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November 2019 Newsletter

RAISE Texas News

Are YOU helping Texans save?

Hey RAISE Texas Network! We want to hear about what YOU are doing to help Texans save! If you are offering programs to help your clients build a savings for retirement, an asset, to reach a financial goal, or for an emergency, let us know about it. If your financial institution offers a prize-linked or innovative savings product, we want to hear about it! Please share your work with us by emailing a description of your savings program or financial product to Lgates@raisetexas.org.

We are planning some work to increase savings and expand savings opportunities around the state, but we want to make sure to include ALL of the programs available in each community! We can’t wait to hear what all of YOU are doing!

Support Asset Building in Texas While Shopping!

The holidays are coming quickly! Most of us shop online during the holidays, and now AmazonSmile is supporting nonprofits and their important work by donating a portion of eligible purchases. This means that YOU can support the asset building work in Texas while shopping! Use this link smile.amazon.com/ch/26-2087882 and AmazonSmile will donate a portion of your eligible purchases to RAISE Texas. Just tag our link in your phone or on your computer and THANK YOU for your support!

Texas News

First Regional Financial Coaching Training Held in San Antonio

RAISE Texas worked with the San Antonio Area Asset Funders Network and several local funders to bring the Texas Statewide Financial Coaching Hub (Hub) to San Antonio. The statewide financial coaching hub model is an innovative structure that offers the opportunity for Texas financial coaches to take part in an affordable financial coaching training program and an on-going support system to ensure that all Texans receive the same high-quality level of financial coaching services regardless of location. The first regional training was held in San Antonio on November 5-7, 2019, and a second training will be offered next year. The Hub is one of the many efforts implemented to take on the economic segregation in San Antonio. We would like to thank the WiNGS Coaching Institute for providing the regional training, and our local partners and funders, San Antonio Area Asset Funders Network, JPMorgan Chase, Wells Fargo, Texas Women’s Foundation, Annie E Casey Foundation and San Antonio Area Foundation for supporting this training.

Texas Program Highlighted as Promising Practice

Asset Funders Network released a paper, Pioneering Health and Wealth Integration for Children, detailing the health-wealth connection for children, why investment in integration is important, and how philanthropy can create better health-wealth outcomes for children. The Dollars for College Children’s Savings Account for College Program offered by United Way of Metropolitan Dallas and Communities Foundation of Texas is highlighted as one of the promising practices by connecting schools with financial stability intervention which leads to initiating asset building for children and their families. Click here to read the paper.

Job Opening: Program Manager for Financial Capability Needed

NALCAB is hiring a Program Manager for Financial Capability. Candidates should have experience in financial capability and preference will be given to bilingual candidates. Click here to view the job posting.

National News

Results of CFPB’s Tax Time Savings Initiative 2019 Released

Each tax season the Consumer Financial Protection Bureau (CFPB) invites Volunteer Income Tax Assistance (VITA) programs to join their cohort to encourage savings at tax time. Programs in the cohort receive tools, training and technical assistance based on best practices. CFPB released a paper, Tax Time: An Opportunity to Start Small and Save Up, which includes insights on how programs encouraged savings into their tax preparation services, lessons learned and best practices used by programs to help consumers save. A couple key highlights from the paper are:

  • 4.49 percent of people served by cohort programs saved a portion of their refund while filing their tax return as compared to 0.64 percent of VITA customers nationally.
  • Twenty-eight programs collected data on people’s intent to save once they receive their refund. Among those who expected a refund, 42 percent said that they would save a portion of their refund for at least 6 months.

Click here to read the entire paper.

Polling Shows Strong Support of a Tough Approach to Oversight of Wall Street

Americans for Financial Reform and the Center for Responsible Lending hired Lake Research Partners and Chesapeake Beach Consulting to conduct the 2019 annual poll of public attitudes toward Wall Street Reform. The survey found that Americans see the need for strong regulation of the financial services industry, and there is broad support for the Consumer Financial Protection Bureau. The survey focused on reaching Democratic voters likely to participate in the primaries or caucuses in Iowa, New Hampshire, Nevada and South Carolina. The polling results show that Democrats, Independents and even many Republicans share these views!