Individual Wealth Preservation

Empowering and Strengthening Ohio's People

ESOP was founded in 1993 to address the issues and challenges facing neighborhoods in Cleveland, Ohio. Formerly East Side Organizing Project, ESOP changed in name in 2007 to reflect its broadened focus toward the entire state. Its core goal is to preserve homeownership by preventing foreclosures and curbing predatory lending practices. Through community organizing, ESOP maintains campaigns concerning payday loans, vacant properties, and local development. ESOP also offers housing counseling and can directly negotiate with lenders to help homeowners avoid foreclosure. Read more about Empowering and Strengthening Ohio's People...

CLARIFI

Formerly know as the Consumer Credit Counseling Service of Delaware Valley (CCCS), CLARIFI is a nonprofit organization focused on financial literacy.  Programs include financial counseling and public and community workshops on a range of financial topics.

 

  Read more about CLARIFI...

Community Tax Aid

Founded in 1987, Community Tax Aid (CTA) was created by a group of tax professionals concerned about the growing needs of low-income taxpayers in the Washington DC metropolitan area. CTA provides comprehensive, free tax services and prepares all types of tax returns—including federal, state, prior year, resident and non-resident returns. The increasing complexity of the tax code and limited English of many taxpayers renders CTA's services necessary for the low income community. In 2008, CTA helped 2,800 households receive over $2.8 million in state and federal refunds. Read more about Community Tax Aid...

Bank on San Francisco

Started in December 2005, Bank on San Francisco seeks to serve the "unbanked" by removing barriers that have historically prevented certain groups from accessing mainstream financial institutions. Read more about Bank on San Francisco...

Uptown Alliance Memphis

The Uptown Alliance Economic Development Corporation is a faith-based organization that provides job training, financial literacy classes and mentoring. Through their Jobs in Community program they partner with local industries to train for entry level and skilled positions in the hospital and construction industries. Read more about Uptown Alliance Memphis...

Seedco (Structured Employment Economic Development Corporation)

Founded in 1986 to create opportunities for low-wage workers by engaging with community partners and anchor institutions, Seedco partnered with several community organizations in Memphis to administer the EarnBenefits program. EarnBenefits assists residents with locating and applying for benefits in 7 benefit areas. They also offer housing counseling services as part of its National Housing Counseling Network. Read more about Seedco (Structured Employment Economic Development Corporation)...

Rise Foundation

Begun in 1999 by the Community Foundation of Greater Memphis, the Memphis Housing Authority and the United Way of the Mid-South, Rise Foundation helps public housing residents achieve financial self-sufficiency by teaching entry-level wage earners to budget, save, and accumulate assets. Read more about Rise Foundation...

Houston Area Urban League

Affiliated with the United Way and National Urban League, Houston Area Urban League (HAUL) strives to enable African Americans and other minorities to secure economic self-reliance, parity, power and civil rights. As part of its efforts, HAUL offers first time homebuyer classes, foreclosure prevention counseling, credit counseling program, and one-on-one housing counseling. These different services enable area residents the opportunities to qualify for down payment assistance and Individual Development Account programs with other non-profits. Read more about Houston Area Urban League...

Credit Coalition

The Credit Coalition is a nonprofit collaborative organization of financial institutions, community organizations and other related businesses. As a member of the Texas & Greater Houston Foreclosure Prevention Task Force, the Credit Coalition provides free foreclosure intervention counseling, financial and homebuyer counseling and education, reverse mortgage counseling, guidance, resources and outreachservices to community members in the greater Houston and Beaumont/Pt. Arthur areas. Read more about Credit Coalition...

Individual Wealth Preservation

Foreclosure Prevention Resource Center

The Foreclosure Prevention Resource Center is an online resource of the Urban Affairs Coalition of Philadelphia, offering resources to homeowners trying to protect their homes from foreclosure and to helping professionals in the community. The site has resources such as a foreclosure prevention guide, a chart on the effects of foreclosure, and contacts with connection to foreclosure prevention.

Financial Capability Institute

Center for Financial Services Innovation

The Financial Capability Institute website is an online resource from the Center for Financial Services Innovation (CFSI) that provides nonprofits with resources to learn how to integrate high-quality financial mechanisms into their organization. The website offers information on the financial capability approach, nonprofit self-assesment tools, and other tools and resources to connect organizations with product partners.

