PRESS RELEASE: Rules for Direct Action Overview
COMMENTARY: New digital banks offer false hope for minority communities
Financial Literacy
CORE Financial Literacy Choice & Awareness Campaign (FLCAC) ®
This is a nation-wide Education campaign dedicated to eradicating the poverty of information in the financial industry and to improving the financial well-being of all consumers. Today our country’s financial system has many choices. However, these choices pose many challenges. Americans increasingly are being required to understand and adapt to a changing financial landscape, and to take greater responsibility for their financial well-being.
While most people are aware that saving, investing, and planning for their future are essential to their quality of life and financial security, many are unprepared and uninformed about how to do this. CORE’s goal is to provide consumers with the tools necessary to manage their money wisely and to empower them to turn their financial education into action. It is our strong belief that, through an increased education of personal finance, people can enjoy better, more secure, and more satisfying lives.
Initiatives
The CORE Financial Literacy Campaign (CFLC) ® ongoing goal is to make consumers aware of financial choices to empower them to make better informed financial decisions.
Guiding Principles
Instill in all Consumers the commitment to save for future financial security. A broad-based approach, incorporating both short and long-term strategies to encourage and instill a significant cultural shift—one that can recognize the value of saving—and act upon that recognition by developing, implementing, and maintaining sound savings habits.
Prepare Consumers retirement years
Americans shelled out more than $24 billion in credit card fees in 2004, an 18% jump over the previous year. Financial education must reach and empower underserved and at risk consumers, including low-income workers, women and minorities, helping them to realize that only by understanding their current financial roles and responsibilities can they effectively prepare for a comfortable retirement.
Encourage young consumers to understand personal financial planning and sound money management skills.
Fewer than 30 percent of young Americans are given the opportunity to take as much as one week’s worth of course- work in money management or personal finance in high school. Financial competence is rooted in learned attitudes and behaviors toward money. These skills should be instilled and taught early in life. Providing basic financial planning education to young people today will help create a population of fiscally responsible and self-reliant adults tomorrow.
Provide financial education to individuals in special circumstances
Individuals in special circumstances often face unique financial challenges that make it difficult for them to use effectively the mainstream personal financial options available to the public. These individuals often face barriers such as limited financial resources, language, low-literacy levels, or a lack of access to technology. These group members include: People transitioning from welfare to the workplace; individuals who are widowed or divorced; Single parents; Individuals with disabilities; Immigrants; Institutionalized populations (such as residents of substance abuse centers, halfway houses, and ex-offenders transitioning back into society.
Foster Community Outreach and Partnerships
CORE recognizes the importance of fostering partnerships to create a community of outreach and support to effectively address the financial well-being and financial options of the broad range of consumers.
The Payday Loan Industry
CORE has identified the lack of relevant information as the cause of much of the ills in communities across the country. CORE has proposed many programs to deal with this poverty of information. An area where this poverty of information is most profound and damaging is in the area of finance. Middle income and lower income working people are overwhelmingly victims of this poverty of financial information. Until recently—close to the end of the 20th century—the middle income and especially the lower income working people were locked out of critical parts of the financial market place. There were few, if any, legal financial instruments available to them. They were consigned to underground markets and even to “loan sharks” to meet financial emergencies. As could be expected, they were viciously exploited by these illegal, unmonitored operations. Banks and other establishment financial institutions were not available to small borrowers for fast emergency loans. The Payday industry developed to fill that vacuum. Because of the need of that class of borrowers for legitimate financial instruments to satisfy their emergency needs, the industry grew rapidly.
As could be expected in most new rapidly expanding businesses, mistakes were made. Some gross excesses led to noisy complaints. The industry was not properly regulated: it did not internally regulate itself nor was it regulated by the government. Two opposing camps developed to react to the excesses and complaints: (1) Those that advocate rigid governmental regulations—some of them advocating regulations even to the extent of outlawing the industry; and (2) Those that support the free market approach of internal industry regulation. The advocates of rigid governmental regulations point to rampant abuse in the industry by the lenders, and to gross misuse of this new financial instrument by the borrowers. These complaints have triggered increased legislative campaigns to over regulate or even to destroy the industry. While there were some truths to the allegations, when applied to certain participants in the industry, CORE believes that destructive regulations are not the solution.
