Asset Building Program: Publications, Events and More

Advancing Economic Mobility Through Savings

Kirsten Gilbert — Thu, 19 Nov 2009 14:00:00 -0500

A New America Event
11/19/2009 - 1:00pm

"This is going to be a different recovery than the past, because Americans are going to have to save more." -Tim Geithner, US Secretary of the Treasury Saving is a key to economic mobility as well as economic recovery. Despite the critical importance of savings, most Americans, especially those with low incomes, are not saving enough. Federal policy encourages saving for the wealthy, but for low-income Americans saving is often discouraged and the path to self-sufficiency is made more difficult.

Prepared Testimony of Anne Stuhldreher for the Los Angeles Committee on Jobs and Business Development

Elizabeth Wu — Tue, 17 Nov 2009 14:30:00 -0500

Chairman Alarcón and members of the Committee, I am pleased to submit testimony to the Los Angeles Committee on Jobs and Business Development on the topic of increasing the take up of the Earned Income Tax Credit in Los Angeles. I applaud Chairman’s Alarcon’s leadership in exploring effective ways to bring more of this important resource to Los Angeles—for the sake of Los Angeles working families and the local economy.

Acorn and the Housing Bubble | Wall Street Journal

Cecille Isidro — Fri, 13 Nov 2009 03:10:00 -0500

As Ellen Seidman, director of the federal Office of Thrift Supervision, said in a speech before the Greenlining Institute on Oct. 2, 2001, "Our record home ...

Consumer Groups Love Dodd's Proposed Financial Regulation | McClatchy Washington Bureau

Cecille Isidro — Thu, 12 Nov 2009 19:07:00 -0500

"The House and the Senate are singing from the same songbook," said Reid Cramer, a financial services expert at the New America Foundation, a moderate to ...

529s and Public Assistance

Asset Building — Tue, 10 Nov 2009 16:10:00 -0500

529s are tax-advantaged accounts designed to help families save for post-secondary education. In recent years, state policymakers and 529 administrators have worked to expand access to 529 plans and increase the participation of lower-income families through outreach, advertising, and targeted incentives such as matching deposits and reducing or eliminating fees.[1] Yet, as plan administrators and state and federal policymakers design new strategies for expanding the use of 529 plans

Turn America into a Nation of Savers

Erin Drankoski — Mon, 09 Nov 2009 10:26:00 -0500

In pursuit of an economic recovery, President Obama has argued that we must transition from an "era of borrow-and-spend to one where we save and invest." It is an appealing concept, especially as the disappearance of surplus assets and historic levels of debt helped transform a garden-variety business cycle recession into a historic collapse.

But how does the saving and investing square with high levels of government borrowing and spending to stimulate the economy, protect those thrown out of work, and prop up consumer demand?

Low-Cost State Policy Innovations to Help Families Save for College

Asset Building — Tue, 03 Nov 2009 13:56:00 -0500

At a time when low-income students are underrepresented in higher education and the cost of attendance is becoming increasingly unaffordable, 529 college savings plans have the potential to address issues of college readiness, access and completion. Savings can help reduce higher education debt, making college more affordable, and has the potential to change aspirations and behaviors of both students and their parents. Research from the asset building field shows that even a relatively small amount of savings may have positive impacts on behavior and educational achievement.

AutoSave Overview

Asset Building — Tue, 03 Nov 2009 10:22:00 -0500

AutoSave is a unique savings plan that automatically diverts through payroll deduction a small amount of post-tax wages into an individual savings account. This new infrastructure nearly seamlessly enables individuals to contribute small amounts of their wages into an accessible, non tax-advantaged savings account. It will be especially valuable for individuals who have limited liquid assets, and who may otherwise be forced to meet emergency needs with high-cost emergency loans.

