AC CAN was happy to attend a Town Hall Meeting where Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), came to Oakland to listen to residents of Oakland and the Bay Area share stories of stories of struggling with predatory financial services. The event was organized by Housing Economic Rights Advocates (HERA), an AC CAN member organization, and a number of AC CAN member organizations addressed the Director to tell him about significant financial issues experienced in the Bay Area, including Community Financial Resources, Community Development Finance, MyPath, and Opportunity Fund. AC CAN’s latest blog post details the event using social media.
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AC CAN Member News
Payday and Car Title loans trap some low-income families in a cycle of debt. The CFPB has issued draft rules to control payday and car title loans, and it is crucial that they hear from our communities on if these rules are strong enough to protect us. California Reinvestment Coalition shares a fact sheet on the impact of payday and car title loans in California. Payday lenders are daily collecting quotes and stories in their stores to support weakening the rules, so it’s vital that the CFPB also hears from those who are hurt by these kinds of loans and want rules to remain strong. California Reinvestment Coalition encourage individuals and organizations to contribute their comments on the CFPB proposal. Send your comments here.
News from the Field
NerdWallet is a website that gives consumers clarity around all of life’s financial decisions. The majority of NerdWallet’s users are financially savvy. NerdWallet wants to do more for low and moderate-income (LMI) communities. They just started a team dedicated to creating unique products and experiences for LMI communities and the people that work with them. They are trying to solve a big problem that low to moderate-income communities face: payday lending. According to the Pew Charitable Trust, up to 50% of all payday loans now originate online. NerdWallet is building an online platform to help people find small-dollar loans and local financial assistance by simply trying their zip code. NerdWallet’s strength is in the online space so they are working to drive folks away from online payday lenders. Their goal is to provide better alternatives to those who may be considering payday loans.
This 30-minute webinar, with 30-minutes of Q&A, aims to provide an overview of The Wilson Sheehan Lab for Economic Opportunities (LEO) and share information about their available resources for organizations interested in “top tier” evaluation, in-depth research support, and continuous evaluation and improvement. LEO’s current evaluations span a wide range of policy areas, including education, health, housing, employment, criminal justice, and other aspects of economic opportunity. Partnerships are considered on a case by case basis; LEO considers program, research, and impact-related criteria.
“The rising tide is not lifting all boats,” said Fred Blackwell, CEO of the San Francisco Foundation. “Despite historic levels of prosperity, we are seeing widening inequality, increasing poverty, and declines in upward economic mobility. As a region we cannot afford to continue to leave so many people behind if we hope to achieve sustainable prosperity. The good news is that Bay Area residents understand how important racial and economic inclusion is as a core value of our region, and also as an economic and social engine for our long-term success.”
Before the end of this year, the Social Innovation Fund, a program of the Corporation for National and Community Service, will invest up to $7.3 million to accelerate the development of Pay for Success.
The LISC/ESPN Pilot Home Court Program is a collaboration between ESPN and LISC that provides non-profit, neighborhood-based organizations, middle schools and high schools with financing and technical assistance to improve the quality, safety and accessibility of local basketball courts in selected markets. Basketball courts can serve as tremendous community assets because they offer opportunities for recreation and relaxation that contribute to the local health and quality of life, especially for young people. For more information, please see the Program Description.
East Bay Asian Local Development Corporation –
National CAPACD – Asset Building Policy Fellow
CFED – Legislative Analyst