Center for Financial Services Innovation

An affiliate of the nonprofit CDFI ShoreBank, the Center for Financial Services Innovation (CFSI) is a national expert on financial services for the unbanked and under-banked. Its goals include improving the quality of existing services and better tailoring financial services to meet the needs and desires of the under-banked community. The ultimate goal is to facilitate savings and asset-building through financial services. Founded in 2004, CFSI focuses on 6 main areas in order to assist service providers, expand the literature, and influence public policy: Research & Strategy, Investment, Networking, Roundtables, Communication, and Public Policy.

Council for Economic Education

The Council for Economic Education is a nonprofit organization that offers comprehensive financial education curriculum to K-12 schools. The Council's programs include the basics of entrepreneurship, teacher resources, and assessment standards—reaching over 15 million students in the U.S. and more than 30 other countries each year. Its mission is to advocate better personal finance education in primary and secondary schools, as well as to empower young people through financial literacy.

Global Assets Project

The Global Assets Project, launched in 2006, is a collaborative effort of the Center for Social Development and the New America Foundation. Its ultimate goal is poverty alleviation through asset accumulation. The Global Assets Project strives to influence public policy and implement new asset-building programs through research, and attempts to integrate the key elements of microfinance, financial education, social policy and commercial financial services. There are currently asset-building initiatives in 5 continents and 14 countries around the world.

National Consumer Law Center

The National Consumer Law Center (NCLC) is the nation's leading expert on consumer law and advocates on behalf of low-income Americans who are particularly vulnerable to fraud and predatory lending. NCLC pays special attention to such vulnerable groups as the elderly, immigrants, homeowners, former welfare recipients, victims of domestic violence, and military personnel. NCLC's legal work has accomplished numerous policy milestones; for example, NCLC helped end discriminatory car loan practices that persisted for 75 years.

Modernizing Asset Limits: Promoting Savings, Simplicity, and Self-Sufficiency

New America Foundation

A project of the New American Foundation, this website is designed to help build understanding about how caps on savings that preclude receiving public assistance in the form of SNAP (Food Stamps), TANF, and LIHEAP have counterproductive effects. These can include discouraging saving, increasing financial insecurity, and making it harder to achieve financial independence for low-income families. Users of this site can search by state to better understand the complexity of asset limits for specific programs and learn how programs in their communities compare to the rest of the country.

National Consumer Law Center

The National Consumer Law Center (NCLC) is the nation's leading expert on consumer law and advocates on behalf of low-income Americans who are particularly vulnerable to fraud and predatory lending. NCLC pays special attention to such vulnerable groups as the elderly, immigrants, homeowners, former welfare recipients, victims of domestic violence, and military personnel. NCLC's legal work has accomplished numerous policy milestones; for example, NCLC helped end discriminatory car loan practices that persisted for 75 years.

Global Assets Project

The Global Assets Project, launched in 2006, is a collaborative effort of the Center for Social Development and the New America Foundation. Its ultimate goal is poverty alleviation through asset accumulation. The Global Assets Project strives to influence public policy and implement new asset-building programs through research, and attempts to integrate the key elements of microfinance, financial education, social policy and commercial financial services. There are currently asset-building initiatives in 5 continents and 14 countries around the world.

Council for Economic Education

The Council for Economic Education is a nonprofit organization that offers comprehensive financial education curriculum to K-12 schools. The Council's programs include the basics of entrepreneurship, teacher resources, and assessment standards—reaching over 15 million students in the U.S. and more than 30 other countries each year. Its mission is to advocate better personal finance education in primary and secondary schools, as well as to empower young people through financial literacy.

Center for Financial Services Innovation

An affiliate of the nonprofit CDFI ShoreBank, the Center for Financial Services Innovation (CFSI) is a national expert on financial services for the unbanked and under-banked. Its goals include improving the quality of existing services and better tailoring financial services to meet the needs and desires of the under-banked community. The ultimate goal is to facilitate savings and asset-building through financial services. Founded in 2004, CFSI focuses on 6 main areas in order to assist service providers, expand the literature, and influence public policy: Research & Strategy, Investment, Networking, Roundtables, Communication, and Public Policy.

Individual Wealth Preservation

Individual Wealth Preservation initiatives help low- and moderate-income people maintain and grow the assets they possess. As the foreclosure wave that began in 2007 painfully reinforced, in order to build wealth, it is critical to preserve existing resources. In 2008 alone, Americans lost $2 trillion in housing wealth, with low-income communities and people of color the hardest hit. Even in non-crisis times, those who have the least often pay the most for financial services. Read more about Individual Wealth Preservation...

