[CircleUp] Policy Makers Should Expand Native Financial Education, Asset Building

[Heidi Davis]

910 Fifth Street * Suite 101 * Rapid City, SD  57701

(605) 342-3770 * Fax (605) 342-3771

 

An affiliate of First Nations Development Institute * www.oweesta.org
<http://www.oweesta.org>  


 


 


PRESS RELEASE


FOR IMMEDIATE RELEASE

 

Contact:               Kim Hayes, (301) 585-1131; kim at oweesta.org
<mailto:kim at oweesta.org> 

 

To Meet Dire Needs in Native Communities and Honor Financial Literacy
Month, 

Policy Makers Should Expand Native Financial Education, Asset Building 

 

April 29, 2009, Washington, DC // Seeking to "raise the noise level
about the financial education needs in Native communities," a coalition
of Native and asset building leaders brought their recommendations  to
help improve financial literacy and decrease predatory lending and other
financial threats to Native people during the Native Financial Education
Coalition's (NFEC) 5th Annual Policy Briefing. 

  

This event, held in the  Senate Indian Affairs Committee hearing room,
brought together practitioners, advocates and policymakers to
collaborate on ways to expand financial education and asset building
opportunities in historically underserved American Indian, Alaska
Native, and Native Hawaiian communities.  Held annually to commemorate
Financial Literacy Month, this year's briefing hosted these diverse
participants to discuss policies that will help to prepare Native
consumers to face today's economic times.  

 

"There is a dire need to expand financial education and asset building
opportunities for Native people living both on and off-reservation,"
said NFEC Chair Elsie Meeks, who is also the CEO of Oweesta Corporation,
the coordinator for NFEC. The Annie E. Casey Foundation sponsored the
event. 

 

Meeks and Oweesta's Director of Entrepreneurship and Enterprise
Development, Tracey Fischer, presented the following NFEC Policy
Recommendations to gathered attendees:

 

1.             Expand Financial Education Opportunities 

2.             Combat Predatory Lending 

3.             Improve Institutional Infrastructure

4.             Maximize the 'Take Home' Amount of Tax Benefits

5.             Expand Savings Opportunities 

 

Further details about these policy recommendations are available at
NFEC's website: www.nfec.info/policy <http://www.nfec.info/policy>    

 

New Study Released, CEO Receives Warm Goodbye

The briefing also included presentation of a new study, "Borrowed Time:
Use of Refund Anticipation Loans among EITC Filers in Native
Communities" by Leslie Parish, Center for Responsible Lending. This
study notes that the growing use of RALs is striping assets from Native
communities. A one-to-two week loan can cost a Native person 50 to 500
percent APR, depending on the total fee and loan term. 

 

Leaders of national organizations around the country also took the time
to honor Meeks, who is stepping down as Chair of NFEC and CEO of Oweesta
to accept the nomination for the USDA Rural Development Director for
South Dakota.  Her colleagues cited her dedication and enthusiasm for
Native financial literacy as the flame that kept the movement alive and
recognized that work she began will continue to grow and flourish thanks
to her efforts. 

 

###

 

About NFEC 

 

The Native Financial Education Coalition (NFEC) is a group of local,
regional and national organizations and government agencies working
together to achieve its common goal of promoting financial education in
Native communities. Started by the U.S. Department of the Treasury in
2000, the now independent Native Financial Education Coalition seeks to
exchange information, forge partnerships, identify and develop
strategies for policy advocacy, outreach, and training, and identify
gaps in information about financial education needs. 

 

NFEC membership is open to any organization working on or interested in
improving personal finance skills in Native communities.  OWEESTA
Corporation currently serves as the fiscal agent and coordinator of the
Coalition. 

 

About Oweesta 

Oweesta (http://www.oweesta.org <http://www.oweesta.org/> ) is a
certified Native CDFI intermediary, providing Native communities with
loans, investments, technical assistance, training and community
development information.  Its mission is to provide opportunities for
Native people to develop assets and create wealth by assisting in the
establishment of strong, permanent institutions and programs, leading to
economic independence and strengthening sovereignty for all Native
communities.

 

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