Author: Soliant Admin

CFE Coalition 2016 Policy Agenda: Policy Priorities and Recommended Agenda Items

Posted on by Soliant Admin

The 15-member CFE Coalition has weighed in on key federal policy issues since its founding in 2008.

In 2016, the CFE Coalition released its 2016 Policy Agenda, outlining the legislative and regulatory reforms it seeks to advance. Key policy areas of interest include expanding access to financial products and services; improving financial capability; promoting asset building opportunities; and strengthening and expanding consumer financial protections. Specifically, the agenda supports newly-released Consumer Financial Protection Bureau proposed payday loan regulations, expanded access to financial counseling and safe banking products, and a reduction in municipal fees and fines.

Summer Jobs Connect: Connecting Youth to Developmental and Financial Goals

Posted on by Soliant Admin

The Summer Jobs Connect (SJC) initiative, generously supported by Citi Foundation, leverages the scale and infrastructure of Summer Youth Employment Programs (SYEPs) to offer banking access and other financial empowerment opportunities, helping to transform a summer job into an on-ramp to the financial mainstream.

This Research Brief details SJC youth participants’ views on financial empowerment, as explored in focus groups across partner cities, and highlights how financial empowerment can support positive youth development (PYD) efforts. PYD describes ideal outcomes for youth, as well as the processes through which they achieve these outcomes.

This brief follows upon a three-report compendium detailing our SJC city partners’ strategies to provide banking access and targeted financial education as part of their local SYEP, and how they are working to sustainably integrate these efforts into SYEP systems.

Supervitamin Quarterly, Issue 7

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This issue, Issue 7, provides a number of Bank On updates, including the launch of the Bank On National Account Standards, the announcement of the Bank On Capacity Grant Fund, and updates on critical support from Bank On partners, both regulators and financial institution. The issue also includes a new report, jointly authored by the CFE Fund and the National Consumer Law Center, on the effect of account screening consumer reporting agencies on banking access; a series of briefs from the Summer Jobs Connect initiative; an update on the work of the Next Generation Municipal Financial Empowerment awards; and evaluation findings and resources related to SaveUSA, a tax-time matched savings program. Finally, the issue includes a guest column from Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg on Bank On and the importance of access to banking efforts.

Summer Jobs Connect: Building Sustainable Banking and Savings Programs in Summer Youth Employment

Posted on by Soliant Admin

The Summer Jobs Connect (SJC) initiative, generously supported by Citi Foundation, leverages the scale and infrastructure of Summer Youth Employment Programs (SYEPs) to offer banking access and other financial empowerment opportunities, helping to transform a summer job into an on-ramp to the financial mainstream.

This three-report compendium details city partners’ strategies to provide banking access and targeted financial education through SYEPs, and how they are sustainably and systemically integrating these efforts. These reports highlight three distinct strategies that partner cities used to refine and improve their programs during the second programmatic year. Brief One focuses on direct deposit and financial education efforts; Brief Two describes the use of incentives in SJC programs; and Brief Three details structural changes for sustainability.

SaveUSA Video

Posted on by Soliant Admin

Piloted at select free tax preparation sites in four cities, SaveUSA is a simple tax time matched savings program — tax filers who deposited part of their refund into a designated account, and maintained the deposit for a year, received a 50% savings match up to $500.

This video explains the SaveUSA program model, highlights best practices for replication, and includes key program results from a rigorous randomized control trial.

Tax Time: The Right Moment for Savings

Posted on by Soliant Admin

Piloted at select free tax preparation sites in four cities, SaveUSA is a simple tax time matched savings program — tax filers who deposited part of their refund into a designated account, and maintained the deposit for a year, received a 50% savings match up to $500.

This infographic illustrates key findings from a rigorous randomized control trial of SaveUSA—and shows that SaveUSA works.

The SaveUSA Playbook: A Tax Time Approach to Short-Term Savings

Posted on by Soliant Admin

Piloted at select free tax preparation sites in four cities, SaveUSA is a simple tax time matched savings program — tax filers who deposited part of their refund into a designated account, and maintained the deposit for a year, received a 50% savings match up to $500.

SaveUSA was designed to test if the tax time moment, when tax filers with low incomes often receive a significant refund, could be used to encourage filers to save for the short-term as a realistic first step towards longer-term financial stability. New evaluation results, from a rigorous randomized control trial, provide strong evidence that low-income families can save for the short-term, and the tax time moment can be leveraged to help them do so.

This Playbook was designed for communities interested in replicating SaveUSA, and includes information on designing the program, including key program elements, as well as talking points to develop SaveUSA champions. The SaveUSA program was supported by the New York City Center for Economic Opportunity and the Mayor’s Fund to Advance New York City, and created in partnership with the New York City Department of Consumer Affairs Office of Financial Empowerment.

Account Screening Consumer Reporting Agencies: A Banking Access Perspective

Posted on by Soliant Admin

The CFE Fund and the National Consumer Law Center co-wrote this report, outlining the tremendous and deeply flawed role that account screening consumer reporting agencies (“CRAs”) play in determining whether consumers can obtain a bank or credit union account. The report raises concerns about these companies and financial institutions’ use of their reports, and offers solutions both for industry leaders and regulators.