Melissa Koide: All Publications, Events and Press

New America Foundation Commends California State Controller John Chiang's Financial Literacy Initiative

Communications — Wed, 02 Apr 2008 11:47:00 -0400

(Sacramento, California, 04/02/08)-- Today, at his First Annual Financial Literacy Fair, California State Controller John Chiang joined by Assembly Members Ted Lieu (D-Carson), Ted Gaines (R-Roseville), Martin Garrick (R-Carlsbad), Roger Niello (R-Sacramento), reinforced his commitment to advance a statewide financial literacy initiative that promotes access to economic opportunity amongst all Californian consumers.

"We commend the Controller's attention to what is a very important and often unaddressed need, consumer financial education," said Olivia Calderon, California Legislative Director of New America's Asset Building Program. "The Controller's engagement on this issue could go a long way to raise awareness and bring together… more

Financial Services Corps

Asset Building — Wed, 02 Apr 2008 09:06:00 -0400

Today’s complex financial marketplace makes it increasingly difficult for individuals to understand and navigate the array of products and services available from a variety of financial service providers. For low to middle income individuals who have fewer financial resources to begin with, a solid grounding in personal finance and a clear understanding of the options and implications of one’s financial decisions are all the more critical.

While there is a wide range of financial education curricula available, there is a dearth of financial advisors and educators to help low and middle-income families understand the complexities of the financial services sector, access… more

New America Foundation Recognizes President Bush's Financial Literacy Volunteer Initiative, But Sees Room for Improvement

Communications — Fri, 07 Mar 2008 16:02:00 -0500

Yesterday the White House launched a new Financial Literacy Volunteer Initiative to help connect struggling homeowners with financial counselors and to provide financial education at-large through a nationwide volunteer corps. New America Foundation's Asset Building Program has long called for the creation of a national Financial Services Corps and has made the idea a central component of its financial education policy agenda at both the federal and state level.

The announcement by the White House is an important first step. "However," said Melissa Koide, Deputy Director of New America's Financial… more

Beyond Stimulus

Communications — Tue, 26 Feb 2008 09:00:00 -0500

A New America Event
02/26/2008 - 9:00am

While the President signs into law a $152 billion stimulus package to jumpstart the economy, millions of Americans continue to rack up consumer debt, watch their home values slide, and worry about their futures with little to no savings. In fact, even with stimulus checks on the way to promote consumption, Americans are focusing on the need to rein in their debt and save more. A recent Harris Interactive poll found that when it comes to using the tax rebate, 47 percent say they intend to pay down debt, while another 32 percent report they will save it.

Although very few doubt the need for an economic kick start, more attention is needed to address the lack of savings and debt crisis of today, facilitate savings for the future, and promote economic health and financial stability over the course of a lifetime.

New research, policies, and business strategies are emerging that enable Americans to meet a range of savings needs, from short-term, precautionary savings as an alternative to consumer debt; to adequate savings for mid-life asset purchases; to longer-term default strategies to enable Americans to reach their retirement goals.

Our expert panel will share new insights and research that make the case for new savings strategies and policies for all Americans. Please join us for this very timely discussion.

A Convergence of Opportunities: Delivering Prepaid Accounts at Tax Time

Ron Tang — Thu, 21 Feb 2008 00:00:00 -0500

What if there’s a way to bring prepaid products to millions of new consumers, with the help of the federal government?

I think there is. By leveraging billions of dollars in annual tax refunds, there’s the potential to deliver a prepaid product that benefits consumers, industry and the government alike. Called the Assets and Transaction Account, or ATA for short, it’s envisioned as a network branded prepaid account that would be delivered through the tax filing process and loaded with tax refunds, to start.

Each year the U.S. Treasury Department issues millions of refund checks worth billions of dollars to tax filers.… more

The California Assets and Transaction Account

Asset Building — Wed, 06 Feb 2008 11:43:00 -0500

In support of state-wide efforts to bring more Californians into the financial mainstream, the State of California could deliver a pre-paid account through the state’s tax filing process. The Assets and Transaction Account, or ATA, would expedite tax filers’ access to their tax refunds and serve as a safe, affordable, and convenient financial tool for lower-income Californians to conduct routine financial transactions and build saving throughout the year.

The state tax filing process presents a unique opportunity to reach and deliver a valuable financial product to millions of under-banked Californians, while also saving the state government millions… more

Technology is Helping Firms Reach Unbanked

Articles — Fri, 16 Nov 2007 11:24:00 -0500

Over a dozen financial institutions have applied to be the issuer of the Treasury Department's Direct Express electronic bank accounts for depositing Social Security and other federal benefits.

The Treasury touts the product as a safer, easier, and more convenient way to receive and access monthly benefits. In part, this is a strategy by the federal government to lower expenses for taxpayers by saving on the issuance of benefit checks. Compared with the 89 cents for sending a check each month, electronic deposits cost a mere 9 cents a transaction — a savings of up to $125 million a… more

The Assets and Transaction Account

Asset Building — Fri, 16 Nov 2007 10:13:00 -0500

Over the past two decades, policymakers, academics, and others have pursued an array of policies and strategies to help lower and middle income households to build savings and assets and access reasonably-priced financial products at mainstream institutions. While some progress has been made, there have been few advances to delivering a high-value, affordable financial product at scale.

Over the last five years, however, technological developments, new entrants into the financial services market, and new insights into consumer demand, particularly the financial behavior of lower income consumers, have boosted the creation of innovative financial products. Prepaid products–accounts that are pre-funded and accessible… more

Public Policy Ideas to Improve Financial Education and Help Consumers Make Wise Financial Decisions

Asset Building — Wed, 17 Oct 2007 11:51:00 -0400

Although the number of financial education programs has grown over the last decade, few policies have been enacted to evaluate, support and expand effective financial education and increase financial capability. Although the government is not the only entity that can help improve financial education, there is an important role for the government sector to play that complements the efforts of the private sector, the nonprofit sector, and the efforts of individuals to take personal responsibility to access financial education. All levels of government can develop policies that help prepare youth and adults to make wise financial decisions. … more

The Assets and Transaction Account

Asset Building — Tue, 02 Oct 2007 15:10:00 -0400