisions for HSBC and for consumers."
In addition to tax refund product refinement, HSBC recognizes the need for free community-based taxpayer services, particularly among low-income Earned Income Tax Credit (EITC) eligible consumers. This past tax season, HSBC supported organizations whose tax assistance resulted in free tax services providing consumers $223 million in federal tax refunds and $127 million in Earned Income Tax Credits. Annually, HSBC commits $15 million to provide financial literacy information, education and counseling through these and other community organizations, as well as its free financial education Web site, YourMoneyCounts.com.
