What We Really Need to be Better Off Financially
By Richard Cordray on 01/27/2015 @ 04:55 PM
EDITOR's NOTE: This op-ed originally appeared on CNN Money and highlights findings of research conducted by a team comprised CFPB staff, as well as a team of research contractors led by the CFED, including the University of Wisconsin-Madison Center for Financial Security, the Urban Institute, ICF International and Vector Psychometrics.
We are facing a financial education crisis in this country. The gap between the complex financial world and our ability to navigate it is growing wider. Too many financial lessons are learned through trial and error, where it is costly to recover from a financial mistake, let alone to achieve your financial goals.
At the Consumer Financial Protection Bureau, we are working to close this gap. We are simplifying complicated financial forms like mortgage disclosures; putting new rules in place to safeguard consumers against predatory practices; cracking down on companies that violate consumer protection laws; and, most importantly, educating consumers.
Since the economy crashed in 2008, people broadly agree that we need more financial education. But financial literacy is only one of the steps people need to take to attain overall financial well-being. Changing our financial habits and behaviors is also important if we want to improve this key aspect of our lives.
The Consumer Bureau asked consumers how they define financial well-being. They told us it is not strictly about how much money you make, but also about security and freedom -- both now and in the future. Those who reported higher levels of financial well-being had four financial habits in common that deserve closer attention.
They live within their means. First, these consumers feel they have control over their day-to-day and month-to-month finances. They are able to cover their expenses and pay their bills on time, and generally they do not worry about having enough money to get by. This is not just about having money, they told us, it is about managing it better.
They have a financial cushion. Second, these consumers feel they have the capacity to absorb a financial shock. Whether they get in a car accident or are temporarily laid off from a job, they have a safety net such as savings, insurance, or family to avoid severe financial turmoil.
They have a plan. Consumers with a higher sense of financial well-being see themselves as on track to meet their financial goals. Whether they have a formal financial plan or not, they are actively working toward goals. Those goals may include saving to buy a car or home, paying off student loans, putting away money for retirement, or just having enough for emergencies.
They have a sense of financial freedom. Finally, these consumers feel they have the financial freedom to make the choices that allow them to enjoy life, whatever that means to them. Whether that is taking a family vacation, going out to eat, or working less to spend more time with family, these consumers have the financial flexibility to do what they value and what makes them happy.
The main question we face is: How can we better help people achieve these goals and attain financial security and freedom? Right now, research shows that almost half of Americans describe themselves as struggling to pay their bills.
Consumers can take steps to strengthen these four components of financial well-being in their own lives. For example, they can use tools to track and manage spending, set explicit goals to guide their financial decisions, and build savings. Establishing good, responsible habits and making balanced financial decisions can have big rewards in the form of financial freedom and quality of life.
Many consumers ask us where to start. Our research suggests that consumers do better when they ask, plan, and act. That is, when they ask for information to help them make the best financial choices, set realistic goals and make plans to meet them, and then take advantage of resources they have to stay on track.
Through a focused commitment to financial education, the Consumer Bureau is working to empower consumers. By giving them tools and opportunities to operate in a fair marketplace, we can help them thrive in today's complex financial world.
Reflections on the CFED Thrift Book Event
By Kim Pate and Paul Day on 01/27/2015 @ 04:30 PM
On January 21, CFED hosted a lunchtime conversation about the ways that thrift can be an important lens through which we understand financial capability in the twenty-first century. Participants heard a keynote address from Andrew Yarrow, author of Thrift: The History of an American Cultural Movement, and remarks from a panel of experts: Nancy Register from the Consumer Federation of America, Sybongile Cook from the District of Columbia Department of Insurance, Securities & Banking, and Jeremie Greer from CFED.
As Yarrow pointed out in his keynote, the United States may be the world's richest country, but it doesn’t feel that way for the 140 million Americans —44 percent of the nation's people— who either have "negative net worth" (meaning they have more debt than assets) or have only enough money saved to pay for up to three months of modest expenses, citing data from CFED’s Scorecard. Yarrow described the American debt crisis, in which too many people are paid too little to make ends meet, much less save. And, noted Yarrow, despite calls to save, the calls to spend are much louder and more enticing. He talked about how the thrift movement, which was a response in the early 20th century to social problems like waste, poverty, overspending and even the destruction of natural resources like forests and water, is relevant today.
So how can a new iteration of thrift, recalibrated to contemporary social realities, illuminate a path to a better future? Here are some of the ideas from our panel:
The original thrift movement was undermined by rising consumerism and pro-spending economic policies.
Yarrow pointed out that the thrift movement declined in the mid-late 20th century following WWII and the perceived threat of communism. The support for Keynesian economic policies and increased advertising to consumers created an environment that encouraged consumer spending. The philosophy of thrift was even perceived as being “un-American” in the midst of the perceived Soviet threat. The panel addressed the common argument against thrift being that consumer spending drives the economy. But Yarrow believes that both spending and saving can both be important pillars of a healthy economy and that thrift can be an investment in economic security and financial stability for all. That idea couldn’t be timelier with skyrocketing consumer debt, the foreclosure crisis and the impending environmental impacts of wasteful consumption.
Communicating the right messages about thrift to the right audiences will be critical.
Nancy Register explained how the Consumer Federation of America’s America Saves campaign has used digital media, graphics, mobile tools, direct marketing segmentation strategies, catchy headlines, media outreach and partnerships to help organizations spread the message of thrift and encourage consumers to adopt saving behaviors. Communications can be a powerful tool to change consumer spending habits and drive behavioral changes that help individuals save money, reduce debt and build assets.
The linking of thrift and the emerging sharing economy has significant potential to revive thrift behavior.
One innovative way to engage thrift is through the emerging sharing economy. Sybongile Cook, the Program Administrator for Bank on DC, had an epiphany one day that Capital Bikeshare membership signup is the perfect moment to encourage people to get banked because the membership is purchased with a debit or credit card. Now, a partnership between Capital Bikeshare, Bank on DC, United Bank and the District Government Employees Federal Credit Union (DGEFCU) will offer annual memberships at $25 to existing unbanked individuals who sign up for a debit or credit account at United Bank or DGEFCU. In addition, existing Bank on DC members are offered a $50 annual membership rate. This is just one way to align thrift with the sharing economy and could be a model for future innovations. Similarly, other ride sharing services like Zipcar, Car2Go and Uber—or space sharing services like Couchsurfing and AirBNB—allow users to leverage the sharing economy to save money, maximize assets and reduce their environmental impact.and reduce their environmental impact.