Individual Wealth Preservation

The Rise of the Corporate Landlord

Desiree Fields, Rachel Laforest, Tony Romano, Tony Roshan Samara and Rob Call
Right To The City Alliance

This new report from The Right to the City Alliance’s Homes for All Campaign examines how large, well capitalized, private equity firms, entering rental markets create the risk of a second housing bubble. The author, urban geographer Desiree Fields, demonstrates that the institutionalization of the single-family rental market benefits the same financial institutions behind the housing market crash of 2008, while disproportionately impacting low-income communities. She lays out a policy agenda that can promote greater diversity and broaden ownership of land and housing. 

Saving at the Post Office, While Saving the Post Office

Karen Harris
The Shriver Brief

To protect the un-and-under-banked from excessive fees and high-cost predatory lenders, Karen Harris argues that we reinstate the US Postal Savings System.  In an article for The Shriver Brief, Harris shows that the now-defunct system once provided safe banking services for immigrants and working people that private banks did not.  Citing examples of successful postal banking services in other countries, Harris shows how reinstating such a system in this country could help underserved populations by providing affordable banking services, while giving the Post Office a needed boost in jobs and income. 

The Homeownership Gap

Andrew Haughwout, Richard Peach and Joseph Tracy
Current Issues in Economics and Finance, volume 16, number 3

Payday Lending

Michael Stegman
Journal of Economic Perspectives, volume 21, number 1, pages 169-190

Are Banks' Entry-Level Checking Accounts Safe and Affordable?

Mathieu Despard, Rachel Eastlund, Nik Schuetz and Terri Friedline
University of Kansas, Center on Assets, Education, & Inclusion (AEDI)

Tipping the Scale: How Assets Shape Economic Wellbeing for Women and Families

Rebecca Loya, Alexis Mann, Janet Boguslaw and Thomas Shapiro

The present analysis draws on interviews with black and white families of diverse means to illustrate how resource differences play out in the lives of American families. We contrast the options and experiences of higher-resource families like the Barrys, who have access to two or more resources at the personal, institutional, or neighborhood levels, with those who have fewer resources, like the Meehans. This brief focuses on women’s experiences speci cally and considers how women of different racial backgrounds with various income and asset pro les manage these economic challenges. 

Financial Coaching: Review of Existing Research

Center for Financial Security
University of Wisconsin-Madison

This brief summarizes research into the theories underlying financial coaching and the effects of financial coaching on participant behaviors and outcomes. In practice, financial coaching remains an unregulated field, and individuals and organizations use the term “financial coaching” to refer to an array of interventions. This brief concentrates on coaching interventions that explicitly focus on working with clients to identify behavioral outcomes, set goals, brainstorm strategies, set concrete action plans, identify strengths and build motivation, and provide monitoring and accountability, all of which are features of a more theoretically-grounded coaching approach (Grant, Cavanagh, and Parker 2010). This brief includes literature gathered through searches encompassing briefs, reports, book chapters, academic articles, and other sources. 

2014 Data Indicate That Four in Ten Children Live in Low-Income Families

Jessica A. Carson, Andrew Schaefer and Marybeth J. Mattingly
University of New Hampshire

In September 2015, the Census Bureau released 2014 poverty data from the American Community Survey (ACS), the only regular source for reliably estimating child poverty in geographic areas below the state level using the official poverty measure. In this brief, we use ACS data to explore child poverty rates across the United States by region, state, and place type (rural, suburban, and city). We also examine data on children who are deeply poor (those in families with incomes below half of the poverty line), as well as low-income children (those in families with incomes less than twice the poverty line). We find that while child poverty declined nationwide between 2013 and 2014, that drop was not felt uniformly across the country: several states saw declines, a few states saw increases, and others saw no change at all. We also found substantial differences in the magnitude of change across rural places, suburbs, and cities. 

A New Dawn: Age-Friendly Banking

Sehar Siddiqi, Robert Zdenek and Edward Gorman

This National Community Reinvestment Coalition paper advocates for the idea of “age-friendly banking,” highlighting the importance of providing effective and tailored financial products, services, and protections specifically for older adults. In the wake of the Great Recession, older adults are often susceptible to financial fraud and scams. This paper aims to expand the dialogue between community-based organizations, aging networks, and financial institutions on how to develop and implement age-friendly banking strategies and initiatives.