CORE supports the efforts of the Payday industry for creating the Community Financial Services Association of America (CFSA), a national organization dedicated to promoting responsible regulation of the Payday advance industry and consumer protection through CFSA’s Best Practices. CFSA will help to improve the industry’s image and will ensure that the industry is a safe and viable credit option for consumers. The industry’s efforts to self-regulate will preserve this new financial service and will avoid foreclosure on a legal choice for the consumer.
OLBC, CORE and Checksmart to Provide Free Financial Education Workshop
October 13, 2009 – The Ohio Legislative Black Caucus (OLBC), the Congress of Racial Equality (CORE) and Checksmart Financial Company are sponsoring a program entitled, "You're in Control of Your Money" on Saturday, October 17th at 1:00 p.m. at the Kent Branch Library, 3101 Collingwood Blvd., in Toledo. This program is one in a series of financial education courses being offered in major urban areas throughout Ohio.
The program is intended to introduce basic personal finance concepts such as budgeting, savings, understanding financial disclosures and understanding credit and credit reports. "Gaining an understanding of the basic principles of personal finance is essential for everyone. Knowledge is power and this type of knowledge helps people learn that they can be in control of their money versus their money controlling them. The Congress of Racial Equality is excited to have the opportunity to partner with the Ohio Legislative Black Caucus and Checksmart to deliver this vital information to Toledo and to other urban communities in Ohio," said Niger Innis, spokesman for CORE.
No reservation is needed and the program is free of charge.The Ohio Legislative Black Caucus (OLBC) is an American political organization composed of African Americans elected to the Ohio General Assembly. Founded in 1967, the purpose for establishing OLBC was to recognize and address the hopes, aspirations and needs of African Americans in Ohio. The organization continues to help ensure equality for all citizens by promoting, fostering and sponsoring educational, civic and political initiatives. Its primary focus is public policy advocacy and development, as well as, significant involvement in state and national electoral politics. http://olbcfoundation.org/
Founded in 1942, the Congress of Racial Equality (CORE) is the third oldest and one of the ‘Big Four’ civil rights groups in the United States. CORE is a philanthropic human rights organization that seeks to bring about equality for all people regardless of race, creed, sex, age, disability, sexual orientation, religion or ethnic background by identifying and exposing acts of discrimination in the public and private sectors of society. www.congressofracialequality.org
Checksmart was founded in Columbus, OH in 1987 and provides financial services to customers in need of immediate cash. Checksmart offers payroll advances, check cashing services, bill pay services, wire transfers, money orders, pre-paid debit cards and phone cards for both wireless and long distance. To learn more about Checksmart visit: www.checksmart.com Checksmart press release
Learn how to budget from a payday lender
While most people are aware that saving, investing, and planning for their future are essential to their quality of life and financial security, many are unprepared and uninformed about how to do this. CORE’s goal is to provide consumers with the tools necessary to manage their money wisely and to empower them to turn their financial education into action. It is our strong belief that, through an increased education of personal finance, people can enjoy better, more secure, and more satisfying lives.
Initiatives
The CORE Financial Literacy Campaign (CFLC) ® ongoing goal is to make consumers aware of financial choices to empower them to make better informed financial decisions.
Guiding Principles
Instill in all Consumers the commitment to save for future financial security. A broad-based approach, incorporating both short and long-term strategies to encourage and instill a significant cultural shift—one that can recognize the value of saving—and act upon that recognition by developing, implementing, and maintaining sound savings habits.
Prepare Consumers retirement years
Americans shelled out more than $24 billion in credit card fees in 2004, an 18% jump over the previous year. Financial education must reach and empower underserved and at risk consumers, including low-income workers, women and minorities, helping them to realize that only by understanding their current financial roles and responsibilities can they effectively prepare for a comfortable retirement.
Encourage young consumers to understand personal financial planning and sound money management skills.
Fewer than 30 percent of young Americans are given the opportunity to take as much as one week’s worth of course- work in money management or personal finance in high school. Financial competence is rooted in learned attitudes and behaviors toward money. These skills should be instilled and taught early in life. Providing basic financial planning education to young people today will help create a population of fiscally responsible and self-reliant adults tomorrow.
Provide financial education to individuals in special circumstances
Individuals in special circumstances often face unique financial challenges that make it difficult for them to use effectively the mainstream personal financial options available to the public. These individuals often face barriers such as limited financial resources, language, low-literacy levels, or a lack of access to technology. These group members include: People transitioning from welfare to the workplace; individuals who are widowed or divorced; Single parents; Individuals with disabilities; Immigrants; Institutionalized populations (such as residents of substance abuse centers, halfway houses, and ex-offenders transitioning back into society.
