New Credit Reporting Standards: What Does it Mean?

Newsletter Issue: July 2017

Office Candids Photo by Syd London Copyright 2014

Quick Clicks

  • Read Howard Pollack’s new ‘index card’ article in The Washington Post, “Ways to Tame Your Finances” featuring advice from the Clinic’s own Assistant Director of Research and Policy, Sasha Ostojic, and Financial Coach, Viviana Steinberg!

Celebrate! New Credit Reporting Standards

Introducing the New and Improved Credit Report: The benefits might not be what you expect

Approximately 12 million people are about to see an improvement in their credit scores, thanks to new standards set by the three national credit reporting agencies that went into effect July 1. Part of the National Consumer Assistance Plan (NCAP) to enhance credit reporting accuracy, the new standards create a long overdue minimum for personal identification before a public record can be added to a credit report. Read the Clinic’s new blog post to learn more!

Exciting Fall Financial Security Events

Paying for College Workshop and Resource Fair

Save the date! On September 18, the Clinic will host the “Paying for College: Workshop and Resource Fair.” Discover the strategies that make college affordable for the student in your life, or share your own tools and tips with the next generation of college-bound individuals! RSVP with the number of guests to secure your spot today. Are you an organization with a resource, product, or service benefiting college-bound students? Email us to learn more about becoming an event exhibitor!

WHEN: Monday, September 18, 4-7pm
WHERE: Baruch College, William & Anita Newman Conference Center 151 E 25th Street, 7th Floor
New York, NY 10010

Help design the conference of your dreams! The Clinic is excited to host an all-day event for practitioners of financial security building and workforce development, filled with group discussion, presentations, workshops, and networking. We want to hear from you – what topics are you most interested in learning ore about? Fill out our brief survey!

Social Spotlight: Topic of the Month

Now more than ever we find ourselves looking for a forum to talk about societal and political realities and what it means for ourselves and our customers. We can help! On Change Machine’s SHARE Community, we have instituted a Topic of the Month based on some of the season’s hottest (no pun intended) issues. This month, the Community is discussing healthcare and the health-wealth connection. Visit SHARE to learn more!

Don’t miss the latest news: Follow the Clinic on Facebook and Twitter!

July Topic of the Month

The Clinic Across the Country
Speaking Engagements, Presentations, and Features

The Clinic staff have been busy, offering their expertise at various conferences and presentations. A selection of recent
appearances include:

  • Haidee Cabusora at UnidosUS Annual ConferenceChief Program Officer, Haidee Cabusora, Assistant Director of Capacity Building, Jessica Wise, Assistant Director of Partnership Management, Megan Kursik, and Implementation Lead, Erica Mancinas, were thrilled to join UnidosUS (formerly the National Council of La Raza) for their annual conference, July 8-11 in Phoenix, AZ. There, Haidee presented in two workshops: “Technology Planning for Nonprofits: How Tech Tools Expand Impact” and “Economic Empowerment through Collective Impact: How to Build Financial Security in Your Community, One Client at a Time.”

Health Care and Financial Coaching

Newsletter Issue: June 2017

Office Candids Photo by Syd London Copyright 2014

Quick Clicks

  • Discover how data can be integrated to heighten your organization’s impact: Join us on Wednesdays in July, starting 7/5, for a three-part virtual training series.
  • Congratulations to our friends at CFED who have rebranded to Prosperity Now! Learn about our exciting new partnership and how you can become more involved with the financial coaching community!

When Having Health Insurance Means Having a Home

Repealing the Affordable Care Act Means Families Lose Homes

Washington University released a new study, performed at the Center for Social Development at the Brown School of Social Work and the Olin Business School, that shows for the first time the positive impact of the Affordable Care Act Marketplace on family finances. Researchers found that low-income households who gained health insurance through the Marketplace are much more likely to make their rent and mortgage payments — in fact, 41 percentage points less likely to become delinquent on home payments.

See the full study here! Plus, read the Clinic’s thoughts as we prepare for the Senate vote (postponed for now) on repealing and replacing the Affordable Care Act.