Structural barriers to thrift have to be addressed before real change can happen.
As CFED’s Jeremie Greer explained, communications efforts like America Saves Week and innovative partnerships like Capital Bikeshare/Bank on DC program can only go so far if policies that make saving hard for people are not removed. One such policy is state asset tests. Many public benefit programs— like cash welfare, Medicaid and food assistance—limit eligibility to those with few or no assets. Yet, these asset tests force low-income families to “spend down” personal reserves in order to get any government help. Removing asset tests from public benefit programs eligibility requirements would both increase income and facilitate saving by very low-income families receiving public benefits. According to Greer, these asset limits, which can be as low as $1,000 in savings, are an unfortunate relic of entitlement policies that in many cases no longer exist. For a full explanation of how states can remove these assets test, see CFED’s 2015 Scorecard launch on January 29.
Another area for policy reform is the $540 billion in spending through the tax code on federal tax programs that support asset building through homeownership, retirement savings, liquid savings and higher education, which is strikingly upside down. The federal government spends billions of dollars each year to help Americans build assets, but this spending isn’t helping most low- and moderate-income households. Instead, we need to invest more in helping low- and moderate-income families build assets. CFED’s recent publication, From Upside Down to Right-Side Up, goes into detail about how these policies can be changed to create a much more inclusive economy.
Get involved in America’s New Thrift Movement!
February is the perfect opportunity to engage your clients and followers through the annual America Saves Week on February 23-28, 2015. America Saves Week, which reached over 40 million people in 2014, uses communications strategies to stress the importance of savings. The goal is to help individuals to adopt savings habits through clear messages: set a goal, make a plan and save automatically. Sign up here to participate.
We thank all of our speakers for sparking this dialogue about thrift and hope it is part of the resurgence of thrift in America.
Join CFED for the 2015 A&O Scorecard Launch Webinar
By Sean Luechtefeld on 01/26/2015 @ 05:30 PM
Thursday, January 29, 2015, 12-1 pm EST
Join CFED at noon EST on Thursday, January 29 for the webinar release of the 2015 Assets & Opportunity Scorecard. Each year, the Scorecard is a powerful tool that helps paint the full picture of financial insecurity in America. This year's Scorecard brings together 135 policy and outcome measures for all 50 states and the District of Columbia to help make the case for asset-based policy reform that expands economic opportunity for all Americans.
Key highlights from this year’s Scorecard include:
- Top-level analysis on the economic recovery at the household level.
- New outcome measures on the scope of income inequality and the number of disconnected youth in each state.
- A comprehensive assessment of the policies states should adopt to create opportunity for their residents.
- Analysis of how Scorecard data can be used to affect meaningful change in your state.
- An online liquid asset poverty calculator.
Participation in this webinar is free, but advanced registration is required. Register here.
Please direct inquiries about the release of the 2015 Assets & Opportunity Scorecard to firstname.lastname@example.org.
Asset Building News Round Up: January 23, 2015
By Paul Day on 01/23/2015 @ 02:00 PM
From Businessweek: It's a sign that the housing market has largely mended that Barack Obama barely mentioned homeownership in his penultimate State of the Union address Tuesday night, as he did at least 16 times in his previous six State of the Unions. The president did take the opportunity to tell the story of a couple from Minnesota who struggled through the recession and succeeded, finally, in buying their first home. Here’s one thing he didn’t mention at all: the rent. Read more here.
From U.S. News and World Report: Part of President Barack Obama's tax reform unveiled ahead of Tuesday's State of the Union address would make changes to a higher education tax credit to benefit more low-income families. But some critics say that, while admirable, the proposed reform is misguided and may not do enough to ease the financial burden for college-bound low-income students. Read more here.
From Motley Fool: One disturbing statistic revealed in the Federal Reserve's "Report on the Economic Well-Being of U.S. Households" is that nearly half of Americans have not done much financial planning for their retirement. Specifically, 24% of respondents reported doing "very little" planning and another 25% said they had done no planning at all. Read more here.
From Al Jazerra America: President Barack Obama touted the United States’ comeback from a crippling recession during his State of the Union address on Tuesday, but he also called attention to some of the ways in which the country needs to improve — including its inadequate sick-leave, parental-leave and child-care policies. Read more here.
Assets & Opportunity Network Updates
From Louisville Metro Community Services and Revitalization: A bill was introduced earlier in January 2015 in the Kentucky State Senate to cap interest rates on payday loans at 36%. For more information, click here.
From the San Francisco Assets & Opportunity Network: Are you a Bay Area nonprofit dedicated to helping hardworking families find economic opportunity? Mission Asset Fund wants you to apply to become a Lending Circles partner! The Better Bay Area initiative is a unique opportunity for up to 10 Bay Area nonprofits to join the Lending Circles partner network through a special application process. Read more here.
CFED Story Bank Updates
See your stories here!
Do you have an outstanding success story about a saver? Submit your saver stories to CFED's Story Bank. Click here to submit your story.
From the New Hampshire Community Loan Fund: Mary Callahan was 42 and living in an apartment in rural Belmont, NH, with her six-year-old daughter, Miracle. While she liked the apartment, and its proximity to her job, she craved the stability of a permanent home. So when she saw a first-time homebuyer’s program listed in the newspaper, she contacted the Laconia Area Community Land Trust right away. Read more here.
From the New Hampshire Community Loan Fund: One moment in April 2011 turned Sara Cloutier’s and Carlos Roman Gonzalez’s lives upside down. The couple, in their late 20s, lost a dear friend and their home when Sara found their landlord dead from a heart attack. He was like family to Sara, who had rented from him since she was 18. He had wanted to sell Sara and Carlos the house in Bethlehem, NH, and they had saved for a year to make that happen. They and their young sons, Joshua and Levi, had been secure and happy there. Read more here.
Top 5 Takeaways from the President’s State of the Union Speech
By Paul Day on 01/22/2015 @ 06:00 PM
This Tuesday, the President gave his annual State of the Union address to Congress. CFED was busy that night tweeting and blogging about the speech and its potential implications for our work to build financial security and assets for low- and moderate-income Americans. Here are five of the top takeaways from the President’s speech.
Paid leave and quality child care can be crucial in building financial stability for all households.
The President mentioned the lack of paid maternity leave and universal child care, which exists in most every other advanced nation. In the United States, there is a limited safety net for working families and it means that the day-to-day expenses of living often trump saving for retirement or having a nest egg in case of an emergency.
