May 23, 2016
May 23, 2016
The next Ohio CASH meeting will be at 11 a.m. Thursday, May 26, 2016, and will be held by webinar. The meeting will feature a presentation from Doug Farry, co-founder of TrueConnect, a small-dollar loan provider that can help families as an alternative to payday lending. The product is being used in Cleveland, Akron, Cuyahoga Falls and other cities outside of Ohio. There will also be a presentation on work to expand the EITC to childless workers.
Register for the webinar here.
Free Book on building financial security
The book "What It’s Worth" is a collaboration of the Corporation for Enterprise Development (CFED) and the Federal Reserve Bank of San Francisco. The book uses many perspectives to describe our notions of financial health and well-being. It includes voices from the areas of public health, criminal justice, and business. The unifying theme is that more must be done to help Americans accomplish at their financial goals.
The book is available in electronic (Kindle, IBook, ePub) and print formats. Access the book here.
News on VITA
Late last year, Congress approved an additional $3 million in funding for community tax prep programs in fiscal year 2016. This was a great step, but because the Volunteer Income Tax Assistance is only authorized through the congressional budget process, it can be removed from any congressional appropriations cycle.
That could change. Last month, the Senate Finance Committee added language to the Taxpayer Protection Act of 2016 that authorizes VITA in statute. Senators Sherrod Brown (D-OH) and Ben Cardin (D-MD) added an amendment to the legislation to raise the cap on the IRS allocation for VITA from $15 million to $30 million annually. The amendment does not guarantee that the IRS will allocate all of the money for VITA, but it give the IRS the authority to do so.
The legislation has not passed the House or the Senate. As this legislation progresses, we may call on you to join other organizations and stakeholders to support advocacy efforts for its passage.
Raise your voice! CFPB rule on payday lending coming soon
The Consumer Financial Protection Bureau is expected to announce a national rule on payday lending very soon. Ohio has made valiant, yet unsuccessful attempts to regulate payday lending. A strong rule from the CFPB could keep Ohioans from being caught in the “debt trap”.
When the CFPB announces the final rules, there will be a 90-day public comment period. This will be the time for individuals, organizations and companies to tell the agency what they think. Payday lenders will flood the CFPB with comments about how their loans are a valuable product. We need as many voices as possible to tell the agency how borrowers suffer from predatory payday loans and how the rules will impact the public.
If you would be willing to submit a public comment, contact Kalitha Williams at firstname.lastname@example.org. We will have templates available and can help you write the letter.
2016 CFED Assets Learning Conference
Registration is open for the Corporation for Enterprise Development (CFD) Assets Learning Conference. The conference will be held September 28-30, in Washington DC. The conference is expected to attract over 1,000 asset-building professionals from all over the country.
Register here for the conference.
Mark your calendars for upcoming Ohio CASH meeting webinars scheduled for 11 a.m. on
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