Overview
CBA Takes a Leadership Role in Financial Education CBA is committed to the goal of expanding financial education and improving consumers' understanding of the complexities of consumer financial services-whether in mortgages, credit cards, student loans, deposit products, or all the myriad ways in which consumers interact with financial services in this complex economy. Some of CBA's most recent initiatives include:
1. "Credit Fairy" Campaign-How to Improve Your Credit Scores. Consumer Bankers Foundation, the Leadership Conference on Civil Rights Education Fund, and the Ad Council have partnered to help consumers educate themselves on how they can improve their credit scores. Credit scores impact a consumer's rate and loan terms, access to reputable financial services and access to credit. An individual's credit score is critical because it affects the interest rates one may be charged on virtually all loan products, including mortgages. The campaign informs people that there are steps that they can take to improve their credit score by paying bills on time, keeping credit card balances as low as possible, and resisting the urge to open multiple credit cards in a short period of time. This campaign includes television, radio and web advertising and directs consumers to a new website that provides simple steps that consumers can take to raise their credit score. Please visit www.creditfairy.org for more information. 2. "America Saves." CBA Board of Directors approved a Board Resolution to support The Consumer Federation of America and the American Savings Educational Council in establishing "America Saves Week" from February 24 - 29, 2008. CBA's Board of Directors supports saving as the foundation for financial health of the American consumer. The resolution, as approved by the CBA Board of Directors, notes the following considerations: - Personal savings is a cornerstone of financial health for the American consumer;
- Studies have found that the U.S. national savings rate has dropped from 8% a few decades ago to a negative rate today;
- Low and moderate income families and individuals often lack modest savings to pay for routine emergencies;
- The Consumer Federation of America and the American Savings Educational Council have established "America Saves Week" February 24-29, 2008;
- "America Saves" programs have already begun in 55 cities across the U.S. to address the dearth of personal savings through encouraging commitments to save, invest and build wealth;
- Hundreds of national, state, and local organizations and banks are participating in the "America Saves Week";
- The Board of Directors of the Consumer Bankers Association recognizes the value and importance of "America Saves Week" to the well being of the American consumer and the national economy; and
- "America Saves Week" will enjoy greater success with the support of banks, including members of the Consumer Bankers Association.
Please visit www.americasaves.org for more information. 3. "Hit the Books Running" - College Bound Aid Program. CBA has been working through its CBA Education Funding Committee and partner on higher education issues Washington Partners, LLC to create a resource for students who are considering going to college and may need to borrow money to fund their education. This campaign addresses four major challenges to attending college: understanding the importance of college today, understanding college costs, understanding the need for academic preparation for college, and understanding the need for career and financial counseling. This program encourages early planning and initiatives that parents and students can take to avoid or lessen the burdens of student debt. This campaign includes print media, radio ads, brochures, and web advertising. Please visit www.collegeboundaid.com for more information. 4. PRSSA - Bateman Competition. CBA is a proud sponsor of the 2008-2009 2009 Public Relations Student Society of America's (PRSSA) Bateman Case Competition offering participation in CBA's College Bound Aid program to PRSSA members on college campuses nationwide. Please visit www.prssa.org for more information. 5. HOPE NOW and "Project Lifeline" Campaign. HOPE NOW is a voluntary effort by lenders in the mortgage industry to develop strategies and create solutions that will allow consumers who are struggling with their mortgage payments to avoid potential foreclosure. Project Lifeline is an approach that reaches out to consumers who are seriously delinquent (over 90 days or more late) on mortgage payments and face the greatest risk of losing their homes. All efforts are encouraging consumers to reach out to their lenders to allow lenders to help find solutions specifically crafted to each individual consumer's situation. Please visit www.hopenow.com for more information. 6. Visit http://www.safeborrowing.com for more information on financial literacy. The site has been developed by CBA Senior Counsel, Steve Zeisel, and other members of the Predatory Lending Task Force of the American Bar Association, as a tool to be used by those who wish to improve financial literacy and teach people how to navigate safely in the financial marketplace.
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