The economy is doing well and creating jobs, but do the jobs created pay middle class wages?
The President cited a figure that over the past five years, American businesses have created 11 million new jobs. But at the same time, many of those jobs pay less than the median—and the jobs lost during the great recession have been largely replaced with part-time work without benefits. Without full-time jobs that pay living wages with benefits, how can a family support itself and think about savings? This is a topic we explore in our forthcoming Assets & Opportunity Scorecard, which will be released next Thursday.
College is expensive and free community college can level the playing field.
Student debt has skyrocketed over the past decade and it’s even more difficult to find a job without a college degree. The President’s free community college proposal could be a game changer for low and moderate income people who are looking to improve their incomes over the long haul without going into a lot of debt.
We need a tax code that helps working Americans get a “leg up” in the new economy.
The President must have been reading CFED’s Upside Down report, because he mentioned crucial changes to the tax code that could level the playing field for most Americans. Those changes include tax credits for child care and married couples who each hold jobs and closing tax loopholes on inherited funds that go untaxed.
We need to work harder to recognize the role of microbusinesses in the economy.
The President mentioned small businesses in his speech, but didn’t provide a lot of concrete examples of how he would help boost microbusinesses, which make up 90% of small businesses in America and create over 26 million jobs. How can we help these microbusiness owners build assets and financial stability so they can achieve the American dream? Check out CFED’s Entrepreneurship page for more info.
In conclusion, the President’s speech highlighted many aspects of our work and addressed issues around financial security, but there were serious gaps in the specifics. The President could round out his tax policy with more tax credits for microbusinesses and more dramatic changes to the upside-down tax code that disproportionately benefits high-income households. There are tremendous opportunities over the remainder of the President’s term in office and we’re overall very happy that in his speech, financial security and economic equality were high priorities!
Assets & Opportunity Network TA Fund: Building Floridians’ Capacity to Expand and Improve Financial Capability Programs through Integration
By Fran Rosebush on 01/22/2015 @ 05:30 PM
Florida Prosperity Partnership, an Assets & Opportunity Network Lead State Organization, applied to the A&O Network Technical Assistance (TA) Fund to bring capacity-building efforts to their annual state asset-building conference. They worked with A&O Network staff to develop a workshop for their local partners around how to expand and improve financial capability strategies through integration and building stronger networks amongst local partners.
Through a series of short presentations, exercises and peer networking, workshop attendees explored options for how to maximize client outcomes by connecting them to a range of asset-building services through different integration strategies. We walked through tools designed to help them identify the asset-building services their clients need to achieve their goals and the model of integration that most makes sense for them and potential partners in their community. And then we discussed how coalitions, collaboratives and networks can achieve greater impact by aligning their work.
Practitioners, advocates, funders and others are seeing the value of integration in order to scale up and improve financial capability efforts in local communities. Here are a few resources which share and discuss the latest research and findings on the value of integration:
- Integration into systems: Family Strengthening through Integration and Scaling of Asset-Building Strategies: The ASSET Initiative Partnership Environmental Field Scan Report
- Introduction to integration and policy: Meeting People Where They Are: Increasing Financial Well-Being through Integration [Brief]
- Tools to help integrate: Draft Toolkit on Integrating Financial Capability Services
This draft toolkit was shared for comment last year then revised based on feedback from pilot sites and reviewers. The final toolkit (now a planning guide with 12 tools) will be released in an online interactive format in early 2015.
- Additional Research and Resources on integrating asset-building strategies
For those interested in learning more about integrating financial capability strategies, stay tuned for more upcoming learning opportunities through the Assets & Opportunity Network, including an Integration 101 webinar coming soon and the release of the interactive integration planning guide mentioned above.
The ability to create a workshop with Florida Prosperity Partnership that addressed their specific learning needs and interests is one reason the JPMorgan Chase TA Fund is unique. The TA Fund is part of the Assets & Opportunity Network Learning Community, which aims to speed up diffusion of innovative financial security and asset-building approaches. The Assets & Opportunity Network includes many of the nation’s leading experts who are grounded in real-world practice and policy on financial capability and asset-building issues, as well as others who have the interest, drive and passion to deepen and expand their impact, but who may be newer to the work. The Technical Assistance Fund was designed to leverage expertise within the Network to help organizations address their critical issues, strengthen their work and explore new avenues to increase their impact.
Also in This Series
Promoting Financial Capability in North Carolina: Report from the Assets Learning Conference
By Donna Gallagher (Guest Contributor) and Sarah Glover (Guest Contributor) on 01/21/2015 @ 10:00 AM
North Carolina had a record number of representatives who attended the 2014 CFED Assets Learning Conference (ALC) in September 2014—all committed to building a nation and a state where every one of us has the opportunity to build a better financial future. If you were one of the lucky ones joining the group of 1,200+ in attendance, you returned home with new ideas, new views of addressing community needs, new ways for low- and moderate-income households to build wealth, impressive policy wins and informative, timely research on how best to create the platforms for prosperity in your community or state. You arrived home full of inspiration and motivation from the impressive plenary speakers, with many new contacts from around the country.
Our NC contingent connected ahead of the 2014 ALC to plan for both our Hill Visits during the ALC, and also to plan for a post-ALC event coordinated by the United Way of Greater Greensboro and the North Carolina Assets Alliance. With sponsorship from JPMorgan Chase, our state’s ALC delegation convened 70 professionals from around the state for a day of learning, networking with one another and thinking through how to best move the assets indicators in our communities. Our event was held at North Carolina A&T State University. This central Greensboro location helped us divide the Murphy to Manteo span of 540 miles west to east across NC.
We learned from CFED that we were the only state formalizing a post-ALC event, and we were fortunate to have had Fran Rosebush from CFED join us as a speaker and to represent the Assets & Opportunity Network. Other speakers were ALC attendees and sponsors. The agenda for the day shared information from specific ALC sessions, new directions from the A&O Network, new developments in the asset-building field and opportunities to build relationships with one another.
The NC Assets Alliance is the Lead State Organization for the A&O Network. Formed back in 2005, we published a research report in 2010, “A Prosperity Grid for North Carolina: Connecting Households and Communities to Economic Opportunity.” While the data are now outdated, the conclusions and aspirational goals for our state remain the foundation of our work here. Sadly, in spite of continuing and sustained efforts, we have seen our state slide nationally, and we are currently 46th in outcomes according to the 2014 Assets& Opportunity Scorecard. At the ALC, our NC contingent of 35 people was able to attend a broad range of presentations and group meetings. By sharing that information with the network of 80+ agencies that are members of the NC Assets Alliance, we hope to use what we learned at the ALC to spark new activities and to build financial capability across the state.
