According to a joint report from the Asset Funders Network (AFN) and the University of Wisconsin Center for Financial Security, more than half of all employees in the United States say they are financially stressed, with nearly one-in-three employees admitting to being distracted in the office due to personal finance issues.Read More
Since 2012, the CFPB has been responsible for supervisory examinations of banks, lenders, and other financial institutions to ensure MLA compliance. However, the CFPB has chosen to relinquish its role as supervisor of MLA provisions.Read More
Consumers in states where predatory lenders are expelled report being relieved and many adapt by employing a variety of safer financial strategies, including budgeting and borrowing from family. However, even once predatory lenders are driven out, payday lenders are finding legal loopholes – such as overdraft loans, installment loans, and auto title loans – that enable them to prey upon the most vulnerable in the community again.Read More
We are counting on you to lift your voice to push back against potentially harmful changes to the Community Reinvestment Act (CRA). CRA is a landmark civil rights law to end discrimination that was once common in America’s banking and housing markets.
While some strides have been made, the lack of investment in low-income areas and communities of color remains a persistent concern. Even still, regulators have proposed ideas that may substantially weaken the law via an Advanced Notice of Proposed Rulemaking (ANPR). We need you to speak up to ensure CRA is strengthened, not weakened.
We only have until Nov. 19 to comment on these ideas and urge regulators to consider CRA reforms that more effectively hold banks accountable for equitable investments and help them more flexibly respond to community needs.Read More
The United States Census Bureau recently unveiled its eighth Supplemental Poverty Measure (SPM) report, detailing the prevalence of poverty in our society and estimating the differences between the official measure of poverty and the poverty measures that take account of non-cash benefits and nondiscretionary expenses.Read More
ALICE is an acronym for Asset Limited, Income Constrained, Employed. These households have incomes above the Federal Poverty Level but struggle to afford basic household necessities. In the words of Indiana United Ways Board Chair, Ron Turpin, “ALICE gets up each day to go to work, but still faces financial barriers – working jobs that offer no healthcare, vacation, or paid sick leave. These workers hold jobs that are critical to the success and vitality of our communities, yet they often struggle to afford food, rent, child care, and transportation, and have little left over for saving and investing.”Read More
For the past decade, the Local Initiatives Support Corporation (LISC), a national community development organization with an office in Indianapolis, has cultivated an asset-building model called the Financial Opportunity Center (FOC) that bundles one-on-one financial coaching and employment services to help low-wealth families move closer to financial independence. FOC services are delivered by highly trained coaches in familiar settings – typically organizations with deep roots in the neighborhoods they serve. Despite good results from this one-on-one approach and people’s stated desired to continue working with a coach, it is often difficult to retain them in a long-term coaching relationship. To that end, LISC has worked with the Common Cents Lab at Duke’s University’s Center for Advanced Hindsight to test an approach to improved coaching retention based on the principles of behavioral economics.Read More
Community Loan Centers (CLC) exist to provide an alternative, fairly-priced loan program to low-income families. On Wednesday, August 29, the Network hosted a free webinar featuring special guest Matt Hull, executive director of the Texas Association of Community Development Corporations, examining how CLCs are helping families in 16 markets across seven states. Click below to view the full webinar.Read More
Are you saving enough for retirement? Many of us believe we are but, unfortunately, statistics show that’s just not the case here in Indiana.
According to a National Financial Capability Study, research participants were asked five questions covering aspects of economics and finance encountered in everyday life. Only 35 percent of Hoosiers (and 37 percent of U.S. adults) could correctly answer 4 or 5 out of 5.Read More
Today, Senator Donnelly and 48 other senators sent a letter to acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney, calling on the bureau to continue supervision of lending made to active duty servicemembers and their families to ensure that lenders are complying with the Military Lending Act (MLA).Read More
This toolkit guides you through the process of creating rules of thumb—simple, actionable messages that can guide consumers on a decision or action.Read More
In late April, the Consumer Financial Protection Bureau announced its intent to end public access to the Bureau's complaint database. Following the announcement, stakeholders, such as financial services companies, consumer advocacy groups, and concerned citizens, were invited to submit comments to the Bureau regarding the proposed change.Read More
The Consumer Financial Protection Bureau joined two payday lender associations — the Consumer Financial Service Association of America and the Consumer Service Alliance of Texas — in a motion to push pause on pending litigation to block implementation of the CFPB’s payday rule. In the same motion, they sought a delay of the rule’s compliance date of August 19, 2019.Read More
Wednesday was a victorious day for consumer advocates across the country. It marked the last day for lawmakers to act to repeal the Consumer Financial Protection Bureau’s payday rule, and the deadline passed without Congress voting to repeal the rule. Resolutions to repeal the rule were introduced in both the House and Senate, but failed to garner sufficient support.Read More
According to a new report from the Wall Street Journal, Mick Mulvaney, acting Director of the Consumer Financial Protection Bureau, announced his intent to end public access to the Bureau’s complaint database. Consumers use the database to file complaints against financial companies, and the CFPB publishes these complaints for public use. “I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government,” Mulvaney said.Read More
On Friday, March 23, Senator Lindsey Graham (R-SC) introduced a bill in the Senate that would nullify protections for payday loan borrowers by repealing the Consumer Financial Protection Bureau’s (CFPB) federal payday loan rule.Read More
This State Policy Blueprint aims to support the leadership of state lawmakers and advocates interested in creating a more inclusive path to prosperity—a path that addresses the challenges and institutional barriers facing low-income communities and communities of color.Read More
Dear Senator Donnelly and Senator Young,
As a statewide coalition working to build assets for low-wealth Hoosiers, the Indiana Assets & Opportunity Network (The Network), we have several urgent concerns to bring to your attention regarding S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.Read More
INDIANAPOLIS– State Unfair and Deceptive Acts and Practices (UDAP) laws prohibit deceptive practices in consumer transactions, such as sales of cars and other goods, loans, home improvements, utility contracts, and mortgage transactions. A new report from the National Consumer Law Center (NCLC) finds that while a strength of Indiana’s UDAP statute is that it has broad prohibitions of deceptive and unconscionable acts, the statute has a number of weaknesses.Read More
During the 1960s, an alternative model for delivering health education to "hard-to-reach populations, traditionally excluded racial/ethnic groups, and other ... underserved communities" was gathering steam. The "instructors" of health education were called promotores de salud ("promoters of health"). Rather than being health care professionals, promotores were lay community members who received specialized training to provide basic health education. The practice was, and remains, especially popular in Latino communities where citizenship, language, and familiarity with the health care system are common barriers to accessing care. The core objective of the promotora is to educate target audiences about health issues affecting their community and provide guidance in accessing health care resources.
The application of the promotora model from a health care application to a financial literacy application shows promise as an alternative model to deploy financial education to these same "hard-to-reach populations, traditionally excluded racial/ethnic groups, and other ... underserved communities."Read More