Foster Community Outreach and Partnerships
CORE recognizes the importance of fostering partnerships to create a community of outreach and support to effectively address the financial well-being and financial options of the broad range of consumers.
The Payday Loan Industry
CORE has identified the lack of relevant information as the cause of much of the ills in communities across the country. CORE has proposed many programs to deal with this poverty of information. An area where this poverty of information is most profound and damaging is in the area of finance. Middle income and lower income working people are overwhelmingly victims of this poverty of financial information. Until recently—close to the end of the 20th century—the middle income and especially the lower income working people were locked out of critical parts of the financial market place. There were few, if any, legal financial instruments available to them. They were consigned to underground markets and even to “loan sharks” to meet financial emergencies. As could be expected, they were viciously exploited by these illegal, unmonitored operations. Banks and other establishment financial institutions were not available to small borrowers for fast emergency loans. The Payday industry developed to fill that vacuum. Because of the need of that class of borrowers for legitimate financial instruments to satisfy their emergency needs, the industry grew rapidly.
As could be expected in most new rapidly expanding businesses, mistakes were made. Some gross excesses led to noisy complaints. The industry was not properly regulated: it did not internally regulate itself nor was it regulated by the government. Two opposing camps developed to react to the excesses and complaints: (1) Those that advocate rigid governmental regulations—some of them advocating regulations even to the extent of outlawing the industry; and (2) Those that support the free market approach of internal industry regulation. The advocates of rigid governmental regulations point to rampant abuse in the industry by the lenders, and to gross misuse of this new financial instrument by the borrowers. These complaints have triggered increased legislative campaigns to over regulate or even to destroy the industry. While there were some truths to the allegations, when applied to certain participants in the industry, CORE believes that destructive regulations are not the solution.
CORE supports the efforts of the Payday industry for creating the Community Financial Services Association of America (CFSA), a national organization dedicated to promoting responsible regulation of the Payday advance industry and consumer protection through CFSA’s Best Practices. CFSA will help to improve the industry’s image and will ensure that the industry is a safe and viable credit option for consumers. The industry’s efforts to self-regulate will preserve this new financial service and will avoid foreclosure on a legal choice for the consumer.
OLBC, CORE and Checksmart to Provide Free Financial Education Workshop
October 13, 2009 – The Ohio Legislative Black Caucus (OLBC), the Congress of Racial Equality (CORE) and Checksmart Financial Company are sponsoring a program entitled, "You're in Control of Your Money" on Saturday, October 17th at 1:00 p.m. at the Kent Branch Library, 3101 Collingwood Blvd., in Toledo. This program is one in a series of financial education courses being offered in major urban areas throughout Ohio.
The program is intended to introduce basic personal finance concepts such as budgeting, savings, understanding financial disclosures and understanding credit and credit reports. "Gaining an understanding of the basic principles of personal finance is essential for everyone. Knowledge is power and this type of knowledge helps people learn that they can be in control of their money versus their money controlling them. The Congress of Racial Equality is excited to have the opportunity to partner with the Ohio Legislative Black Caucus and Checksmart to deliver this vital information to Toledo and to other urban communities in Ohio," said Niger Innis, spokesman for CORE.
No reservation is needed and the program is free of charge.The Ohio Legislative Black Caucus (OLBC) is an American political organization composed of African Americans elected to the Ohio General Assembly. Founded in 1967, the purpose for establishing OLBC was to recognize and address the hopes, aspirations and needs of African Americans in Ohio. The organization continues to help ensure equality for all citizens by promoting, fostering and sponsoring educational, civic and political initiatives. Its primary focus is public policy advocacy and development, as well as, significant involvement in state and national electoral politics. http://olbcfoundation.org/
Founded in 1942, the Congress of Racial Equality (CORE) is the third oldest and one of the ‘Big Four’ civil rights groups in the United States. CORE is a philanthropic human rights organization that seeks to bring about equality for all people regardless of race, creed, sex, age, disability, sexual orientation, religion or ethnic background by identifying and exposing acts of discrimination in the public and private sectors of society. www.congressofracialequality.org
Checksmart was founded in Columbus, OH in 1987 and provides financial services to customers in need of immediate cash. Checksmart offers payroll advances, check cashing services, bill pay services, wire transfers, money orders, pre-paid debit cards and phone cards for both wireless and long distance. To learn more about Checksmart visit: www.checksmart.com Checksmart press release
Learn how to budget from a payday lender