As nonprofit workers and community builders, you are experts at organizing and hosting events. What did we learn from our post-ALC event that could be helpful to your state for hosting a post- 2016 ALC event?
- Organize the ALC session attendance ahead of time. If your state or local organization is considering hosting a post ALC event, CFED can provide a listing of ALC registrants from your state to help you contact them and organize who is attending what, to broaden the coverage. The NC Assets Alliance conference organizing committee contacted the NC people who had registered for the ALC about one month ahead of the ALC. We could have used a little more time. We recommend six weeks out as the minimum, or as soon as the final ALC agenda has been published.
- Make the difficult decisions on what sessions will appeal to the broadest audience. At the end of the day, we made decisions based on whether topics had been consistently included in the NC Asset Alliance’s legislative policy priorities, and whether both urban and rural populations could benefit. Of our state’s 100 counties, a large majority are considered rural.
- Strike a balance between the length of the breakout sessions and the number of sessions offered. We had to decide whether to provide snapshots of ALC sessions and reduce the agenda time to 30 minutes to offer more sessions, or provide more in-depth coverage of the sessions at the ALC by allowing for longer breakout sessions, thereby offering fewer of them. We opted for the latter, and used the postings on the ALC website to develop the individual sessions.
- Have the professionals take care of technology. Live streaming, audio recordings and posting on the www.NCassets.org website all took special technological expertise. Include these functions in your budget (research the costs well ahead of time) and relieve yourself of these responsibilities. The technology helps to reach the broadest audience possible, for those unable to attend in person, and hiring professionals allows the organizers to focus more on interacting with the attendees and conducting the presentations.
- Share the work and share the revenue. The event budget covered lunch, audio-visuals and recording, facility rental, printing and supplies. Additionally, transportation stipends were available to attendees to cover the cost of gas to attend. Planning and contracting with the venue, technology support, finalizing speakers, laying out and printing the program, assembling attendee packets and catering were all the responsibility of the United Way staff. Sending communications to potential attendees, loading the video and audio recordings to the NC Assets Alliance website, and managing registration were handled by The Collaborative.
- Involve the community. An event like this is a great opportunity to recruit volunteers to assist with the event logistics. United Way had a volunteer event planner who assigned volunteer roles (greeters, runners, etc.), communicated with the facility staff and took care of details so that the planning committee could focus on the conference content. Assign more than one volunteer to take photos and manage social media during the event. Ensure that sponsor logos show up in the photos and videos posted online.
- Evaluate the effort. Separate surveys were provided to those who attended via live stream, and those who attended in person. The organizing committee was in agreement that we would do it all again, but we will review the results of the evaluations during our January 2015 NC Assets Alliance membership meeting to gather additional information and begin to plan for 2016.
You can view and print the program and handouts, or watch and listen to our entire event by visiting http://ncassets.org/news-and-events.
Donna Gallagher (email@example.com) is a member of the Steering Committee for the North Carolina Assets Alliance and Executive Director of The Collaborative of NC. Sarah Glover (firstname.lastname@example.org) is a Community Impact Manager for the United Way of Greater Greensboro and a member of the Greensboro Asset-Building Coalition and the North Carolina Assets Alliance.
State of the Union 2015: Live Coverage
Posted on 01/20/2015 @ 08:45 PM
Welcome to CFED's live coverage of the 2015 State of the Union address. In this space, our team of policy experts will provide reactions and analysis of the issues President Obama discusses as they pertain to financial security. You can join the conversation by using the comments at the bottom of this blog post, and you can follow along on Twitter using #SOTU and @CFED.
Asset Building Policy Network Reflects on the Legacy of Rev. Dr. Martin Luther King Jr.
By Emanuel Nieves on 01/20/2015 @ 04:59 PM
EDITOR’S NOTE: This post originally appeared on the Asset Building Policy Network blog.
This week, as the nation pauses to reflect upon the legacy and service of Rev. Dr. Martin Luther King, Jr., the Asset Building Policy Network (ABPN) marks the occasion as an important opportunity to take stock of the progress achieved towards expanding financial access and inclusion in the United States, and to identify areas where more work and collaboration is needed.
On the surface, there appear to be some encouraging signs that the nation’s economy is slowly recovering from the Great Recession of 2008. The recent jobs report from the Bureau of Labor Statistics shows that the number of unemployed Americans fell by 1.7 million in 2014, and the Commerce Department’s latest report on personal wages shows a slow but steady growth. African-Americans’ real median household income climbed slightly to $34,598 in 2013, though still only a fraction of that of White households.
However, a deeper look into the numbers behind the recovery reveals a growing disparity: according to new data from the Pew Research Center, the median net worth of African-American and Hispanic households dropped nearly 34% (from $16,000 to $11,000) and 14.3% (from $16,000 to $13,700), respectively, between 2010 and 2013, while the median net worth for White households increased by 2.4% (from $138,600 to $141,900). The unemployment rate for African-Americans in December remained double that of Whites at 10.4%—the same as the past 40 years, as reported in Forbes last week. And according to Family Assets Count—a project of the Corporation for Enterprise Development in collaboration with Citi Community Development—40.7% of households of color lack sufficient net worth to sustain three months at the poverty level in the event of a loss of income.
These trends are not just reflected in the numbers, but in the voices of the communities themselves. The Leadership Conference, in partnership with ABPN, conducted a public interest research study last year entitled “Reaching Communities of Color on Real Finances” to gain insight into how communities are faring in today’s economy. The project comprised focus groups made up of low-income Hispanic, African-American and Asian individuals in Prince George’s County, MD, and San Francisco, CA, and interviews with over 1,200 low-income minorities from across the country.
Their stories are as sobering as the statistics. Respondents felt that the American Dream is simply beyond their reach, with no sense that things are getting any better for them. For many, the word “savings” is much more about short-term concerns—paying this month’s bills or weathering an emergency—than it is about buying a home or planning for retirement (this mirrors the findings of National CAPACD’s, National Urban League’s and NCLR’s recent study, Banking in Color). And, most reported that they are either just barely making ends meet or falling behind as wages fail to keep up with the rising costs of living.
