Restoring good credit: a first step to personal economic recovery
In the wake of the Great Recession, more Americans are turning their focus to personal financial recovery. Whether they are recovering from a setback such as unemployment or reduced income, increasing their rainy-day funds, shoring up retirement savings, reducing high-cost debt balances, or all of the above, consumers know that good credit is key to financial stability and success.
A national perspective on asset building
Leigh Tivol, senior program manager with the Corporation for Enterprise Development (CFED) in Washington, D.C., presented the national perspective on the asset-building movement at the RAISE Texas Action Summit in April.>
Earned Income Tax Credit: Bank One program helps low-income taxpayers
Many low-income working families are unaware that they can receive up to $4,140 in tax credits under the IRS' Earned Income Tax Credit program. Others file with commercial tax preparation services that charge not only a fee for the tax preparation and electronic filing but also high interest on refund anticipation loans. Bank One stepped up with a volunteer program to assist low-income people in preparing their tax returns and claiming the EITC. The bank also helped the filers open bank accounts so they could get their refunds by direct deposit.
Asset building taking root in rural communities
Postrecession, the asset-building movement continues to gain momentum across the country. Individuals and families pursue wealth-building strategies based on such time-honored principles as budget to save, save to invest, credit building, controlling debt and protecting wealth once it has been accumulated.
Measuring IDA program's impact
Since 2007, the state of New Mexico has invested $2.45 million to support Individual Development Accounts (IDAs) for New Mexico savers. This funding provides a much-needed local match required by federal IDA funding, which was awarded through the Assets for Independence Act.
Building healthier communities from the ground up
This issue of Banking and Community Perspectives focuses on some nonlegislative efforts to foster healthier communities, particularly in low- and moderate-income areas. These efforts are led by both public and private organizations across the Federal Reserve's Eleventh District.
Kids Bank encourages early saving in Fort Worth
A unique partnership between Unity One Federal Credit Union and Fort Worth's Washington Heights Elementary School created a "Kids Bank" that encourages savings and teaches children valuable financial skills that will benefit them for a lifetime.