Letter From The President and CEO
At a conference I recently attended, I found myself talking about "my love affair with city government." Indeed, even after all these years, I continue to marvel at the combination of incentive and potential at the local government level to tangibly address literal challenges with large scale, and yet still nimble, solutions. With the CFE Fund having just celebrated its second birthday last month, I also marvel at the breadth of work happening through city government leaders and their nonprofit and private sector partners in the rapidly accelerating field of municipal financial empowerment. Our team at the CFE Fund continues to launch, support, and expand multi-city efforts, and you'll read about some exciting updates below. We also work to support the CFE Coalition, which brings together municipal governments to advance the financial empowerment movement. With the recent addition of Philadelphia, PA and Lansing, MI, the work of this coalition of municipal industry leaders now reaches nearly 21 million people across 14 cities.
In this issue, you will see what we have been working on over the last quarter and our main areas of focus for the coming months. We will share our launch of Summer Jobs Connect, a five-city initiative in partnership with the Citi Foundation, which is providing 1,800 young people with summer work experiences across the United States and working to enhance that experience to make it a meaningful launch into the financial mainstream, as well.
Last month, as part of our new partnership with the U.S. Department of State and Organization of American States, the CFE Fund co-hosted the Partnerships for Financial Inclusion conference in New York City, bringing together government leaders and financial institutions from the Americas to exchange ideas about more inclusive financial systems. Approximately 175 government ministers and others attended the conference from 25 countries, and the live-feed of this conference was viewed by more than 13,000 individuals in 37 countries.
The growing body of one-on-one financial counseling in Financial Empowerment Centers continues to expand in city governments across the country. In this issue, our guest columnist from the Community Economic Development Association of Michigan, Megan Kursik, discusses how the CFE Fund and Bloomberg Philanthropies investment in Lansing has already begun to have a catalytic effect across other Michigan cities.
Looking ahead, we are hard at work on Bank On 2.0, including planning our national conference set for November 6 at the Newseum in Washington, D.C. We hope you will mark your calendars, and stay tuned to hear more about this event.
Please don't hesitate to email us with any questions or ideas at [email protected].
Thank you for your continued support,
Jonathan Mintz
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| FINANCIAL EMPOWERMENT FOR YOUNG ADULTS |
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CITI FOUNDATION AND CFE FUND LAUNCH SUMMER JOBS CONNECT
In March, Citi Foundation and the CFE Fund launched Summer Jobs Connect, an innovative program that will provide 1,800 low-income youth in Chicago, Los Angeles, Miami, New York, and San Francisco with summer jobs. Summer Jobs Connect will support young adults seeking summer employment and enhance that experience by exploring linkages to safe and appropriate banking products, services, and financial education.
 For young people starting out in the workforce, inadequate access to safe and affordable financial services and lack of access to basic financial literacy can contribute to a cycle of poverty that can be difficult to break. Summer Jobs Connect seeks to instill positive financial tools and habits and knowledge early on, setting young adults up for long-term success. It is during this time, when people are earning their first paychecks and managing tight budgets, that access to safe financial services, financial education, and empowerment services can have a truly profound impact on lifetime money management skills and savings. Summer Jobs Connect is being funded through an ambitious commitment from the Citi Foundation, who has invested $3.8 million this year to support and enhance youth employment opportunities in cities across the country. For more information about this initiative, please contact program manager Carlene Scheel ([email protected]).
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WORKING WITH LATIN AMERICA AND THE CARIBBEAN
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CFE FUND CO-HOSTS INTERNATIONAL PARTNERSHIPS FOR FINANCIAL INCLUSION CONFERENCE
In partnership with the Organization of American States' Inter-American Social Protection Network, the CFE Fund co-hosted an international conference entitled Partnerships for Financial Inclusion: A Catalyst for Inclusive Growth Conference in New York City. The April event brought together government leaders from more than 25 countries in Latin America and the Caribbean, as well as financial institutions and private foundations, to exchange ideas and discuss ways to create more inclusive financial systems in those nations. Other project partners include the United States Department of State and the New York City Department of Consumer Affairs Office of Financial Empowerment.
Over the course of the first day, attendees explored the benefits of financial inclusion and successful programs in the U.S., including the CFE Fund's Financial Empowerment Center replication initiative, and heard from various partners, such as the National Federation of Community Development Credit Unions, Neighborhood Trust Financial Partners, and city representatives from Miami, New York, and San Antonio.
Conversations on the second day focused on creating a dialogue between the banking sector, philanthropic institutions, and government leaders in the region with an eye towards future public-private partnerships. To build on the success of the conference, we are pleased to announce that the CFE Fund signed a formal partnership agreement with the Organization of American States' Inter-American Social Protection Network to share ideas and best practices for financial inclusion in the region. Stay tuned to future editions of The Supervitamin Quarterly to learn more about our work together.
To view the various panel sessions and learn more about the conference, click here.
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FINANCIAL EMPOWERMENT CENTERS: GUEST POST
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RETURN ON INVESTMENT: HOW SUPPORTING LANSING IS CATALYZING SUPPORT FOR OTHER MICHIGAN CITIES
 By Megan Kursik, Coordinator, Michigan Communities for Financial Empowerment, Community Economic Development Association of Michigan (CEDAM)
The "financial crisis" is too often the focus of stories featuring Michigan cities. National headlines detail Detroit's bankruptcy as cities across the state struggle with budget deficits. Residents hit hard by crises like job loss and foreclosure find community resources dwindling.
Addressing residents' instability through financial empowerment represents a solution to the challenges facing local governments in Michigan. An opportunity to do just that came in 2013 when the CFE Fund selected the City of Lansing as part of the national Financial Empowerment Center replication initiative. The investment allowed Lansing to expand local efforts, but also spurred continued investment in financial empowerment throughout Michigan.
Lansing's selection as a Financial Empowerment Center city brought an outcome driven model, professional training, and infusion of national expertise to Michigan. Through a C.S. Mott Foundation investment in The Michigan Communities for Financial Empowerment (MCFE) network, these resources are now shared through the MCFE network. In 2014, The Mott Foundation and CEDAM awarded grants to three Michigan communities to replicate the Financial Empowerment Center model. The financial counseling course is offered through a hybrid online/immersion format so that counselors throughout Michigan have access to professional training. MCFE members meet monthly to discuss best practices and develop solutions to shared challenges with Lansing serving as a mentor to the other cities.
The CFE Fund did not just invest in Lansing, but also provided a catalyst to spread financial empowerment strategies across Michigan. Building upon this investment, MCFE members are changing our narrative from cautionary tales of financial crisis to inspiring stories of hope and empowerment.
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