The U.S. Census Bureau data offers a clear rationale for why we should prioritize savings and expanding financial access within communities of color. According to their projections, it is likely that no single ethnic group will represent a majority population segment in 2043. Building and preserving assets among communities of color must begin now if we are to foster a truly inclusive economy that can continue to compete on the global stage in the years to come.
Achieving this is the central goal of the Asset Building Policy Network (ABPN), a coalition comprising of Citi and eight of the nation’s leading civil rights and asset building organizations. In 2015, we will redouble our efforts to frame our communications, policy advocacy and research, as well as implementation of programs in service of generating savings and strengthening household financial resiliency in communities of color. Our individual and collective energy and efforts will focus on:
- Expanding the awareness and effectiveness of the Earned Income Tax Credit
- Creating pipelines to improve to access to credit for strengthening one’s financial identity and promoting small business success
- Enabling more eligible Legal Permanent Residents to attain the benefits of citizenship through the Cities for Citizenship initiative
- Providing municipal governments and community advocates with vital data and policymaking tools to improve household financial security through Family Assets Count
Accomplishing the goals of this collaboration would bring us closer to realizing Dr. King’s vision of a more inclusive economy for all.
The Asset Building Policy Network
What Will the President Say Next Tuesday?
By Emanuel Nieves on 01/16/2015 @ 04:00 PM
Next Tuesday, President Obama will deliver his sixth State of the Union (SOTU) address to a joint session of Congress. While we don't know exactly what he's going to say, we know two things will happen: there will be a lot of clapping and a few memorable facial expressions from the Vice President Biden and Speaker Boehner.
Now, in terms of the substance of the President’s speech, we don’t have a working crystal ball on hand, but based on his recent trips to Tennessee, Iowa, Arizona and Michigan, we have a few ideas. We anticipate the President will likely speak about:
- His proposal to make the first two years of community college tuition-free;
- Legislation that would provide workers seven days of paid sick leave (Fact: The U.S. holds the unique distinction of being the only wealthy nation in the world that does not require paid sick, vacation or parental leave);
- His plan to spur the housing market while helping first-time home buyers save hundreds each year; and
- The tremendous progress the economy has made over the past year and the impact the Affordable Care Act has had in such a short time.
We’re not entirely sure what else he’ll say, but we hope that he talks more about the upside-down tax code – as he did last year – which is a step towards addressing the huge wealth gap in our country. We also hope he talks about the myRA retirement savings program, which he surprisingly proposed at last’s year SOTU in an effort to address our country’s savings deficit. Finally, we hope his message brings much needed attention to income and wealth inequality and the growing racial wealth gap, which plagues our households efforts to become financially stable and build assets.
But outside of the President, his speech writers and closest aides, no one definitively knows what he’ll say on Tuesday. The good thing is that we don’t have to wait much longer to find out.
Join us next Tuesday as we live-blog the SOTU in real time with updates and commentary from CFED’s Government Affairs staff and asset-advocates from across the country. Follow us here on CFED’s Inclusive Economy Blog or on Twitter @CFED.
President Obama’s Community College Proposal Could Help Financially Vulnerable Students Build Assets
By Katherine Lucas McKay on 01/16/2015 @ 03:00 PM
Last week, President Obama traveled to Tennessee, where he joined the state’s Republican governor and senators to announce his proposal to make two years of community college tuition-free. The Administration has compared its proposal to the establishment of universally free secondary school—which contributed significantly to economic growth, as millions of high school graduates entered the workforce more productive, prepared and capable than previous workers. Under the proposal, students would be eligible to have free tuition for two years if they are enrolled at least half time and maintain a 2.5 grade-point average.
Reactions to the President’s plan have been mixed, ranging from “genius” to “the education version of Medicaid.” A variety of critics on the left and the right have raised community colleges’ low completion rates as a major weakness of the plan. Those on the left have critiqued the plan for failing to address the other factors that create barriers to low-income students’ ability to complete their degrees, from financial emergencies to work and family responsibilities.
Others have pointed out that the proposal would most likely benefit middle class students more than low-income students because those students currently have more out-of-pocket costs that would be eliminated under the President’s proposal. On the right, criticism has focused on the plan’s ten-year price tag of $60 billion and its potential to hurt for-profit colleges. These schools, such as University of Phoenix, Corinthian Colleges, and ITT Tech, profit heavily from the $32 billion per year in federal student aid they take in each year, often while they set up students for failure in the job market.
That last point is important to consider. The idea is that free community college tuition would draw in some of the millions of students who now enroll in costly for-profit colleges and graduate with significantly more debt. Indeed, for-profit colleges are at the heart of rates. Yes, this proposal would make it more difficult for for-profits to compete with community colleges and public universities. The real question is whether that’s a problem.
Students who choose to enroll in two years of community college instead will incur far less debt. Tuition at for-profit schools is more than $15,000 per year, compared to about $3,800 at community colleges. Regardless of whether these students complete their degree—a serious challenge for both community colleges and for-profit schools, both of which have graduation rates around 20%—they enter the workforce with far less debt. This can make a big difference in their ability to reach long term financial security.
Workers who completed coursework through a for-profit college compete in the labor market with those who completed some higher education through a community college. With relatively similar earning potential, their relatively higher debt load can quickly translate into difficulty meeting basic expenses. It’s not surprising that for-profit colleges generate 46% of all student loan defaults even though they enroll just 12% of all students. The effects of entering the workforce with unmanageable levels of student loans persist for years, with students at for-profit colleges accumulating significantly less wealth.
No, President Obama’s proposal isn’t perfect. It does not address the fact that the cost of higher education includes much more than tuition (though students who receive Pell grants would then be able to put their grant funds toward school fees, books and living expenses). It most likely won’t help students solve other challenges that prevent them from graduating. That said, providing universal access to two years of tuition-free community college is a bold idea, worthy of policymakers’ serious consideration. It is a reasonable and fiscally feasible approach to improving access to higher education. Simply by making community colleges a more attractive option than for-profit colleges, policymakers would help millions of students enter the workforce better prepared to meet their basic expenses, manage their debt and, over time, have much more money to save and invest in their futures.
Asset Building News Round Up: January 16, 2015
By Paul Day on 01/16/2015 @ 02:30 PM
From the Washington Post: The poor pay more for everything, from rolls of toilet paper to furniture. It's not because they're spendthrifts, either. If you're denied a checking account, there's no way for you to avoid paying a fee to cash a paycheck. If you need to buy a car to get to work, you'll have to accept whatever higher interest rate you're offered. If you don't have a car, the bus fare might eat up the change you'd save shopping at a larger grocery store as opposed to the local corner store. Read more here.
