Financial Services and Education Project

On Wednesday, May 14, 2008, Sen. Charles E. Schumer (D-NY) convened a Joint Economic Committee (JEC) hearing to examine the current systemic risk in the U.S. financial system and the possible government and private sector solutions to protect the economy against those ongoing risks. Entitled, “Wall Street to Main Street: Is the Credit Crisis Over and What Can the Federal Government Do to Prevent Unnecessary Systemic Risk in the Future?” the JEC heard testimony from Ms. Seidman, former Chairman of the… more

Families across America face a growing array of financial decisions in an increasingly complex financial environment. Consumers are expected to navigate an increasinly complex financial services market in order to save for retirement, higher education and homeownership. Those with low-incomes -- who disproportionately lack both financial know-how and relationships with financial institutions -- are especially vulnerable to being shut out of the financial marketplace. On Thursday, April 17th, Ellen Seidman, Director of New America's Financial Services and Education Project,… more

(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… more

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… more

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… more

Is the OTS Obsolete? (U.S. Banker, subscription only)

. . . "The system has worked well enough," says Ellen Seidman, who ran the Office of Thrift Supervision under President Clinton and now directs the New America Foundation's Financial Services and Education Project in Washington, D.C. "It's a case of 'If it isn't broke, don't fix it.' Though it's entirely reasonable that people are raising these questions now, it's not great for morale." Abolishing the OTS would only raise… more

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… more

In 1977, concerned about the denial of credit to lower income communities—both minority and white—Congress enacted the Community Reinvestment Act (CRA). CRA states that “regulated financial institutions have [a] continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.” The statute goes on to require that federal bank regulators both “assess the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent… more