National Credit Union Foundation Joins Savings for Life Coalition

Coalition Led by Aspen Institute Aims to Create “A Pathway to Financial Security for All Americans”

The Aspen Institute logoThe National Credit Union Foundation has joined the Savings for Life Coalition led by the Aspen Institute to create “a pathway to financial security for all Americans.”

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. 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.”

Credit union leaders on the IFS Advisory Board include John Tippets, president & CEO of American Airlines Federal Credit Union in Fort Worth, Texas, and William Bynum, CEO of Hope Community Credit Union in Jackson, Mississippi.
Read the Savings for Life report

Delfin Signs Coalition Support Letter

e-mail Steve DelfinNational Credit Union Foundation Executive Director Steve Delfin signed a support letter for the coalition on June 9, 2008.

“The Foundation 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.”

Delfin pointed out that NCUF’s signature program, REAL Solutions, as well as NCUF’s fundraising and grant-making across America, promotes a wide variety of financial education and savings-building programs. “We focus primarily on helping working families with low wealth and modest means,” Delfin explained.

NCUF also supports related work of the Aspen Institute. NCUF is currently 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. at the Credit Union House on Capitol Hill in Washington. 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 reasoned.

“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 concluded. “Together we can achieve transformational philanthropy that will strengthen the financial security of households across America.”