From the Washington Post: Senior Democrats, dissatisfied with the party’s tepid prescriptions for combating income inequality, are drafting an “action plan” that calls for a massive transfer of wealth from the super-rich and Wall Street traders to the heart of the middle class. Read more here.
From the Center for American Progress: History tells us that societies succeed when the fruits of growth are broadly shared. Indeed, no society has ever succeeded without a large, prospering middle class* that embraced the idea of progress. Today, the ability of free-market democracies to deliver widely shared increases in prosperity is in question as never before. Read more here.
From the Wall Street Journal: A top housing regulator on Wednesday released an update of its goals for mortgage-finance companies Fannie Mae and Freddie Mac , reiterating its emphasis on improving mortgage availability while adding initiatives such as exploring new credit-score options for evaluating borrowers. The Federal Housing Finance Agency on Wednesday released the 2015 “scorecard” for Fannie and Freddie, which summarizes the companies’ goals. Read more here.
From the New York Times: The 114th Congress has been at work for less than a week, but a goal for many of its members is already evident: a further rollback of regulations put in place to keep markets and Main Street safe from reckless Wall Street practices. The attack began with a bill that narrowly failed in a fast-track vote on Wednesday in the House of Representatives. It is scheduled to come up again in the House this week. Read more here.
CFED Story Bank Updates
See your stories here!
Do you have an outstanding success story about a saver? Submit your saver stories to CFED's Story Bank. Click here to submit your story.
From the New Hampshire Community Loan Fund: Go ahead; ask Mandy Bartley what she loves about her new manufactured home. You’ll be a while. She loves the quiet in her corner of Exeter River MHP Cooperative. She loves having a mud room and built-in microwave. She loves making lunch with her daughter, Zoe, 0, at the kitchen countertop. She loves having a yard big enough for a deck and a shed. She loves that Zoe has her own bedroom and bathroom. She loves living in a resident-owned community. Read more here.
From the New Hampshire Community Loan Fund: Derek Cornell and Kim Kirk have four children at home, ages 2 to 16. They know patience. They each hold down two jobs and serve on the Board of Directors of Colebrook Homeowners Cooperative. They know hard work. So when they say it’s going to take time for their fellow residents at the former Windsor Park Estates to unite in their new role as community owners, they know what they’re talking about. And when you meet them in the stripped-down building that Derek is helping convert into a co-op office and meeting space, Kim dropping off materials on her way home from work, you know they’re going to see the job through. Read more here.
CFED Launches Taxpayer Opportunity Network. Join Today!
By J.C. Craig on 01/15/2015 @ 11:00 AM
As we shared in November, CFED has taken on the job of coordinating the community tax preparation field, nationally. The name for the new endeavor, the Taxpayer Opportunity Network, reflects the promise of community tax preparation programs to provide low-income families with the opportunity to receive tax benefits, meet their civic tax obligations and pursue their personal financial goals.
For 40 years, community tax programs have been helping people build assets. Their core services—tax preparation, tax controversy assistance and taxpayer education—increase taxpayers’ income available to pay off debts, invest in larger purchases and put away some savings for tomorrow. The Taxpayer Opportunity Network will strengthen delivery of core tax services and will use the field’s knowledge and experience to advocate for public policies that benefit their constituents—low-income taxpayers.
As the filing season begins, tax prep volunteers are being trained and certified and programs are reaching out to taxpayers. The Network will focus on developing immediately useful and easy-to-access materials, training and advice support the tax season operations. We’re also beginning a listening tour with a range of stakeholders to help envision what the Taxpayer Opportunity Network will look like in the future.
As of today, community tax programs nationally are invited to join the Taxpayer Opportunity Network. By joining the Network, you will receive updates about learning and advocacy community opportunities, as well as news and latest developments from the community tax field. You will also be asked for input on what you want from the Taxpayer Opportunity Network in the future and how you would like to engage, ensuring a Network that is responsive to your needs.
If you have questions, please direct them to email@example.com.
Webinar: Release of the 2015 Assets & Opportunity Scorecard
By Sean Luechtefeld on 01/14/2015 @ 05:10 PM
Join CFED at noon EST on Thursday, January 29 for the webinar release of the 2015 Assets & Opportunity Scorecard. Each year, the Scorecard offers the most comprehensive look available at American’s financial security today and their opportunity to create a more prosperous future. It is a powerful research and advocacy tool that helps paint the full picture of household financial insecurity in America. This year's Scorecard brings together over 130 policy and outcome measures for all 50 states and the District of Columbia to help make the case for asset-based policy reform that expands economic opportunity for all Americans.
Key highlights from this year’s Scorecard include:
- Top-level analysis on the economic recovery at the household level.
- New outcome measures, including the scope of income inequality and the number of disconnected youth in each state.
- A comprehensive assessment of the policies states should adopt to create opportunity for their residents.
- Analysis of how Scorecard data can be used to affect meaningful change in your state.
- An online liquid asset poverty calculator.
As always, participation in this webinar is free, but advanced registration is required. To sign up, click here.
About the Scorecard
Released annually, the Scorecard explores how well residents are faring in the 50 states and the District of Columbia and assesses policies that are helping residents build and protect assets along five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care and Education. The 2015 Scorecard assesses states across more than 130 outcome and policy measures in these five areas to determine the ability of residents to achieve financial security.
Growing the Children’s Savings Movement: A Look Back at 2014 and a Sneak Peek at 2015
By Shira Markoff on 01/14/2015 @ 09:30 AM
The energy and momentum of the children’s savings movement continues to build! The last year saw huge developments in the field—with new or expanded statewide programs, including:
- Connecticut launched the Baby Scholars program, which deposits $100 into a 529 college savings account for all Connecticut children whose parents open an account within the child’s first year.
- The Harold Alfond College Challenge, which provides every baby born in Maine with $500 in a 529 account, switched from an opt-in to an opt-out enrollment process, making uptake easier and scalability more likely.
- Nevada’s College Kick Start program expanded statewide in 2014 to provide an initial deposit of $50 into a 529 account for every public school kindergartener in the state.
- Rhode Island’s CollegeBound baby program replaced a cumbersome enrollment process with one in which parents need only check a box on their child’s birth certificate form to receive a $100 initial deposit in a 529 college savings account.
