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Administration for Children and Families US Department of Health and Human Services
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Office of Community Services -- Asset Building Strengthening Families...Building Communities

How to Talk the Talk Your Financial Partners Can Understand

Focus:

The conference call provided an overview of the banking system, including the secondary market and the roles of different types of financial institutions. The call included discussion of the experience of commercial banks and credit unions with IDAs and examples of industry trends in lending and other financial services.

Key Points:
  • The different types of financial institutions have varying regulations that encourage or outline how they may interact with IDAs and other asset-building strategies for low-income families. Thus, it is important to make a business case to potential AFI financial partners.
  • The Fannie Mae Corporation and other secondary lenders have devised rules to encourage the use of IDAs and other ways to leverage home purchases.
  • Commercial banks have accounting protocols that may be adapted to the requirements of AFI IDA implementation.
  • There are a great many new products and services emerging to serve low-income households, and new kinds of partnerships are forming between nonprofit and for-profit entities to bring underbanked families into the financial mainstream.
Presenters:
  • James Gatz, Manager, Assets for Independence Program, Office of Community Services
  • Angelyque Campbell, Senior Manager, Community Affairs, Federal Reserve Bank of Richmond, VA
  • Susan Krake, Director, Community and Multi Cultural Lending, Fannie Mae Corporation, Western Business Center, San Francisco, CA
  • John Dock, Economic Development Specialist, National Credit Union Administration, Alexandria, VA
  • Ellen Tower, Community Relations Director, Citibank, Connecticut and Massachusetts

  • Anne Yeoman, Assets for Independence Resource Center

Resources:
  • Building Effective Partnerships (.ppt 160KB) (.pdf 151KB)
  • Fannie Mae and AFI IDAs (.doc 143KB) (.pdf 153KB)
  • Citigroup's Experience with IDAs (.ppt 154KB) (.pdf 40KB)
  • How to Talk the Talk Your Financial Partners Can Understand (.doc 189KB) (.pdf 136KB)

For more information on this topic, please contact the Assets for Independence Resource Center: http://www.acf.hhs.gov/assetbuilding; info@idaresources.org; 1-866-778-6037.