Financial Coaching: Where We Are Now

financial coaching census 2016

It’s so exciting to see the growth and development of the financial coaching field – the 2016 Financial Coaching Census from the Center for Financial Security and Asset Funders Network depicts the strength of our community of practitioners, managers, and funders. Perhaps more importantly, it highlights where we still have room to make improvements!

Read how the Clinic strives to support the field as it influences individuals and families across the nation.

Social Spotlight: 20,000 Customers

Change Machine has surpassed a huge new milestone – it has empowered clients to serve over 20,000 customers through more than 35,000 meetings! Thank you to all the financial coaches and social service practitioners who use Change Machine to help transform their customers’ financial lives.

Don’t miss the latest news: Follow the Clinic on Facebook and Twitter!

Change Machine 20K Customers

The Clinic Across the Country
Speaking Engagements, Presentations, and Features

The Clinic staff have been busy, offering their expertise at various conferences and presentations. A selection of recent appearances include:

  • On June 7, Director of Services, Stefan Hench, and Financial Coach, Amy Cao, joined EARN to present on their Partner Engagement Webinar.
  • Stefan next joined IDEO.org in Austin, TX for a meeting of their Advisory Council.
  • Haidee Cabusora, Chief Program Officer, joined Asset Building Strategies and their Closing the Women’s Wealth Gap network for a conference in San Francisco, CA, June 22-23. Watch their new video!
  • Partnership Associate, Laura Malecky, travelled to Washington, DC to bring Change Machine to CBA‘s 2017 Credit Building Symposium from June 26 – 27.

Empowering Domestic Violence Survivors

Newsletter Issue: May 2017
the-financial-clinic-pig

Quick Clicks

  • Want to keep customers coming back? Join the Clinic and The Prosperity Agenda for a free virtual presentation TODAY at 1pm EDT!
  • Workforce development practitioners – the Clinic’s three-part series is back! Join us on Thursdays, starting June 1, to learn best practices for building the financial security of jobs seekers.

“There is no safety for survivors of domestic and sexual violence without economic security”

CSAJ Guidebook

Last week, the Center for Survivor Agency and Justice (CSAJ) released the Guidebook on Consumer & Economic Civil Legal Advocacy for Survivors, a comprehensive and survivor-centered guide for domestic violence attorneys and legal advocates. It was developed in partnership with a cadre of on-the-ground advocates, attorneys, and organizational partners – including The Financial Clinic’s own, Amy Cao!

Fill out this form to download the Guidebook: Click here for Amy’s chapter on strategies to resolve identity theft for survivors of domestic violence. Click here to view the full Guidebook.

Empowerment in Action

Domestic Violence Mother with Baby

The Clinic works with New York City domestic violence providers to bring financial security strategies to survivors so they can gain the financial independence they deserve. Read more about the inspiring work our partners are accomplishing.

Then, see the results achieved by financial coaches working one-on-one with survivors – click here to read their successes!

P.S. Did you know Change Machine has a domestic violence pathway with all the tools you need to build the financial security of survivors? Check it out here!

Social Spotlight: Scale and Impact

ICYMI: The Clinic has released its very first Scale and Impact Report – The Road So Far: Wins in Policy, Practice, and Product.

Don’t miss the latest news: Follow the Clinic on Facebook and Twitter!

Scale and Impact on Facebook

The Clinic Across the Country
Speaking Engagements, Presentations, and Features

nliftThe Clinic staff have been busy, offering their expertise at various conferences and presentations. A selection of recent appearances include:

  • Clinic Founder and CEO, Mae Watson Grote, and COO, Martin D’Andrade, joined fellow members of nLIFT (Nonprofit Leaders in Financial Technology) for a convening in New York City May 9-11 to bring their collective experiences to work towards the expansion of inclusive financial technologies.

April Taxes Bring May Financial Security! April 2017

In This Issue: The Joys of Spring

Envisioning a Lasting Financially Secure WorldThe sun is shining, the weather is getting warmer, and we have all survived another tax season! In celebration, we’ve gathered some of our favorite tax-related success stories. Then, learn about the Clinic’s products work and take a look at innovative solutions to housing barriers. Plus, a video from our all-star coaches to kick off baseball season!