CFED has been at the forefront of this growing field: connecting stakeholders, delivering technical assistance on Children’s Savings Account (CSA) program design, and providing timely policy briefs, analyses of the state of the field and strategic thinking on the path to scale. In 2014, we hosted the Children’s Savings Conference: From Aspirations to Achievement, which brought the children’s savings field together for the first time in five years and produced valuable insights about addressing the barriers to expanding CSAs.
We also published a follow-up from the Conference, From Aspirations to Achievement: Growing the Children's Savings Movement, which outlined key takeaways from Conference sessions and presented a vision for advancing the field based on these insights.
CFED’s 1:1 Fund also provides pivotal fundraising support to CSA programs, such as San Francisco’s Kindergarten to College and Children’s Aid Society’s College Savers Program. The 1:1 Fund had its best year yet in 2014, raising over $220,000 from more than 250 donors for savings matches with partner programs. The 1:1 Fund’s newest partner, FUEL Education, raised $11,436 from their Giving Tuesday campaign alone.
We’re looking forward to more growth in 2015. For example, St. Louis Treasurer Tishaura Jones plans to start a CSA program serving all 3,500 kindergartners in St. Louis Public Schools in 2015. Meanwhile, conversations and planning for new CSA programs continue in many other cities and states across the country.
To facilitate the further blossoming of the field in 2015, CFED has created an online directory of existing and planned children's savings initiatives around the country. This directory will help to build connections between stakeholders and facilitate the sharing of best practices and resources across programs. Later in the year, we will be releasing a completely updated, revamped CSA design guide to assist organizations in developing new CSA programs.
The wind is clearly at the back of this growing movement, and we expect to report at the end of 2015 that we have collectively moved even closer to the ultimate goal of a CSA for every child in America. We look forward to working with you in achieving this goal.
New RFP: Community Financial Empowerment Learning Partnership
By Dominique Derbigny on 01/13/2015 @ 02:30 PM
We’re excited to share a new Request for Proposals for an intensive learning partnership with CFED focused on improving and expanding financial capability services, both within organizations, as well as to align and coordinate service delivery among community partners.
With support from JPMorgan Chase, CFED is accepting applications from organizations and partnerships of organizations interested in joining an 18-month Community Financial Empowerment Learning Partnership to improve and expand financial capability service delivery within their organizations and to align and coordinate service delivery within their communities. Because CFED is committed to helping families achieve financial security, we seek to increase the number of clients accessing financial capability services and to heighten awareness of and interest in integrated service delivery by the broader field.
This Learning Partnership, which runs from April 2015-September 2016, will utilize three approaches in helping organizations build capacity: technical assistance, convening and peer learning. Organizations selected to participate will receive $20,000 in grant funds to support their participation in the Learning Partnership.
Ideal learning partnership members will be organizations or partnerships of organizations that are currently providing at least two or more financial capability services and are interested in taking these services to the next level to improve and expand their delivery for greater community impact. Interested applicants should download and review the full Request for Proposals. All proposals should be submitted to CFED via email to firstname.lastname@example.org no later than Wednesday, February 18, 2015 at 5:00 pm PST.
If you have questions about this RFP, please contact Dominique Derbigny at email@example.com.
Asset Building News Round Up: January 9, 2015
By Paul Day on 01/09/2015 @ 12:00 PM
The Fierce Urgency of Now : Lyndon Johnson, Congress, and the Battle for the Great Society
January 13, 2015, Washington, D.C.
Join New America for a conversation with Julian Zelizer and Jeffrey Toobin about the hard-fought path to the Great Society and the role its agenda continues to have today.
From the U.S. Department of Health & Human Services: OCS is working to encourage the integration of asset building and financial capability into social services and programs for low-income and vulnerable populations. As part of this effort, OCS conducted an environmental field scan from January to March 2013 to analyze trends in integrating asset building, to locate promising asset-building practices and to identify ideas for technical assistance support. Read more here.
From the New York Times: Illinois is taking a novel approach to getting its residents to save for retirement. Starting in 2017, most state residents with jobs who don’t already have a retirement plan at work will be automatically enrolled in individual retirement accounts, funded through a 3 percent deduction from their paychecks. Read more here.
From the State Bar of Wisconsin: In 2009, Leonard Bronk borrowed $95,000 against his home and established five college savings accounts to benefit his grandchildren. Recently, a federal appeals court said the college savings accounts are shielded in bankruptcy because of a Wisconsin statute that allows resident debtors to shield certain property. Read more here.
From MarketWatch: The longer distributions are postponed, the more tax-free growth can be accumulated within a Roth IRA. This can make Roth IRAs intriguing for funding a young grandchild's education. Read more here.
From MLive: Nearly 800,000 Michigan families with low to moderate annual incomes could see targeted tax relief if voters approve a road funding plan that would increase the state sales tax on all consumers. A bill approved last month by the Legislature and now on the desk of Republican Gov. Rick Snyder would increase Michigan’s refundable Earned Income Tax Credit from six percent to 20 percent of the federal version. Read more here.
Updates from the Assets & Opportunity Network
From the Illinois Asset Building Group: Governor Quinn signed the Illinois Secure Choice Savings Program (SB2758) into law yesterday. The new program will give millions of private sector workers in our state the opportunity to save their own money for retirement by expanding access to employment-based retirement savings accounts. Read more here.
Updates from CFED's Story Bank
Here are the latest saver stories from across the asset building field.
From the New Hampshire Community Loan Fund: April Levin wanted some life insurance. Not the kind that cashed out after she died. The kind that improved her life and those of her sons while she was still very much alive. She wanted a college degree. April had looked at her future and didn’t like the view. Her early 30s had been rocky. Her husband, a mortgage broker, saw his earnings plummet during the recession. Read more here.
From the New Hampshire Community Loan Fund: The fourth of nine kids in a poor family, Woody grew up next to a potato farm. Every autumn found them kneeling in the field, with the farmer’s permission, raking fingers deep in the dirt for potatoes the harvest left behind. Those potatoes fed the family for most of the year and taught Woody that, “Where you have a fertile or productive field, you’re either going to have waste or opportunity.” Now, in the tangled mess of metal, he saw waste and opportunity. Read more here.
TA Fund: Maryland CASH Campaign Increases Ability to Demonstrate Impact through New Template to Organize Data
By Emory Nelms on 01/08/2015 @ 10:00 AM
Data is a key element for most nonprofit programs—it offers a means for measuring progress towards both short- and long-term goals, as well as offering a way to communicate their impact within the communities they serve and with their key stakeholders, such as their Board members and funders. Most organizations are able to collect some kind of metrics, but too often technology or time barriers exist that prevent or hinder organizations from consolidating and organizing the data in ways that allow organizations to effectively communicate their impact.
