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NCUF joins Savings for Life Coalition
WASHINGTON (6/11/08)--The National Credit Union Foundation (NCUF) has joined the Savings for Life Coalition, led by the Aspen Institute, to create “a pathway to financial security for all Americans.” NCUF Executive Director Steve Delfin signed a support letter for the coalition this week. The Savings for Life report by the Aspen Institute Initiative on Financial Security (IFS) outlines the coalition’s approach: “We believe that by truly engaging the best minds in finance, we can find common ground on which to build a new set of savings vehicles that would help more Americans save, invest and own. And at the same time, we can build a vibrant new market of savings product consumers … “What is needed is the right nexus to bring the financial services sector and low- and moderate-income Americans together,” the report continued. “Given the right savings vehicles with the right incentives for both individual savers and the financial services industry, more Americans can access the pathway to greater savings.” “NCUF supports initiatives to improve the present state of savings in America,” Delfin noted. “We understand the implications for families and for our country as a whole. Creating opportunities to help Americans save more and invest in key assets like home ownership and secondary education will build wealth that can be passed on to future generations and contribute to our country’s long-term economic growth. “REAL Solutions, as well as NCUF’s fundraising and grant-making across America, promotes a wide variety of financial education and savings-building programs,” Delfin pointed out about NCUF’s signature program. “We focus primarily on helping working families with low wealth and modest means.” NCUF is collaborating with the Aspen Institute and the Annie E. Casey Foundation on an initiative to help non-prime car buyers steer clear of predatory auto loans. A free “Steer Clear” Auto Lending Summit will take place July 22 from 10 a.m.-2 p.m. EDT at the Credit Union House on Capitol Hill in Washington, D.C. The first 40 participants who RSVP by June 13 will receive a preview of a joint research report, “Credit Unions Help Car Buyers Steer Clear of Predatory Loans.” “By saving car buyers thousands of dollars on reliable transportation to work, we hope to create more discretionary income for these borrowers to save,” Delfin said. “NCUF looks forward to bringing the affordable auto loan initiative to scale, as well as working with IFS to promote a dialog on solutions to America’s savings crisis,” Delfin said. “Together we can achieve transformational philanthropy that will strengthen the financial security of households across America.” Credit union leaders on the IFS Advisory Board include John Tippets, president/CEO, American Airlines FCU, Fort Worth, Texas, and William Bynum, CEO, Hope Community CU, Jackson, Miss.
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