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Filene receives grant to pilot underbanked savings
MADISON, Wis. (6/13/08)--The Filene Research Institute and the Doorway to Dreams Fund (D2D) have received a grant from the Center for Financial Services Innovations (CFSI) to pilot an innovation aimed at increasing the savings rate among underbanked consumers. The Prize-Linked Savings innovation is designed to transfer a portion of low-to-moderate income consumer lottery and gaming expenditures to a savings product that offers the chance to win prizes and build assets. The program encourages financial education and regular savings, said Filene. “This is a tremendous opportunity to bring a new way to save to the market,” said Mark Meyer, Filene executive director/CEO. “This grant and partnership help us bring a Filene i3 innovation to scale and demonstrate that credit unions can offer a new path to financial security for underbanked individuals.” Filene will partner with D2D to implement the Prize-Linked Savings pilot in targeted Michigan credit unions from June through December 2009. Dave Adams, Michigan Credit Union League president/CEO, voiced his support for Filene and the pilot. “We’re delighted to further incubate the Prize-Linked Savings concept and champion credit union innovation,” he said. CFSI chose four projects from 133 applications. The four grantees will receive support for projects that provide financial services and asset-development opportunities to underbanked consumers. The grant is part of CFSI’s 2008 Nonprofit Opportunities Fund.
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