The Impact of Financial Counseling. March 14, 2014

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1 The Impact of Financial Counseling March 14, 2014

2 Panel Moderator: Ann Solomon, Strategic Initiatives Manager, Federation Panelists: Karen Casler, Product Development Manager, Case CU Amber Paxton, Director, Office of Financial Empowerment, Lansing, MI Justine Zinkin, CEO, Neighborhood Trust Financial Partners and Neighborhood Trust FCU

3 The Need 17 million people in the US are unbanked 43% of US Households used an alternative financial service providers 56% of Americans have no emergency savings 34% of Americans pay the minimum amount on their credit cards Sources: FDIC 2011 National Survey of Unbanked and Underbanked Households; FINRA Investor Education Foundation 2012 National Financial Capability Study 3

4 Financial Counseling in the Industry 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Percentage of Credit Unions Offering Financial Counseling Mainstream Credit Unions Low Income Designated Credit Unions CDFI Certified Credit Unions Sources: National Federation of Community Development Credit Unions and Credit Union National Association, CDFI Certification: A Building Block for Credit Union Growth, May

5 Need for Better Understanding How are financial counseling programs staffed? How many people do they serve? What is there impact on the individuals served? How can we meet the need? What does a sustainable financial counseling program look like? 5

6 Financial Counseling Helping our community obtain financial freedom Karen Casler, CCUFC Compliance Manager

7 About Us Chartered in 1936 as a Lansing School based credit union Community Charter in 2003 Field of Membership - Live, work or worship in 7 counties in Lansing area Low Income Designated Credit Union Community Development Credit Union 2013 National Social Responsibility/Community Development First Place Award 2013 National Youth Financial Education Award Affordable, Fair Financial Services

8 Our Program Formal Program for 5 years Nine Credit Union Certified Financial Counselors on staff All staff are trained to recognize financial distress and offer counseling Automated referral tracking Intake monitoring shared within counseling group Contact goal within 24 hours Appointments up to 90 minutes Additional appointments as needed Phone counseling when appropriate Monthly Team meetings to discuss and share information and concerns

9 Why offer Financial Counseling? Meet our mission to help members achieve financial success Improve money management skills Improve ability to live within means Reduce debt and payment outlay Understand credit report and credit scores Increase ability to become loan ready Improve access to account opportunities Build savings Provide external resource referrals Reduce financial stresses

10 What we offer Budget Counseling Workable, realistic budget Spending plan Reduce debt Debt restructuring Savings plan Cash flow Negative budget strategies Financial goals Credit Counseling Report review Repair credit Credit score education Improve credit score Crisis Counseling Judgments Garnishments Eviction

11 Financial Products Loans PayDay alternative loan CASE Cash Share Secured loan Share secured VISA Consolidation Skip a Payment Accounts Savings Save to Win Sub Account specific need Free checking Services Free Online banking Free Bill Pay Free Mobile Banking Free Remote Deposit Capture Free Text Banking Identity Theft Protection

12 Questions?

13 LANSING FINANCIAL EMPOWERMENT CENTER Municipal Financial Counseling

14 Lansing Financial Empowerment Center A partnership of the City of Lansing, Capital Area Community Services, and Lansing Community College Established in March 2013 by a three-year, $1.5 million grant from Living Cities Cities for Financial Empowerment Fund one of 5 cities

15 The Case for Financial Empowerment Supervitamin Effect: Integrating financial empowerment activities with traditional anti-poverty programs and services yields improved client outcomes overall.

