Financial Issues in the News
Why a Seattle credit union rebranded to serve low-income, immigrant residents, by Ashley Stewart, Puget Sound Business Journal, July 21, 2017
As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away, by Stacy Cowley and Jessica Silver-Greenberg, The New York Times, July 17, 2017
One Woman’s Slide from Middle Class to Medicaid, by Ron Lieber, The New York Times, July 7, 2017
A New Kind of Tech Job Emphasizes Skills, Not a College Degree, by Steve Lohr, The New York Times, June 28, 2017
Your Credit Score May Soon Look Better, by Stacy Cowley, The New York Times, June 26, 2017
Bucking the luxury housing trend, $500M in new apartments designed to help Seattle’s shrinking middle class, by Mike Rosenberg, The Seattle Times, June 10, 2017
Displacement Dilemma, by Dan Bertolet, Sightline Institue, June 8, 2017
Who is ALICE?
ALICE is a United Way acronym for Asset Limited, Income Constrained, Employed. The United Way ALICE Report for the Pacific Northwest shows that one-third of our population struggles every month to afford basic necessities. Read the report> Watch the United Way of Pierce County video>
Integrating Financial Capability
CFED sees an opportunity to integrate financial capability discussions, resources and tools within existing human service programs such as housing, early childhood education, community health centers and child welfare, in order to increase the overall impact of these programs and increase the scale and reach of financial capability services. Folding financial capability services into these other social services can address the central and interrelated problems families face in achieving financial security. Learn more>
What It’s Worth
Americans everywhere struggle to build strong financial futures for themselves and their families. What it’s worth, provides a roadmap for what families, communities and our nation can do to move forward on the path to financial well-being. Learn more>
Turn it Right-Side Up
Fight Wealth Inequality, Learn more>
CFED: The Inclusive Economy
Voices Rising, African American Economic Security in King County, by Angela Powell. The purpose of this study is to expand upon the Economic Security section of the “Creating an Equitable Future” report and provide deeper context through story. There is power in story, and reading this report, in combination with a statistical analysis, is a potent combination. Read more>
Economic Mobility: Research & Ideas on Strengthening Families, Communites & the Economy
A new book from the St. Louis Fed and the Board of Governors of the Federal Reserve System offers offers new research and ideas central to understanding how families, neighborhoods and the economy can move forward. Center Director Ray Boshara co-authored the introduction of the conference volume, which includes contributions from Federal Reserve Board Chair Janet Yellen, Raj Chetty, Joseph Stiglitz, Katherine Newman, Robert Putnam and many others. Learn more>
An update on who is poor in the United States, by Diane Whitmore Schanzenback, Lauren Bauer, and Ryan Nunn, Brookings, September 26, 2016
Paychecks, Paydays, and the Online Platform Economy. Big Data on Income Volatility, February 2016, JP Morgan Chase & Co. Institute
Professionalizing the Field of Financial Counseling and Coaching: A Journal of Essays from Expert Perspectives in the Field, Cities for Financial Empowerment Fund and Citi Community Development and Inclusive Finance, May 2016
Why we’re wrong about lower income consumers, a three-part series, a companion to ideas42 recent white paper, Reimagining Financial Inclusion, they tackle three myths in turn.
- Three Myths About the Underbanked, Part One: What Is a “Rainy Day” When It’s Always Drizzling?, by Katy Davis & Nicki Cohen in Blog, ideas42, February 17, 2016
- Three Myths About the Underbanked, Part Two: “I Can Tell You Exactly Where My Paycheck Is Going”, by Katy Davis & Nicki Cohen in Blog, ideas42, March 17, 2016
- Three Myths About the Underbanked, Part Three: “Affordable Financial Management Is In Reach”, by Katy Davis & Nicki Cohen in Blog, ideas42, March 31, 2016
Increasing Financial Well-Being Through Integration: A growing body of on-the-ground experience is demonstrating how integration can increase the impact of a primary social service, such as helping an individual find a job, while also addressing other financial challenges and barriers that person may be facing. CFED’s newest federal policy publication series, “Increasing Financial Well-Being through Integration,” chronicles policy changes that could increase the impact of social service programs by boosting families’ overall economic outcomes.
- Meeting People Where They Are
- Gaining and Retaining Employment
- Gaining and Sustaining Housing Stability
Tracking Financial Capability is a series designed for frontline organizations that plan to provide, or are already providing, services to help clients manage their financial resources more effectively and become more financially secure. The three guides in this series will help you establish processes to track your programs to ensure they are being implemented as planned and resulting in the outcomes you set out to achieve.
