Funder brings Consumer Action’s FinTech education to Arizona

In September, the Federal Home Loan Bank of San Francisco awarded $3.5 million in grants to 97 nonprofits through its 2020 Access to Housing and Economic Assistance for Development (AHEAD) program. The grants, delivered by FHLBank San Francisco member financial institutions to nonprofits in Arizona, California and Nevada, are aimed at providing both immediate and long-term pandemic relief and boosting economic development in lower-income communities.

Published: Saturday, December 05, 2020

Consumer Action was among the 97 nonprofits to receive a grant to support financial education and the scaling of our financial technology (FinTech) innovation initiatives to Arizona. The grant will be delivered by FHLBank San Francisco member, and Consumer Action long-term partner, Desert Federal Credit Union.

“We are pleased to collaborate with Desert Federal Credit Union on this initiative,” said Consumer Action’s director of strategic partnerships, Audrey Perrott. “We have worked with the credit union for more than a decade, delivering in-person financial education training to direct-service providers and other stakeholders.”

Consumer Action works to combat the pervasive impact of financial setbacks on the lives of low- and moderate-income (LMI), limited-English-speaking and other underrepresented consumers. Currently, Consumer Action is introducing FinTech tools to these consumers and the nonprofit staff members who work with them at various sites throughout the country, based on the financial needs identified by each agency and its clients.

Consumer Action and program participants (including financial coaches and counselors) will integrate the FinTech tools, along with our educational resources, into existing financial capability programs. We also will distribute FinTech tools directly to LMI consumers and guide them in using the tools to improve their financial health. In order to reach an even greater number of vulnerable consumers, Consumer Action has translated its FinTech guide guide into Spanish, Chinese, Vietnamese and Korean and recently, with a non-profit partner, developed a FinTech video in English and Spanish.

Throughout the project, Consumer Action’s network partners will provide financial coaching, measure changes in participants’ financial health, and collect other critical savings and credit reporting data.

 

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