16 Center Structure Program Director (Cabinet level position within Mayor s office, City employee) Program Manager (Non-profit partner employee) (4) full-time financial counselors (Non-profit partner employees) in 6 locations 13 official referral partners create the Supervitamin Effect

17 Financial Empowerment Center Model Service Plans Debt Credit Savings Banking

18 Financial Empowerment Center Model Outcomes Debt Decrease debt by at least 10% Credit Establish credit score Increase credit score by at least 35 points Savings Increase savings by at least 2% of income Establish and maintain a regular savings habit Banking Open or transition to a safe and affordable bank account Bank account is open 6 months later

19 First Year Results (March Dec 2013) 916 clients served 1818 sessions delivered 30% attended two or more times 10% attended three or more times 56% of clients were referred by a community based organization Average client s annual income: $16,847 35% of clients unbanked

20 Connecting Clients to Financial Products Use the partnerships already created by Bank On Mid-Michigan: CASE Credit Union, Flagstar Bank, and PNC Bank Outcomes measured: Open or transition to a safe and affordable bank account (67 accounts opened in % of the unbanked clients) Account open six months later Incentives (in progress)

21 Partnering with a Financial Empowerment Center Be a satellite location for an existing Center Be a referral partner for an existing Center

22 Questions Contact Information: Amber Paxton lansingmi.gov/ofe

23 THE CREDIT UNION EXTENSION PROGRAM Financial Counseling Integrated Into CDCUs JUSTINE ZINKIN, CEO MAY 14, 2014

24 A Nonprofit Financial Services Provider Mission: Empower low-income individuals to become productive participants in the U.S. financial system and achieve their financial goals.

25 Success Framework

26 Our Service Model Team of Financial Advisors Highly trained staff deliver one-on-one and group workshop advisory services Financial Advisors guide clients to develop a Financial Action Plan to work towards clear financial goals The Gateway Banking Package The coupling of financial advisory services with quality financial products provides clients with the education and tools to achieve their financial goals and increases the likelihood of effecting behavioral change Partnerships Financial empowerment is most successful when integrated into the poverty-fighting initiatives of trusted community organizations Our services are embedded in host credit unions, nonprofits, government agencies, and businesses

27 Who Are Our Partners? Nonprofits Government Agencies Financial Institutions Businesses / Employers

28 A financial counselor is a part of the credit union team and operations Engages members and the community Delivers financial counseling as core offering, embedded into product offerings, as part of application and / or underwriting process Success measured via improvements to members balance sheets and credit profiles Success measured by improvements in members usage of credit union services resulting and bottom line results Benefits Credit Union Extension Program Clients: empowered with financial action plan and productive financial products to achieve financial goals CDCUs: reach full potential as vehicles for economic development via more financially healthy members who are better able to use credit union services

29 An CU Example: Neighborhood Trust FCU Call To Action Join Us. We guarantee members affordable, fair financial services. Savings. Credit. Money Management. Build your Financial Future. We offer members a personal Financial Advisor who builds Financial Action Plans. Bank Wisely. We connect members to today s banking technologies, using online and phone banking for smarter money management. Invest In your Community. As a nonprofit cooperative we make sure your deposits stay in our neighborhood and strengthen our neighborhood economy. Our mission is wealth-building for you. And your community.

30 A Product Example: The TRUST CARD The Trust Card Is Easy Transfer all of your debt to one card. Make the same payments each month and watch your balance go down more quickly. The Trust Card Saves You Money The Trust Card has a lower interest rate. Unlike other cards, as you pay off your debt, the minimum payment stays constant. You will be out of debt faster and spend much less on interest. The Trust Card Gives You Control Don t fall back into bad habits. As you pay off your debt your access to new credit is limited and you can choose a lower limit upfront. The Trust Card strikes a balance between reducing your debt and the need for available credit. From Pilot Launch: 40 cards originated Median balance refinanced: $7,122 Median debt reduction: $1,000 Median life of active cards: 182 days Income expected per card: $1,500

31 CUEP Client Data

32 Working with the National Federation Collaborating with the Federation to develop a scalable model to strengthen and expand the provision of financial counseling throughout the community development credit union (CDCU) field. Goals: Develop a robust and sustainable model for the integration of financial counseling into credit unions operations: Combine counseling with high-impact financial products and services to achieve greater outcomes for clients: Systematically track and demonstrate the impact of counseling on the member and the credit union through a uniform data collection platform: Vision: By embracing and promoting a culture of financial capability, CDCUs can reach their full potential as vehicles for financial empowerment and economic development.

33 END Q&A 33

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