Prepared for the National Credit Union Foundation
Authors: Williams, Marva and Hudson, Sharyl
Summary
The purpose of this report is to encourage other credit unions, community development finance institutions (CDFIs), banks and others to develop programs that fit their communities. The authors also hoped that others could benefit from the lessons learned and advice of the staff of the credit unions responsible for designing, managing, and assessing these asset development programs. Enabling lower-income people to save and develop assets can take a variety of approaches. It might involve working with youth to help them build good habits that will serve them through adulthood. It can also mean helping lower-income families realize their dream of home ownership by helping them manage their budgets, save for a down payment, and qualify for a mortgage. Helping lower-income people develop assets can include helping them obtain a college education or improve their credit rating. It also means teaching recent immigrants about the U.S. financial system so that they feel comfortable using financial institutions.
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