June 2015 Newsletter
RAISE Texas News
The 2015 Legislative Session Policy Update
The 2015 Legislative Session officially ended on June 1, 2015. Four of the bills that we have tracked and supported this session made it through the legislature and onto the Governor’s desk. The bills are listed below. The Governor now has until Sunday, June 21, 2015 (the 20th day following final adjournment of the regular session) to sign or veto bills passed during the regular session. Any bill that is signed by the Governor or has no action taken on it by the Governor (not signed but not vetoed) will become law on Monday, August 31, 2015, unless specific effective dates are stated within the bill.
Regarding payday and auto-title lending and related issues, no bill passed out of the Texas Legislature keeping the situation the same for Texans. For a comprehensive look at the progress of each asset-building bill this session, please visit our Texas Legislation page.
Bills Supported By RAISE Texas
- Savings Programs and Post-Secondary Education/College Access
- HB 1628: Relating to authorizing a credit union or other financial institution to conduct savings promotion raffles.
- HB 3987: Relating to programs in public schools designed to facilitate planning and savings for higher education and facilitate personal literacy instruction.
- Financial Education, Financial Accounts and Related Services
- SB 1664: Relating to the establishment of the Texas Achieving a Better Life Experience (ABLE) Program; authorizing the imposition of fees.
- HB 1626: Relating to the designation of certain areas of banking development districts to encourage the establishment of financial institution branches in those areas.
Thank you to everyone who supported asset-building bills this session, whether through testimony, submitting a card, or by phone or email. Your voice matters!
Federal Reserve Bank Highlights OpportunityTexas’ Youth & College Savings Work
The Federal Reserve Bank of Dallas highlighted OpportunityTexas' work to expand access to college savings accounts in conjunction with Texas' financial curriculum in a recent article in Perspectives. To read the article, click here. The article also mentions the new guidance document to encourage financial institutions to develop and implement youth savings programs. This new guidance document was released by The Federal Reserve Board of Governors, several member organizations of the Financial Literacy and Education Commission, the FDIC, the OCC and the National Credit Union Administration, along with the Financial Crimes Enforcement Network.
TSAHC and RAISE Texas Hosted a Successful Advanced Financial Coaching Training
Thank you to all of the coaches that spent three days last week participating in the Advanced Financial Coaching Training. It was a great event, and we hope that all of you will be able to use the new skills or refined skills in your daily work here in Texas. A big thanks for the Federal Reserve Bank of Dallas, San Antonio Branch for hosting the event. And, thanks to JPMorgan Chase and BB&T for not only sponsoring this training but also for providing products, services and information to the coaches as our lunch speakers.
Texas News
Register for a Two-Part Webinar Series on Food Insecurity
Food insecurity is a common symptom of income insecurity. For this reason, the Federal Reserve Bank of Dallas and Feeding Texas will host a two-part webinar series on food insecurity, and will feature key state and national leaders in addressing these issues. Registration is required.
Part 1: Wednesday, June 17, 1:00pm CST
Topics include:
- Food insecurity: Texas trends and how they compare to national trends
- Food insecurity's impact on health and health care
- Policy changes that address food insecurity and the cost of health care
Part II: Wednesday, June 24, 1 p.m. CST
Topics include:
- Feeding Texas’ VISTA program, which promotes food security through employment and access to health care
- The link between food security, income security and asset building
- Innovative financial products and services that help families build their financial capacity and resilience
National News
Assets for Independence IDA Funding Opportunity Deadline June 15, 2015
The Administration for Children and Families (ACF) Office of Community Services (OCS) is seeking application for the Assets for Independence (AFI) demonstration program.
AFI enables community-based nonprofits and government agencies to implement asset building projects serving low-income individuals and their families. AFI grantees enroll participants to save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs). Every dollar that a participant deposits into an AFI IDA is matched (from $1 to $8 in combined federal and non-federal funds) by the AFI project, promoting savings and enabling participants to acquire a lasting asset.
AFI participants use their IDAs and matching funds for one of three allowable assets:
- Purchase a first home;
- Capitalize or expand a business for self-employment; or
- Fund post-secondary education or training.
AFI grantees also assist participants in obtaining the skills and information necessary to achieve economic self-sufficiency. Grantees are encouraged to tailor the strategies and services they offer to the needs of their project participants and the opportunities in their community. The awards of up to $1 million cover a 5 year project period.
Application Deadline: June 15, 2015
View information about resources, trainings, and other assistance for grantees and potential applicants is posted on the AFI Resource Center website.
View the AFI Funding Opportunity Announcement.
Federal Reserve Releases New Report on Economic Well-Being of U.S. Households in 2014
The Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking found that while 65 percent of respondents said they were "living comfortably" or "doing okay," nearly half of them would need to sell something or borrow money in the event of a $400 emergency expense. The new report analyzes results of the 2014 survey and compares them with results from the previous year’s survey. The survey gives a snapshot of the financial and economic well-being of U.S. households, monitor their recovery from the Great Recession and identify perceived risks to their financial stability. The 2014 survey discovered large gaps by income and race, and that nearly a third of all non-retirees had no retirement savings or pension. Read the entire report here.
Military Families Could Lose EITC/CTC Benefits
The most recent issue of Spotlight on Poverty and Opportunity reports that a new infographic from Tax Credits for Working Families shows that some 450,000 families of veterans and active-duty service members could lose all or part of their Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) if specific provisions of the credits are allowed to expire at the end of 2017. The specific provisions include: a lower income qualification threshold for the CTC, a larger EITC for families with more than two children, and “marriage-penalty” relief for recipients of the EITC. Click here for more information.
Three Opportunities to Receive Financial Coaching Certifications
AFCPE and Sage Financial Solutions offer three different financial coaching certifications to help financial coaches enhance their skills and knowledge.
- Financial Fitness Coach Certification Program- last web-based training session for 2015 on July 9 & 23, 2015
- Certified Personal Financial Coach Certification Program- last web-based training session for 2015 on July 9 & 23, 2015.
- Financial Coaching Professional Development Webinar Series- six monthly trainings from July-December 2015. Starts with Intro to Coaching on July 14, 2015.