Founder and CEO, Mae Watson Grote, is honored to join the Federal Reserve Bank of New York as a member of the Community Advisory Group (CAG), composed of leaders of nonprofit and community organizations from throughout the Federal Reserve’s Second District. The CAG held its first meeting on April 19 with the goal to provide the New York Fed with with a more thorough understanding of of the economy’s impact on communities and individuals. If you want to hear more from Mae, check out her new post on the Aspen Institute‘s blog, with her thoughts on why every American deserves financial security, as part of a series dedicated to nLIFT (Nonprofit Leaders in Financial Technology). Read Every American Deserves Financial Security.

What’s in Your Refund?

What's in Your Refund?With over $426.1 billion issued through more than 122.3 million refunds by the IRS, there are a multitude of ways to use this hard-earned money. The Clinic’s VITA tax preparation program alone was thrilled to provide free tax preparation for 5,284 returns, leading to $7.9 million in refunds and saving $1.3 million in tax preparation fees for New Yorkers who need it most. For low-income Americans, the tax refund often represents a significant portion of their annual income – up to 40% – and gives them the opportunity to achieve their financial goals by kickstarting a savings account, paying off lingering debt, building credit, or even placing a down payment on a house.

Read how the Clinic’s customers are using their refunds to achieve their goals!

Plus, watch Director of Services, Stefan Hench, featured on Fox 5 discuss the Clinic’s VITA program!

Products Making a Difference

Financial Products making a difference

Financial Products making a difference

Financial insecurity exists in every corner of every community across the country. As social service providers, we wish we could reach them all, and with the exponential rise of technology, maybe that dream can become a reality. The Clinic recognizes a huge opportunity provided by the growing field of fintech and seeks to identify the ways it can be leveraged to fill the needs of the low- to moderate-income populations we serve.

In a new article by Program Associate, Amy Cao, discover why and how LMI families stand to benefit from these technologies.

Housing: Looking for Solutions

With NYC Mayor Bill De Blasio’s recent announcement of a plan to add 90 new shelters in an attempt to meet the needs of an ever-growing homeless population, we began to wonder what other communities were doing to fight homelessness. Housing is the foremost presenting issue with our financial coaching customers, so we sought the expertise of our SHARE community:

Want to join the conversation? Learn how you can become a member of the SHARE community!

Social Spotlight: Baseball

With the start of the 2017 baseball season, we were inspired to feature our very own all-star coaches! Watch as they put on their best game-day gear to explain the magic of coaching – for baseball and for finances.

Follow the Clinic on Facebook and Twitter to catch all the latest news and posts!

Watch 2017 Season Starting Lineup video on Vimeo

The Clinic Across the Country Speaking Engagements, Presentations, and Features

The Clinic staff have been busy, offering their expertise at various conferences and presentations. A selection of recent appearances include:

  • The Clinic Across the Country Speaking Engagements, Presentations, and FeaturesMae Watson Grote traveled April 25 with Assistant Director of Partnership Management, Megan Kursik, to the University of Wisconsin-Madison to participate in a panel discussion on Effective Client Engagement as part of the CFPB’s Financial Coaching Symposium.
  • Assistant Director of Financial Coaching, Karen Goodheart, shared her story of transitioning from private banking to financial coaching on Lustre’s blog.
  • Alma Rojas, Financial Coach, was featured in Norwood News for her work in the Bronx.
  • From April 24 – 26, Chief Operations Officer, Martin D’Andrade, and Partnership Associate, Laura Malecky, bring Change Machine to the Goodwill Conference in Houston.
  • Haidee Cabusora joined the FDIC on April 26 in Arlington to participate in their 2017 Economic Inclusion Summit: Strategies to Bring Consumers into the Financial Mainstream.

Financial Security for the Holidays: Dec 2016 Newsletter

In this monthly issue, Clinic Founder and CEO, Mae Watson Grote, reflects on the significance of two huge policy announcements to increase savings!