Attendees' Final List of Recommendations

I. Asset Preparation (Financial education for all and children’s savings accounts)

Issue 1: Expand financial education to Elementary & Middle School students
There is currently a financial education requirement for seniors in order to graduate from high school. Our goal is to expand financial education in Texas schools for K-12 grade.

The lead for this work is Jill Pharr (Texas Credit Union League, Texas Credit Union Foundation) through Texas Jump$tart.

Other potential supporters cited by the small group are the Texas Department of Banking, Federal Regulatory Agencies, Texas Education Agency, Texas Bankers Association, Independent Bankers Association, Parent-Teacher Associations, School Districts, community-based organizations, Texas Council on Economic Education, Texas State Teachers Association, United Way Chapters, Texas County Extension Service, and Junior Achievement.

Issue 2: RAISE Texas Website Clearinghouse
The Texas Asset Building Coalition/Covenant Community Capital Corporation has begun to develop an asset-building link on its website to allow individuals to locate specific programs around the state on topics such as IDAs, VITA sites, financial education, homebuyer education, etc. The site should be ready by the end of December, 2006.

The lead for this work is Texas Asset Building Coalition/Covenant Community Capital.

Issue 3: Adult Financial Education Workplace Pilot “Take It Home”
Our goal is to encourage financial education at the workplace and show the benefit of attending these classes to both the employer and employee.

The leader for this work is Julie Gunter, FRB-Dallas, Community Affairs.

Alisa Bescherer, YWCA Dallas, has survey that will be modified and used to send out to RAISE Texas members on financial education for organizations/employer

II. Asset Creation (Savings and matched-savings products for financial success)

Issue 1: Create Regional Asset-Building Centers
In order to increase the number of IDAs and other asset-building products and services in urban and rural areas, it was decided to begin to develop regional asset-building centers to support more of areas of the state. Initial regional centers were proposed in the Houston, San Antonio, North Texas, Austin, Border (at least 2 sites), and potentially west Texas locations.

Regional leaders met at the summit and decided to follow up locally with meetings in early 2007. More information on these regional centers will be provided in January.

Issue 2: Conduct Research
We need to conduct surveys and research on what is happening around the state, what is working, and what needs to be done to increase asset-building activity.

The leaders for this research work will include Jeff Stys, United Way of the Texas Gulf Coast; Karen Lyons, Foundation Communities; Lauren Gates, Covenant Community Capital; Alfreda Norman, Federal Reserve Bank of Dallas; and Debbie Andrews, IRS.

Issue 3: Sheltered Savings Account
We need to create savings accounts that will allow low-income families to save without affecting their public benefits under the assets limits requirements.

The leaders for this work are Don Baylor, Center for Public Policy Priorities and Woody Widrow, Texas Asset Building Coalition.

III. Asset Facilitation (Alternatives to high-cost financial products and services, support consumer protection, expand and preserve homeownership)

Issue 1. Payday lender Database Legislation
We need to find out more information on the customers that rely on alternative lenders for payday loans and other emergency loans to better understand how to create alternative products and services that support asset building.

The leaders for this work is Mike Terry, United Way of Texas & Don Baylor, Center for Public Policy Priorities.

Issue 2. Encourage Payday Loan Alternatives
We will begin to research alternative financial and loan products in Texas and around the country to develop products that can be accessed for emergency situations and basic financial transactions.

The leader for this is Jill Pharr, Texas Credit Union League/Foundation; Larry Garcia, El Paso Affordable Housing CUSO; Don Baylor, Center for Public Policy Priorities; Ann Baddour, Texas Appleseed, and Woody Widrow, Texas Asset Building Coalition.

Issue 3. Building Ongoing Public Awareness Campaigns
In order for asset-building to reach a larger segment of our target community, we need to work with and support existing public awareness campaigns.

Our initial leaders include, for the Freddie Mac’s Don’t Borrow Trouble & Nuestro Barrio, Kim Weaver-McDonald, ViewPoint Bank; for NeighborWorks on mortgage foreclosure prevention, Julie Gunter; and Texas Saves, Cynthia Nevels.

If you would like more specific information or details on any of the issues above or want to get involved in any of this work, feel free to contact Woody Widrow at woody@covenantcapital.org.

We will provide more information and ways people can be involved in our work for 2007 starting in January. Thanks to all that attended the RAISE Texas summit last month and to those that attended our regional meetings and our first summit in November, 2005 in Austin.