Asset Building

NLC recently convened national experts and representatives of 19 cities for a two-day strategy session in San Francisco focused on advancing initiatives that empower families financially in communities with varying political, economic and financial climates.

In an effort to reduce the number of families who miss out on the Earned Income Tax Credit (EITC) and the chance to attract untapped federal dollars into their local economies, municipal leaders are once again implementing targeted outreach strategies, hosting events and providing opportunities for free tax preparation services through Volunteer Income Tax Assistance (VITA) sites.

NLC has prepared a new report under contract with the U.S. Department of the Treasury and CFED tracing the growth of the Bank On model within the broader financial access field and examining the current landscape of Bank On programs.

City officials can find a wide range of tools to help residents gain access to mainstream financial services and enhance families’ economic well-being at the revamped JoinBankOn.org online portal.   The site focuses specifically on helping communities adopt the Bank On model.  Users can find information on the number and proportion of unbanked residents in their community, guidance for launching a Bank On program, and opportunities to network with other Bank On professionals. 

Five cities - Houston, Louisville, San Francisco, Savannah, Ga., and Seattle - will receive technical assistance and $5,000 mini-grants to support the collection of data on residents’ access to mainstream financial services. Supported by the Ford Foundation, the project will address key barriers to evaluating the progress of local "Bank On" programs, which connect residents to low-cost bank accounts, financial education and other asset-building opportunities.

A new YEF Institute toolkit, Bank On Cities: Connecting Residents to the Financial Mainstream, provides cities with a step-by-step guide for expanding access to mainstream financial services. Through Bank On initiatives, cities can reduce unbanked residents’ dependence on high-cost check cashing and other fringe financial services by connecting them with affordable bank accounts and financial education.

At a press conference held in October 2010, Virginia Beach, Va., Mayor William D. Sessoms, Jr., announced his participation in the Mayors' Action Challenge for Children and Families, outlining a set of citywide goals and a new initiative to help 500 low-income families become more financially secure by 2015.  Five Hundred Families Financially Fit for the Future (5F’s) will help low-income families file for the Earned Income Tax Credit, access mainstream financial services, and receive financial education on reducing debt, combating consumer fraud and predatory lending, avoiding foreclosure and stretching budgets in tough economic times. City press release | Mayor Sessoms' Challenge goals

In July 2010, the YEF Institute and the U.S. Department of the Treasury brought together representatives from more than 26 cities that have launched or will soon be launching a Bank On initiative, as well as other national partners and leading experts in the asset-building field. The meeting focused on strategies to promote the Bank On model and strengthen opportunities to connect residents to mainstream financial services at the local level.
Visit JoinBankOn.org

NLC has prepared a new report under contract with the U.S. Department of the Treasury and CFED tracing the growth of the Bank On model within the broader financial access field and examining the current landscape of Bank On programs.

City officials can find a wide range of tools to help residents gain access to mainstream financial services and enhance families’ economic well-being at the revamped JoinBankOn.org online portal.   The site focuses specifically on helping communities adopt the Bank On model.  Users can find information on the number and proportion of unbanked residents in their community, guidance for launching a Bank On program, and opportunities to network with other Bank On professionals. 

This toolkit provides municipal leaders with a step-by-step guide for launching “Bank On” initiatives that help working families avoid high-cost check cashing and other fringe financial services. 

Developed by the Aspen Institute and the Center for the Study of Social Policy, this online resource is designed for municipal and nonprofit organization staff who provide residents with financial education, coaching and asset development services.  AssetPlatform.org offers a variety of relevant training, tools and products organized around six primary categories of resources: 1) budgeting; 2) savings; 3) credit score; 4) debt; 5) insurance; and 6) organizational resources. 

The YEF Institute's first-ever report on The State of City Leadership for Children and Families identifies the nation's most cutting-edge city strategies to help children and families thrive.  A chapter on family economic success highlights a broad range of innovations and trends in municipal leadership.
Full report (PDF) | Family economic success chapter (PDF)

This action kit focuses on steps that city officials can take to help families avoid debt and predatory lending, save and build assets, and achieve long-term financial stability.

This action kit for municipal leaders focuses on outreach steps to assist low-income working families in accessing benefits such as the Child Health Insurance Program, food stamps, and the Earned Income Tax Credit.

More asset building tools and resources

Formed in 2001, the Family Economic Success (FES) Network provides the training, tools, and supports that local officials need to improve the financial stability of their residents. Specific areas of focus include increasing access to mainstream financial services, helping families build and protect assets, and conducting multi-benefit outreach.  The network is made possible by the generous support of the Annie E. Casey Foundation. 
Subscribe to the network 

The Poverty Reduction Peer Network (PRPN) was formed in 2008 in conjunction with NLC’s Poverty Reduction Initiative and the City of Savannah, Ga., Step Up Poverty Reduction Initiative. It is a nationwide peer learning community that brings municipal leaders from 25-30 cities together to learn from each other and address challenges related to poverty.  The network is made possible by the generous support of the W.K. Kellogg Foundation. If you are interested in being a part of this peer network, contact Heidi Goldberg at (202) 626-3069 or goldberg@nlc.org.

Five cities - Houston, Louisville, San Francisco, Savannah, Ga., and Seattle - will receive technical assistance and $5,000 mini-grants to support the collection of data on residents’ access to mainstream financial services. Supported by the Ford Foundation, the project will address key barriers to evaluating the progress of local "Bank On" programs, which connect residents to low-cost bank accounts, financial education and other asset-building opportunities.

Through the Bank On Cities Campaign, the YEF Institute provided intensive technical assistance to 18 cities as they sought to replicate Bank On San Francisco, which connects low- and moderate-income families to mainstream financial services and products. As this model has rapidly spread to cities around the country, the YEF Institute has provided assistance to many additional cities beyond this initial cohort and continues to serve as a resource for municipal leaders interested in launching similar programs in their own cities.  

This project helped municipal leaders take action to helping low-income, working families build assets. In phase one of the project, selected cities visited Phoenix, Baltimore, Indianapolis, Miami, and San Francisco, which already had asset-building strategies in place, in order to develop local asset-building action plans.  Phase one project cities included Burlington, Vt.; Durham, N.C.; Grayson, Okla.; Itta Bena, Miss.; Louisville; Milwaukee; Orlando; Savannah, Ga.; and Seattle.  In phase two of the project, six cities were selected to receive customized technical assistance to help them implement their local action plans: Burlington, Itta Bena, Louisville, Orlando, Savannah, and Seattle.