Include: financial institutions are critical partners in delivering appropriate products and services effective delivery ofįinancial education is critical to promote sound use of financial products and services both financial access and financialĮducation can and should be delivered in diverse venues and a strong collaborative effort can lead beyond accounts andĮducation to provide new initiatives and ideas to address the many complex challenges facing LMI individuals. Despite these different approaches, similar findings were found in multiple communities. Including children, as a precursor to providing access to financial services. Principally on developing the infrastructure to deliver high quality financial education for LMI individuals, Other sites promotedĪccounts more broadly to individuals who were outside of the banking system.
Some of the pilots principally focused on providing opportunities for LMI individuals to obtain financial educationĪnd a “second chance account,” if they had previous difficulties managing accounts. Approaches varied substantially according to each community’s needs, This report summarizes the pilots during the 2008-2009 pilot period. Services and financial education for the low- and moderate-income (LMI) population. Representing a diverse set of urban, suburban, metropolitan, and rural areas of the U.S., were selected for a pilot projectĭesigned to enhance local capacity to build collaboratives that would increase the availability and use of mainstream financial Treasury’s Office of Financial Education (now the Office of Financial Education and Financial Access), eight locations,
Moderate-income families and individuals, especially individuals who have no bank or credit union account. The Community Financial Access Pilot (CFAP) began in 2008 and was implemented through December 2009 by the U.S.ĭepartment of the Treasury (the Treasury) to increase access to financial services and financial education among low- and
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