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Closing the Wealth Gap for Families of Color

Stanford-Social-Innovation-Review

Thanks to the generous support of the W.K. Kellogg Foundation, Neighborhood Trust is contributing to creating a more inclusive economy for all. The Stanford Social Innovation Review published an editorial by Kellogg Foundation President La June Montgomery urging policymakers to support the financial strength and security of families of color today, citing our work as an example of programs designed to accomplish just that.

Read more below.

Link to article: http://ssir.org/articles/entry/closing_the_wealth_gap_for_families_of_color

Neighborhood Trust Financial Advisor Samantha Kinney Quoted in New York Times

We are excited to share that the New York Times featured a quote from our Financial Advisor, Samantha Kinney, regarding her clients’ experiences with overdraft fees.

Overdraft Practices Continue to Gut Bank Accounts and Haunt Customers

New York Times
February 28, 2016
By: Michael Corkery and Jessica Silver-Greenberg

Angelina Lemus was puzzled. She had no idea why every month as much as $96 was disappearing from her Citibank checking account.

Months later, Ms. Lemus finally figured out the mystery — or at least part of it. Citibank was taking out the money to pay a loan, with an interest rate of 18 percent, that was devised to cover the shortfall every time Ms. Lemus overdrew her checking account.

The problem was that Ms. Lemus, a home health care worker from Queens, said she never signed up for the line […]

Revolutionizing how employees manage their money? Yeah, there’s a non-profit for that.

Profile in Medium by the Financial Solutions Lab
February 22, 2016

PayGoal by Neighborhood Trust is a non-profit member of the first class of the Financial Solutions Lab, which now seeks Year Two applicants who are creating solutions that can make more Americans financially healthy. Non-profits and startups are invited to apply now at https://www.f6s.com/finlab.

Behavioral economists have long studied the phenomenon of choice architecture — the notion that the way we make decisions is largely influenced by how choices are presented to us. Changing the way people make decisions — say about how and when they spend their money — means changing the way those choices are presented to them.

Neighborhood Trust Financial Partners, a New York-based non-profit organization, has been following this concept in developing its app and […]

JP Morgan’s CFSi FinLab—PayGoal’s Winner Profile

paygoal-cfsi

We are proud to report that we completed our year-long membership in JPMorgan’s Center for Financial Services Innovation (CFSi) FinLab cohort! As the only nonprofit winner, we made strides on revolutionizing how employees manage their paychecks to better their financial health.

We send our heartful appreciation to JPMorgan Chase, CFSi, and our fellow FinLab winners for their support and guidance throughout this game-changing year.

For more information on PayGoal and our role in the FinLab cohort, please check out our Winner Profile at CFSi: http://finlab.cfsinnovation.com/challenges/2015/paygoal

Fintech Innovations for Low-Wage Workers

Nine financial technology startups and nonprofits have just completed the inaugural Financial Solutions Lab – a $30 million initiative to develop tools to help America’s 100 million workers who struggle with volatile income. What features must fintech tools have to serve this market well? Innovators share their insights.

Seventy-seven million Americans – about half the workforce – work jobs that are paid by the hour. By and large, these are not teenagers working for extra cash. They are hardworking adults trying to raise families on full-time wages that can be as low as $15,000 per year.

On February 4, the Stanford Social Innovation Review hosted the second of a two-part webinar series, The Hidden Financial Lives of America’s Poor and Middle Class, a […]

CFED Report: The Steep Climb to Economic Opportunity for Vulnerable Families

Despite the nation’s ongoing economic recovery, millions of low- and moderate-income Americans are, like the Greek mythological character Sisyphus, perpetually forced to push an outsized boulder up a steep hill with little prospect of reaching stable financial ground. The 2016 Assets & Opportunity Scorecard shows how today’s economic status quo offers little hope to these struggling families.

The main findings report from the 2016 Scorecard, The Steep Climb to Economic Opportunity for Vulnerable Families, is available to view or download below.

CFED report--federal poverty line and household income poverty rate

 

CFED report--Minority-owned businesses and minority doctor visits

 

Millions of Americans Stuck in Perpetual Financial Insecurity

CFED’s 2016 Assets & Opportunity Scorecard concludes that today’s economic status quo offers little hope […]