Rodolfo Acosta-Pérez August 31 st, 2016
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1 How Community-Based Organizations and Financial Institutions can Work Together to Foster Economic Development: The Individual Development Account (IDA) Case, an Evidence-Based Approach. Rodolfo Acosta-Pérez August 31 st, 2016
2 Community Action: Breaking the Cycle of Poverty 16,000+ Clients Served Last Year Family Empowerment-Family Wellness- Bridging Resources-Community Connections Total Benefits Screening Strengthen Computer Training Financial Literacy Childcare Provider Training Learn IDAs /CSAs Child and Adult Care Food Program Free Tax Preparation Small Business Development Grow 2
3 Agenda 1. To prove there is a demonstrated need for CBOs and financial institutions to work together. 2. To discuss examples of successful collaborations between CBOs and financial institutions. 3. To highlight the economic impact of CAASNM s IDA program and discuss how IDA programs enjoy from bipartisan support. 4. To discuss how to leverage the Community Reinvestment Act (CRA) to advocate for and implement or scale IDA programs. 5. To show how IDA s can simultaneously foster economic development and build resilience across 5 issue areas: education, housing & homeownership, businesses & jobs, health, and financial assets & income. 3
4 What Does a Partnership Entail? Enthusiasm Disillusionment Panic Search for the Guilty Punishment of the Innocent Praise for nonparticipants
5 Let s Go the Other Way Enthusiasm Disillusionment Panic Search for the Guilty Punishment of the Innocent
6 Partners or Competitors? You Decide % of households in New Mexico are unbanked NM is the 2 nd poorest state in the country. Need for Economic Development 22.5% of households in New Mexico are underbanked 43% of New Mexicans live paycheck to paycheck NM ranks dead-last in children s well-being
7 Source:
8 CBOs and Financial Institutions: A Good Match Limited involvement in the financial mainstream is most common among lowand moderate-income households. 8,600 FDIC-insured banks and thrifts in the United States (94,000 banking offices). 10 million American households are unbanked. Tens of millions of American households are unbanked. These individuals do hold assets and conduct financial transactions. $250 billion annually Source: FDIC Quarterly, Individual Development Accounts and Banks: A Solid Match 8
9 Successful Collaborations Individual Development Accounts and Financial Education Free Tax Prep Program Free Computer Literacy Children Savings Accounts Small Business Development
10 CAASNM S IDA PROGRAM
11 A Local Success Story
12 Meet Jorge Dominguez I would get off work at like 12 pm, drive to Cruces, sleep, go to (financial literacy) class the next day and then drive back to Silverton right after.
13 Anti-Poverty Initiatives Do Have Bipartisan Support IDAs Quality child care. Nutrition assistance. Universal pre-kindergarten. Scholarships for college. Increase the minimum wage. Expand tax credits to families with lowwage jobs. Affordable health coverage. Subsidized jobs for long-term unemployed workers. Extend unemployment benefits (lower level of support). Financial Education Source: 50 Years After LBJ s War on Poverty A Study of American Attitudes About Work, Economic Opportunity, and the Social Safety Net Research sponsored by the Half in Ten Education Fund and the Center for American Progress Survey design, analysis, and report by John Halpin, Center for American Progress Karl Agne, GBA Strategies January 2014
14 Financial Institutions Benefit from Partnering with CBOs According to data from the Corporation from Enterprise development (CFED), 244 FDIC-insured banks and thrifts and 53 credit unions participated in IDA programs in 2005, the most recent data available (CFED, 2005 IDA Program Survey, 2005). Nearly 1 million households bought 1.2 million money orders and cashed 1.9 million checks per month (FDIC Quarterly, Individual Development Accounts and Banks: A Solid Match). najeraconsulting.com The return on investment of 417 IDAs allocated in New Mexico has led banks and credit unions to $22 million in new markets (The Economic Impact of IDAS in New Mexico). Colleges have gained $595,000 in new tuition income (The Economic Impact of IDAS in New Mexico).
15 IDAs and the Community Reinvestment Act (CRA): A Win-Win Situation Providing match funding to IDA programs Lending Lending $ to IDA savers Offering low-cost deposit or no fees accounts to savers Investment Service
16 Final Remarks The connection between Community Based Organizations and Financial Institutions might not be apparent to everyone, but we both promote community development. By working together, we can advance economic development across 5 issue areas: 1) Financial assets and income 2) Businesses and jobs 3) Housing and homeownership 4) Education 5) Health Break the poverty cycle Higher earnings= more disposable income Qualified workforce Attractive community to do business Financial stability
17 Thank you! A man is never as big as when he is on his knees to help a child. Pythagoras Rodolfo Acosta-Pérez Family Empowerment Director acostar@caasnm.org , Ext Any Questions?
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