The Debt Resistors Operations Manual

Strike Debt and Occupy Wall Street

The Debt Resistors Operations Manual, put together by an anonymous collec­tive of activists from Strike Debt and Occupy Wall Street contains practical information, resources and tips for individuals dealing with indebtedness in the United States. Covering all aspects of the debt system from personal debt to municipal debt the manual shows how households, cities and countries are controlled by a system of debt. 

The Gap: A Shortage of Affordable Rental Homes

Andrew Aurand, Dan Emmanuel, Diane Yentel, Ellen Errico and Marjorie Pang

Forced to Walk a Dangerous Line: The Causes & Consequences of Debt in Black Communities

Pamela Chan, Devin Fergus and Lillian Singh

While the proportion of Black and white households with debt are similar, more Black households experience “troublesome debt,” or difficulties with debt and bill payments. This new white paper from Prosperity Now discusses this connection between the racial wealth gap and debt, highlighting how disproportionate access to wealth building opportunities such as homeownership and credit perpetuates this disparity. The paper calls for federal reforms that would create greater income and wealth building opportunities for communities of color. 

Public Health & Wealth in Post-Bankruptcy Detroit

Suparana Bhaskaran
UC Berkeley

Published by the Haas Institute for a Fair and Inclusive Society at UC Berkeley, this new report discusses the relationship between health outcomes and wealth disparities in Detroit, Michigan. The authors detail how a lack of access to safe housing and water poses the greatest health threats to residents, and call for solutions outside the realm of clinical care. While noting the necessity of Medicaid expansion, the report calls for investments in the social determinants of health—including affordable housing and expanded social services.

Workplace Financial Wellness Services

Joanna Ain, Pamela Chan, Meredith Covington, Geraldine Hannon and Santiago Sueiro

Toward a Dignified Retirement for All

Jackie Odum, Eliza Schultz, Rebecca Vallas and Christian Weller
Center for American Progress

Protecting Communities on the Road to Recovery

Sarah Edelman, Michela Zonta and Shiv Rawal
Center for American Progress

The Color of Entrepreneurship: Why the Racial Gap Among Firms Costs the U.S. Billions

Algernon Austin

“America is currently forgoing an estimated 1.1 million businesses owned by people of color because of past and present discrimination,” writes Algernon Austin, author of this new report from the Center for Global Policy Solutions. Using data from the U.S. Census Bureau’s Survey of Business Owners, Austin finds that the country would produce an estimated 9 million more jobs and have $300 billion more in national income if entrepreneurship amongst people of color were proportional to their distribution in the labor force. To address this, Austin recommends creating tax credits to incentivize investments in minority-owned businesses, expanding the number of Minority Business Development Agencies, and utilizing alternative credit data for those with limited credit histories. 

The Color of Wealth in Los Angeles

Melany De La Cruz-Viesca et al.

This new report from the Federal Reserve Bank of San Francisco seeks to better understand the factors that influence and create disparities in wealth accumulation, particularly intergenerational resource transfers, historical context, and local asset markets. Researchers draw on data from the National Asset Scorecard for Communities of Color (NASCC) survey, the first of its kind, to assess wealth disparities among different racial and ethnic groups in Los Angeles and inform multifaceted policy solutions tailored to distinct community needs.

CRA Performance Context: Why it is Important for Community Development and How to Improve it

Josh Silver

This white paper explains performance context analysis and explains why it is important from a community perspective. It first discusses the definition of performance context referencing CRA regulatory documents. Second, it reviews current thinking regarding the implementation of performance context analysis. While the thinking has evolved, the federal agency implementation is still centered too much on the banks and not enough on the community perspective. Third, the paper will review examples of both poor and good performance context analysis in CRA exams. Fourth, the paper will offer some examples of data analysis and community group input that provides a foundation for improved performance context analysis. 

The State of Lending in America & its Impact on U.S. Households

M William Sermons, Delvin Davis, Sarah Wolff , Sonia Garrison and Susanna Montezemolo

A series of studies on how predatory lending undermines the financial security of U.S. households

Paying More for the American Dream V: The Persistence and Evolution of the Dual Mortgage Market

California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Ohio Lending Coalition and Woodstock Institute

Foreclosed: State of the Dream 2008

Amaad Rivera, Brenda Cotto-Escalera, Anisha Desai, Jeannette Huezo and Dedrick Muhammad