In an effort to better utilize their data and communicate their impact, the Maryland CASH Campaign, an Assets & Opportunity Network Lead State Organization, worked with CFED through the JPMorgan Chase Technical Assistance Fund (TA Fund) to receive technical assistance to overcome these barriers. With the TA, the Maryland CASH Campaign hoped to consolidate the data they already collect into an effective document that they could share internally with staff, as well as externally with community stakeholders. Through this work, our teams created a two-page draft template for Maryland CASH Campaign to organize the data they have collected into an easily consumable document for them to update and share.
In order to develop the template, Maryland CASH Campaign and CFED collaboratively worked to examine Maryland CASH Campaign’s current data collection activities and to develop a document template to best highlight the data that shows the results and impact of their current programs and activities. In addition to highlighting data that compellingly demonstrated Maryland CASH Campaign’s impact, the document is easy to update as the organization collects new data, making it much more useful for busy staff.
The experience working with Maryland CASH Campaign demonstrates that simple, easily adaptable templates are much more effective and sustainable ways to help programs reduce the burden of utilizing data to support their programs. These kinds of efforts are what make the JPMorgan Chase Technical Assistance Fund unique; by using these individual experiences to extract important, generalizable lessons, we can utilize and share them to continue to build the capacity of other organizations across the field.
Also in This Series
Mark Your Calendar for Two New Can’t-Miss Events!
By Sean Luechtefeld on 01/07/2015 @ 10:30 AM
CFED is thrilled to offer two new free events in DC taking place later this month. The first—a deep dive into how a once-robust thrift movement can be recalibrated to contemporary society—will take place at CFED’s DC offices on Wednesday, January 21. The second—a Capitol Hill Policy Forum on the political prospects of the Earned Income Tax Credit and Volunteer Income Tax Assistance programs—will take place on Friday, January 30 on Capitol Hill. Check out the information below and register today!
Thrift: Building a New American Cultural Movement (January 21, 12-1:30 pm, CFED)
Join CFED for a lunchtime conversation about the ways in which thrift can be an important lens through which we understand financial capability in the twenty-first century. Participants will hear a keynote address from Thrift author Andrew Yarrow, which will be followed by a panel discussion among experts on the cutting edge of strategies that promote financial capability. Panelists will highlight innovative approaches to building financial capability and discuss ways to re-build this important cultural movement.
- Andrew Yarrow, Oxfam America
- Sybongile Cook, DC Department of Insurance, Securities and Banking
- Jeremie Greer, CFED
- Nancy Register, Consumer Federation of America
- Kim Pate, CFED (moderator)
Attendees will receive lunch and a copy of Andrew Yarrow’s Thrift at no cost. This event is free, but space is limited, so advanced registration is required. RSVP today.
“It’s Not Like I’m Poor”: New Research and Political Prospects for the Earned Income Tax Credit and Volunteer Income Tax Assistance
This year marks the 40th anniversary of the passage of the EITC Act. To mark the occasion, join us on EITC Awareness Day, January 30, as we bring together leading researchers, policymakers, advocates and taxpayers to share their knowledge and first-hand experience with the EITC to answer important questions, such as: How do American workers actually use the Earned Income Tax Credit (EITC)? What role does Volunteer Income Tax Assistance (VITA) play in creating communities of opportunity? What are the political prospects for these federal policies?
- Senator Sherrod Brown (D-OH)
- Professor Kathryn Edin, Johns Hopkins University
- Chye-Ching Huang, Center on Budget and Policy Priorities
- Greg Kaufman, TalkPoverty.org (moderator)
A light breakfast will be served at 9 am and event activities will commence at 9:30 am. The event is free, but space is limited. Seating is on a first-come, first-served basis. RSVP by Monday, January 26.
Best of 2014: CFED's Year in Review
By Paul Day on 01/06/2015 @ 10:00 AM
With 2014 behind us, it’s time to look back at what made the year great for all of us at CFED!
In 2014, CFED engaged thousands of asset-building professionals in our three biggest events: the 2014 Children’s Savings Conference, the 2014 Assets Learning Conference and the I’M HOME Conference. These events—bigger and better than ever—brought us all together and demonstrated the power of asset-building strategies in helping low- and moderate-income Americans achieve the American Dream.
In 2014, CFED published 54 articles, policy briefs and reports covering a wide range of topics related to asset building. Among our favorites from this year was From Upside Down to Right-Side Up: Redeploying $540 Billion in Federal Spending to Help All Families Save, Invest and Build Wealth, which has been used to educate Congress about inequities in the tax code. Another highlight was In Search of Solid Ground: Understanding the Financial Vulnerabilities of Microbusiness Owners, which informs our work on entrepreneurship by identifying what owners of small businesses need to grow their businesses and stabilize their household balance sheets.
Hill Visits & Legislative Victories
During the 2014 Assets Learning Conference, our policy team engaged over 400 practitioners from the field to visit their legislators on Capitol Hill and engaging members of Congress on the issues in their community--and how they can do more to support asset building!
The Assets & Opportunity Network has a lot of to be proud of this year with key legislative victories: the ABLE Act (expanding asset building for individuals with disabilities), the American Savings Promotion Act (legalizing prize-linked savings strategies) and the removal of asset limits from public benefit programs.
Family Assets Count
This year, CFED, in partnership with Citi Community Development, launched Family Assets Count, which aims to leverage the power of cities to improve financial stability for families and advance programs and policies that reduce barriers and encourage families to save and build assets. Family Assets Count also leverages the new Assets & Opportunity Local Data Center, a powerful new tool that provides the latest data on household wealth and financial security in cities and counties across the United States.
What’s exciting this year is the major media coverage we’ve received across the country on a variety of topics. CFED’s Andrea Levere made the case for Children’s Savings Accounts and Manufactured Housing in two New York Times op-eds. Our Assets & Opportunity Scorecard was featured in dozens of local and national publications, including Time, MarketWatch and MSN Money. CFED’s research on entrepreneurship was featured in Forbes.
Our victories last year would not be possible without our dedicated funders and partners who have supported our efforts to promote a more inclusive economy. This year, we look forward to all of the new opportunities that take our work to the next level. Happy New Year from all of us at CFED!
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