Banking Development District Initiative Advances in Los Angeles

Elizabeth Wu — Fri, 30 Oct 2009 14:22:00 -0400

For Immediate Release

Banking Districts Proposed for Low Income Areas | San Fernando Valley Business Journal

Erin Drankoski — Fri, 30 Oct 2009 11:28:00 -0400

According to the New America Foundation, more than 300,000 Angelenos lack basic checking and savings accounts. "But this is a reality in too many low-income communities throughout Los Angeles and across the state, where banks and credit unions are nonexistent," said Olivia Calderon, California legislative director of the Asset Building Program at the foundation. ... Original Article

Banks for Poor Neighborhoods in Los Angeles | La Opinion

Erin Drankoski — Thu, 29 Oct 2009 12:31:00 -0400

"A bank does not charge horrifying interest rates to customers who need an emergency loan," said Olivia Calderón, Legislative Director of the New America Foundation.

"In poor communities there is a great need and if they continue to lack basic bank accounts it will be increasingly difficult for them to get ahead," said Calderón. ... Original Article

Behavioral Economics and Policy Meeting

Kirsten Gilbert — Wed, 28 Oct 2009 03:30:00 -0400

A New America Event
10/28/2009 - 9:00am

US FDIC Officials Push To Expand Small-Dollar Loan Program | Dow Jones

Erin Drankoski — Tue, 27 Oct 2009 14:29:00 -0400

Frank: Zero Odds of Single Regulator | American Banker

Erin Drankoski — Mon, 26 Oct 2009 15:11:00 -0400

New America's event is discussed in American Banker: "There is no remote chance of it happening," Frank told reporters after remarks at a conference on underbanked consumers held in the Capitol. ... Original Article

How Microloans Change the Lives of Millions

Erin Drankoski — Mon, 26 Oct 2009 10:30:00 -0400

A recent op-ed in the Boston Globe argues that microlending "doesn't actually do much to fight poverty" and that it may be time to "think macro rather than micro." Maybe the hype surrounding microcredit as a panacea for everything from poverty to discrimination is undeserved. But debunking the whole bottom-up, micro approach on the basis of two unpublished papers is not just premature, but dangerous. Macro, trickle-down development policies have rather effectively kept billions of people poor

US Treasury Eyes Support for Community Loan Funds | Reuters

Erin Drankoski — Fri, 23 Oct 2009 15:55:00 -0400

New America's event is discussed in Reuters: "This is not an easy hurdle. But we are interested in looking and exploring whether, particularly on the liquidity side, there are things we can do," Sperling told a conference on banking services for low-income communities. ... Original Article

Treasury Adviser: Small Institutions Should Back Consumer Agency | Dow Jones

Erin Drankoski — Fri, 23 Oct 2009 15:14:00 -0400

New America's event is discussed in Dow Jones Newswire: "The voices of those who represent the largest financial interests have not been shy and those who advocate for the smallest financial interests need to be just as non-shy," said Sperling, counselor to Treasury Secretary Timothy Geithner, at a Friday conference on the under-banked population. ...

Frank: No Reasonable Chance of Consolidated Bank Regulator | MarketWatch

Erin Drankoski — Fri, 23 Oct 2009 15:05:00 -0400

A New America event is discussed in MarketWatch: Frank made the comments after speaking to a symposium about new credit options for low and moderate income consumers. ... Original Article

New, Safe and Affordable Credit Options for America's Underbanked

Kirsten Gilbert — Fri, 23 Oct 2009 10:30:00 -0400

A New America Event
10/23/2009 - 8:00am

On behalf of the Pew Charitable Trusts, New America Foundation, and the Center for Financial Services Innovation, it is our pleasure to invite you to attend a jointly sponsored symposium on new avenues to credit for consumers and small businesses. This event, set for October 23, 2009 at the Capitol, will focus on expanding access to small dollar loans for the underserved and on innovative models for building credit and financing domestic micro-enterprise. Leaders in Congress, the administration, and industry… more

Advocates Fight for 'Underbanked' | Marketplace

Cecille Isidro — Fri, 23 Oct 2009 07:47:00 -0400

Melissa Koide of the New America Foundation says the solution is to bring people living "off the credit grid" in, so they can borrow on reasonable terms in ...