Transcript Document

Integration and Partnership Strategies
Nicole Smith, Director of Strategic Partnerships
2013 NYS CDFI Coalition Conference
Albany, NY
October 1, 2013
A Nonprofit Financial Services Provider
Mission: Empower low-income individuals
to become productive participants in the
U.S. financial system and achieve their
financial goals.
We Are:
A financial advisory service
A laboratory for innovation
A strategic partner
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Our Service Model
Team of Financial Advisors
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Highly trained staff deliver one-on-one and group workshop advisory
services
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Financial Advisors guide clients to develop a Financial Action Plan to
work towards clear financial goals
Socially Responsible Financial Products
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The coupling of financial advisory services with quality financial products provides clients with
the education and tools to achieve their financial goals and increases the likelihood of effecting
behavioral change
Partnerships

Our fundamental belief is that financial empowerment is most successful when integrated into
the poverty-fighting initiatives of trusted community organizations
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Our services are embedded in host nonprofits, credit unions, government agencies, and
businesses
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Who are our Partners?
Nonprofits
Government
Agencies
Financial
Institutions
Businesses /
Employers
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Credit Union Extension Program (CUEP)
Integrating financial counseling into the operations of community
development credit unions

Currently at NTFCU, Brooklyn Coop FCU, and LESPFCU
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Each CDCU has access to a financial advisor
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Delivers one-on-one financial counseling to credit union members
Facilitates NTFP’s signature 10-hour Getting Ahead financial education course to
credit union members, as well as community members in the credit union’s field of
membership
Trains CDCU staff to create a “culture of financial capability” in the CDCU
Works with Lending and Member Services Departments to receive referrals
Benefits:
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Client: empowered with financial action plan and productive financial products to
achieve financial goals
CDCUs: reach full potential as vehicles for economic development; more financially
healthy members who are better able to use credit union services; improved credit
profile of members/borrowers; ideas for innovative financial products; attract new
members to the credit union
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CUEP Client Data
CUE Client Profile (2012)
Clients Served
1,050
Ethnicity
Hispanic
50%
African American
32%
Education Level
Some College
26%
High school diploma / GED
21%
Some high school or less
16%
Annual income
Less than $25,000
58%
Less than $40,000
80%
CUE Program Outcomes
Average credit score increase
21 points
% of CUE clients achieved increased credit score
64%
% CUE clients achieved increased credit score by 35 points or more
42%
% CUE clients who reduced debt
52%
Average debt reduction
$8,000
Median debt reduction
$3,061
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Transferability to other financial institutions
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There is a need for this program!
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There is a growing number of working poor Americans across the country
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Nearly 45% of all Americans have almost no savings and subsist paycheck to
paycheck with little or no financial cushion
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23% of low-income households have bank accounts but still rely heavily on
fringe financial services such as check-cashing outlets, money orders, and
payday loans
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Our Financial Advisors focus on effecting positive behavioral
changes in clients
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NTFP is skilled in integrating our services in host organizations
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Consistent tracking of outcomes allows NTFP to adapt the program
and improve service delivery
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The program brings together mission + data to achieve financial
sustainability
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Partnership Inquiries
Nicole Smith
Director of Strategic Partnerships
Email: [email protected]
Call: 212-927-5771 ext. 218
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END
Q&A
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