December 2015 Newsletter
RAISE Texas News
Save the Date: RAISE Texas Summit May 10-12, 2016
The 2016 RAISE Texas Summit and workshops “Building Financial Success for Texans: In Schools, The Workplace and Our Communities” will be held on May 10- 12, 2016 at the Federal Reserve Bank of Dallas in Dallas, Texas. We will be discussing the latest information on:
- Financial Coaching,
- College Savings Accounts for children through schools,
- Small Dollar Loan Alternatives,
- Implementing asset-building products and programs in the Workplace.
We hope to see you there!
College Savings Pilot Program in the News
We excitedly announced the launch of our college savings pilot program, Dollars for College, last month. Along with our announcement, our very own Woody Widrow was interviewed for a radio segment by KERA in the Dallas area. Click here to listen to the story that aired on November 10. Thank you KERA for promoting this important program!
Tied to Texas’ mandated financial education curriculum, Dollars for College helps kindergarten students at two elementary schools in the greater Dallas area build financial skills by teaching them about college savings accounts and gives their parents an opportunity to open a free savings account for college. Visit the Dollars for College website to learn more about the program.
Materials From Financial Coaching Webinar Now Available
On November 16, 2015, RAISE Texas and the Federal Reserve Bank of Dallas hosted another webinar in the financial coaching series, "Groundbreaking research provides new insight into the design of financial coaching programs". The two presenters discussed the key findings from the Urban Institute’s new report, “An Evaluation of the Impacts and Implementation Approaches of Financial Coaching Programs” and how The Financial Clinic changed the design of their financial coaching program based on the results of the study. Click on the links below to access the materials, or visit our website at www.raisetexas.org/resources/financial_coaching_resources/.
- Download the slides today- Presentation One, Presentation Two
- A Random Control Trial Of Financial Coaching: The Practitioners’ Overview of “An Evaluation of the Impacts and Implementation Approaches of Financial Coaching Programs”
- Urban Institute Report- An Evaluation of the Impacts and Implementation Approaches of Financial Coaching Programs
Texas News
Have you taken the Texas ABLE Program Survey?
The Texas ABLE Program is a new program for Texans with disabilities to save for disability-related expenses, without losing eligibility for SSI, Medicaid and other public benefits. The Texas Comptroller’s office is going to administer this new program and has sent out a survey to help design the program and better understand how beneficiaries may use an ABLE account to save for their disability-related expenses. If you have not taken the Texas Achieving a Better Life Experience (ABLE) survey, click here. The survey deadline is December 15, 2015.
JPMorgan Chase & Co. Awards PRO Neighborhoods Grant to Texas CDFIs
JPMorgan Chase & Co. recently awarded five new CDFI collaboratives with $15.1 million as part of the Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) initiative which supports the growth and expansion of Community Development Financial Institutions (CDFIs). One of the newest grantees is the Community Loan Center Program based here in Texas. The Community Loan Center Program is a collaborative of five CDFIs in Texas and Indiana that are offering affordable small dollar loans through payroll deductions by employers. Click here for more information about the new PRO Neighborhoods award.
The Community Loan Center now has seven Texas locations- Austin, Brazos Valley, Dallas, Greater Houston, Greater Laredo, Rio Grande Valley and the Community Loan Center of Texas which is currently working in the Waco area. Two new Community Loan Centers are located in Fort Wayne and Lafayette, Indiana. To date, the Community Loan Centers have provided 8,200 loans through 81 participating employers for a total of $7 million. Based on the average cost of renewals, the Community Loan Centers have saved borrowers $4 million dollars that they would have spent in fees and interest on a payday loan. For more information on the Community Loan Center program, click here.
Free Webinar: "Under the Hood" of the New Texas Education Scorecard on December 9
The Center for Public Policy Priorities is hosting a free webinar on Wednesday, December 9 at noon CT to learn more about the new Texas Education Scorecard and how your community can use this tool to identify policies and practices that can move students from their first steps in school on to higher education and a promising career. Click here to register for the webinar.
Free Webinar on December 10 for Bankers about Volunteer Income Tax Assistance Programs (VITA)
The Texas Department of Banking is hosting a free webinar on December 10, 2015 from 2:30-3:30pm CST about Volunteer Income Tax Assistance programs (VITA) and how bankers can get involved in these free tax preparation efforts in the community. Click here to register for the webinar.
NCRC’s National Training Academy Offering Special Training in Houston, Texas
National Community Reinvestment Coalition (NCRC) has a special training event scheduled for January 11-15, 2016 in Houston, Texas. This event will be training housing counselors on the skills and knowledge needed to help their clients avoid foreclosure, purchase a home, or plan for the future. NCRC’s National Training Academy is a HUD-approved housing counseling training provider. Click here to register and for more information.
A Closer Look at Las Colonias
There are more than a thousand communities along the southern border of the United States called Las Colonias. These communities lack basic infrastructure- access to water, electricity or sewage- and are some of the most underserved and impoverished communities in the country. The Federal Reserve Bank of Dallas published a report, Las Colonias in the 21st Century: Progress Along the Texas-Mexico Border, focusing on the infrastructure, housing, economic opportunity, education and health in the six Texas counties that have the highest concentration of colonias. This new article, Inside Las Colonias, the Texas Border Towns Without Electricity or Running Water, takes an inside look into life in these communities and the effort it takes to meet basic needs. Click here to read the article.
Applications Due December 31 for Matching Scholarships and Grants
The Texas Match the Promise Foundationsm encourages Texas families to save for college by providing matching scholarships of tuition units worth up to $1,000 at today’s pricing, and grants of tuition units worth $2,000. Eligibility requirements for applying for a scholarship are:
- Be a fifth through ninth grader;
- Have a family with an annual income of $100,000 or less;
- Be a Texas resident; and,
- Be enrolled in the Texas Tuition Promise Fund.
Applications are accepted until December 31, 2015. Eligible families may also enroll in the Texas Tuition Promise Fund during the application period if they haven’t already done so. Click here for more information or apply today.
National News and Resources
AFI Funding Applications Due December 15
Assets for Independence (AFI) applications are due December 15, 2015. If your organization is looking for IDA funding, consider applying. For more information check out the AFI Resource Center’s resources for applicants available at www.IDAresources.acf.hhs.gov/Apply.
CFPB Shares Their Annual Financial Literacy Report
The Consumer Financial Protection Bureau works to help consumers navigate the financial marketplace and build financial well-being through the efforts of their Office of Financial Education. The Office of Financial Education recently published their annual report on financial literacy. Click here to read the report.
Blog Post Discusses Retirement Savings by Gender
You probably won’t be surprised to hear that a new report by Vanguard shows that men save more for retirement than woman. But…would you be surprised to hear that women are better savers than men? Click here to read why.