- Identify and Prioritize Your Expected Outcomes
- Build Your Logic Model
- Select and Collect Indicator Data
Spikes and Dips: How Income Uncertainty Affects Households, by Johnathan Morduch of FAI and Rachel Schneider of CFSI, U.S. Financial Diaries
The Rapid Re-housing for Families Pilot: Interim Evaluation Report, Committee to End Homelessness, July 2015
Family Options Study: Short-Term Impacts of Housing and Services Interventions for Homeless Families, U.S. Department of Housing and Urban Development (HUD), July 2015
Excluded from the Financial Mainstream: How the Economic Recovery is Bypassing Millions of Americans. CFED’s 2015 Assets & Opportunity Scorecard data reveals financial insecurity in America. See how Washington state fares. Read the report>
The Politics of Financial Insecurity, Pew Research Center for the People & the Press, January 8, 2015
The Self-Sufficiency Standard for Washington State 2014 prepared for Workforce Development Council of Seattle-King County, by Diana M. Pearce, PhD, University of Washington School of Social Work, November 2014. Read the report>
Mapping Public Benefits for Immigrants in the States, Issue Brief, Pew Charitable Trust, September 2014. Read the report>
Head Start Parent Ambassador Individual Development Account (IDA) Project Evaluation Report, prepared by The Prosperity Agenda, September 30, 2014. Read the report>
Families Out of Balance, How a living wage helps working families move from debt to stability, by Ben Henry and Allyson Fredericksen, Alliance for a Just Society, The Job Gap Economic Prosperity Series, August 2014. Read the report>
Building Financial Capability in Youth Employment Programs, August 2014. The Savings & Financial Capability team at CFED report is a joint publication of the Consumer Financial Protection Bureau (CFPB) and the Administration for Children and Families (ACF). CFED prepared this report as part of their work on the ASSET initiative Partnership (AIP), which is a collaborative effort across ACF to bring the benefits of asset building to more low-income individuals and families. Read the report>
Financial Capability of Adults with Disabilities, Findings from the Investor Education Foundation 2012 National Financial Capability Study, National Disability Institute, July 22, 2014.
Data point: Medical Debt and credit scores, Consumer Financial Protection Bureau, May 2014.
Paul G. Allen Family Foundation: Disrupting Poverty: Coming Together to Build Financial Security for Individuals and Communities. The report highlights lessons and best practices garnered from the foundation’s examination of a variety of asset building strategies that they and other foundations support. The report concludes stating, “Partnership and collaboration have become the guiding maxims for helping individuals and communities disrupt the cycle of poverty and build financial security and resilience.” One collaborative model and approach noted in the report is the Seattle-King County Asset Building Collaborative, now known at the Financial Empowerment Network | Seattle-King County. Read more>
Financial empowerment training for social service programs. The Consumer Financial Protection Bureau released a report last week that summarizes the results of the national field scan, highlighting how programs that already train case managers and counselors have succeeded—or struggled—in their efforts to provide training, tools, and resources to change case manager and client behavior. The field scan, conducted from October through November 2012, included a high-level national inventory of organizations that are training case managers and other frontline staff in financial empowerment. The field-scan included in-depth interviews at five organizations whose work was of special interest: Seattle-King County Asset Building Collaborative (SKCABC), United Way of Greater Cincinnati, Louisville Metro/Living Cities, The Financial Clinic, and the State of Minnesota. Read the report>
Financial literacy annual report, The Consumer Financial Protection Bureau, July 18, 2013. The CFPB has undertaken a broad array of education initiatives in the last two years to implement their financial literacy strategy. This report highlights some of these initiatives.
State of The American Dream: Economic Policy and the Future of the Middle Class, Demos, June 6, 2013
Informing Students about Their College Options: A Proposal for Broadening the Expanding College Opportunities Project, The Hamilton Project, by Caroline M. Hoxby and Sarah Turner, June 2013
Frontline Report Uncovers the Hidden Costs of Retirement Plans, by Karen K. Harris, Published by The Shriver Brief, May 16, 2013, A recent PBS Frontline documentary uncovered how average consumers with actively managed employer-sponsored retirement plans are paying huge chunks of their retirement savings in fees to investment managers and financial advisors.
Report: Feedback from the financial education field, The Consumer Financial Protection Bureau initiated an outreach program to listen to and engage the many stakeholders who have an interest in improving consumers’ abilities to make informed financial decisions. This report summarizes the results of that outreach work and outlines how it is shaping the CFPB’s work to help consumers make sound financial decisions and navigate the financial services marketplace. Published by CFPB, May 14, 2013.
Piloting Integration: Lessons From FEGS Health & Human Services and Solid Ground, CFED convened a six-month Intensive Learning Cluster of five social service delivery organizations seeking to strengthen the financial security of the low-income households they serve. Published April 2013.
Hard Choices: Navigating the Economic Shock of Unemployment, The study examines how American families cope with unexpected financial setbacks and how those periods of economic uncertainty draw down financial resources, leaving them more insecure in the future. Published by the Pew Charitable Trusts, April 2013.
Integrating Financial Security and Asset-Building Strategies into Workforce Development Programs, by Angela Duran, Jennifer Brooks and Jennifer Medina, CFED, April 2013
Assets & Opportunity Scorecard 2013 by CFED, provides data on household financial security and policy solutions, by state.
Imperfect Protection: Using Money Transmitter Laws to Insure Prepaid Cards, A recent report shows that consumer protections required by money transmitter laws are much worse than the protections offered by Federal Deposit Insurance Corporation insurance. The report demonstrates that prepaid cards are much riskier products for consumers than checking accounts. Published by the Pew Charitable Trusts, March 2013.
Banking on Opportunity: A Scan of the Evolving Field of Bank On Initiatives, by US Department of the Treasury, including a case study of Bank on Seattle-King County. Published November 2011.