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May 2017 Newsletter

RAISE Texas News

RAISE Texas Speaks on Panel at the CFPB's Financial Coaching Symposium

RAISE Texas' Lauren Gates presented on a panel at the 2017 Financial Coaching Symposium in Madison, Wisconsin. The symposium hosted by the CFPB and Center for Financial Security (CFS) brought together experts and leaders from across the country to discuss the professionalization and growth of the financial coaching field. Lauren's panel was on Ensuring the Quality of Coaching.

2017 Texas Legislative Session Updates
Some of the asset-building bills that RAISE Texas is tracking this session are moving. We will keep our Texas Legislation Page updated on our website so you can track the bills or review the list of bills at any time. Throughout the month of May we will provide general updates on all of the bills that RAISE Texas is tracking, and will alert our network on any specific bills that require action as the bills progress through the legislative process. It is important that we work together to expand financial security for ALL Texans by speaking out about the proposed state policies being discussed this legislative session.

Texas News

Next Financial Education Webinar on May 23

The Texas Department of Banking is hosting a free financial education webinar on Tuesday, May 23, 2017 from 2:30- 3:30pm CST. The webinar will provide information about the Texas Financial Education Endowment (TFEE), which is designed to support statewide financial capability, consumer credit building activities, and programs. Registration is required so register today! Space is limited.

CFS Brief Highlights the Great Work of Two RAISE Texas Members

The Center for Financial Security released a new brief, Creating a More Inclusive and Accessible Financial Coaching Program: A Case Study Exploration of Strategies and Recommendations, to provide insights and recommendations on how to create a more inclusive financial coaching program. Two RAISE Texas members, WiNGS (Dallas) and Pathfinders (Ft. Worth) were highlighted on their financial coaching programs and their work to alleviate potential barriers for individuals and families to participate in their programs. WiNGS provides services and resources in Spanish to make sure that their program is conducive to the many Spanish-speaking members of the community. Pathfinders uses different models of financial coaching and offers their program at different locations to meet clients where they are in the community. Click here to read the entire brief and for more recommendations.

Join AAFCS in Dallas for the “Financial Fitne$$” Conference this June!

In Dallas, Texas, June 25 – 28, come together with hundreds of family and consumer sciences and related professionals at the American Association of Family & Consumer Sciences (AAFCS) 108th Annual Conference & Expo to address “Financial Fitne$$: Trends, Innovations & Impacts”. At this high-quality professional development event:

  • Learn from fantastic keynote speakers, Dr. Sarah Newcomb, behavioral economist at Morningstar and author of LOADED: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind, and Richard Cordray, Director of the Consumer Financial Protection Bureau.
  • Gain new perspectives at the “FITtalks” Lunch and Learn, with Susan Sharkey, director of youth programs, National Endowment for Financial Education®; Tim Ranzetta, founder, Next Gen Personal Finance; and Courtney Collins, reporter/producer, KERA News.
  • Gather innovative strategies, ideas, and skills to make you more successful during learning tracks focused on the financial fitness theme and other important topics.
  • Attend the Expo, “i3: Inspiration-Innovation-Impact,” roundtable sessions, and many other special learning and networking events throughout the conference!

The Advance registration deadline is May 31—visit www.aafcs.org/meetings/17/reg.html for all registration options.

Federal Reserve Bank of Dallas Releases Texas Small Business Needs Assessment Results

The latest results of the Federal Reserve Bank of Dallas’ annual Texas Small Business Needs Assessment Poll are now available. The poll, conducted in partnership with the Texas Small Business Development Center Network surveyed 1,358 small business owners across Texas about successes and challenges in performance, financing and employee skills gaps. Key findings from the assessment include:

  • Access to capital tops the list of concerns, replacing finding quality workers as the biggest challenge facing respondents.
  • Capital concerns were more acute among minority- and women-owned businesses.
  • Sales and marketing were the most sought-after skills for potential employees.
Click here to view the assessment results.

National News and Resources

Assets for Independence (AFI) Program Zeroed Out in Congress' Spending Plan

For almost 20 years, the Assets for Independence (AFI) program has been a major part of the asset-building field across the country. Individual development accounts (IDAs) have helped thousands of LMI Americans establish a pattern of saving and purchase an asset. These assets not only provided financial security for the individuals and families, but they broke the cycle of generational poverty. RAISE Texas is heartbroken to hear that Congress zeroed out the AFI program in the spending plan. RAISE Texas started as the Texas IDA Network, providing technical assistance and support to IDA programs throughout our state. We are proud of the work that the Texas IDA programs have done over the years, and we will continue to assist through the upcoming changes. Click here to read CFED's summary of the spending plan and the asset building field.

CLASP Report on Pathways that Prepare Students for Good Jobs

CLASP recently released its new report, Integrated Education and Training: A Career Pathways Policy & Practice, to summarize the research on Integrated Education & Training (IET). IET is a research-proven educational approach that combines adult education and literacy, workforce preparation and workforce training activities concurrently to strengthen career pathways. Click here to learn more about IET.

Live Stream Upcoming Event on America’s Thoughts and Perceptions of Higher Education

On Thursday, May 11, New America will be hosting a graduation week event to look at America’s thoughts and perceptions of higher education. There will be a discussion on the implications of these thoughts and perceptions for students, institutional leaders and policymakers. The event, Varying Degrees: How America Perceives Higher Education will begin at 9am CST/10am EST and can be viewed live here.

Report Shows LMI Households Prefer Mainstream Options in a Financial Emergency

Center for Social Development (CSD) released a report looking at the resources that are available to low- and moderate-income individuals and families when they needed to meet a short-term need like a vehicle repair or hospitalization. Coping with a Crisis: Financial Resources Available to Low- and Moderate-Income Households in Emergencies had a number of key findings including:

  • Resource-constrained households were generally much less likely to rely on traditional financial products (checking accounts, savings accounts, and credit cards) and more likely to depend on alternative financial services like payday loans.
  • 28% of respondents reported that they could only draw on resources outside of traditional financial products like checking and savings accounts (e.g., payday loans, friends and family).
  • Of respondents who reported that they would consider using payday loans in an emergency (10% of the full sample), 26% indicated that payday loans were their first or second option.

Click here for more information and to read the entire report.

New Paper Answers Important Question: Does College Level the Playing Field?
William Emmons and Lowell Rickets from the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis recently presented their paper, “College is Not Enough: Higher Education Does Not Eliminate Racial and Ethnic Wealth Gaps” at the Community Development Research Conference. The paper explores the reasons behind the Black-White and Hispanic-White wealth gaps and how attaining a college education does not decrease these gaps. Click here to read the paper.