October 8 2009 Ycabc Agenda

AGENDA

Thursday, 8 Oct 09, 9:30-10:30AM
EPIC Fireside Room

Welcome/Introductions Dave

YCABC – Review/Approve Sep 10, 2009 Minutes All

EITC Committee update Michele/Lindsay

Update from WABC Fall Meeting, Federal Way, Sep 18, 2009 Lindsay

Annual review/approval of YCABC Guidelines (Deferred, Nov 09) Dave/All

Nominations for Chair Elect (to serve Jan-Dec 2010) Dave/All

List of Existing Financial Literacy Education Classes Lindsay/Michelle

Bank on Yakima County Committee report
• Discuss and develop agenda and outcomes for the Roll Out
Follow-up Meeting with Banks/Credit Unions
(Sep 21 at 7:30 at CCU) Bruce/All

Update on VISTA Employee application Dave

Upcoming WABC Meetings: Dave/All
• Annual Meeting, Tacoma Convention Center, Nov 5-6, 2009

Review WABC Legislative Priorities (Attached) Bruce
Other Business/Announcements All

Adjourn

Next Meeting
Nov 12, 2009, 9:30-10:30AM
(EPIC Fireside Room)
Washington Asset Building Coalition
Asset Building Policy Priorities
September 2009

Bank-On Washington Initiative
Potential Request: Resources to help local coalitions establish and run Bank On projects – part of coordinated overall state strategy to increase banking, savings and links to financial education; an endorsement from the state legislature.
DFI is looking to lead on the legislation to create a statewide infrastructure.
Question: What is the policy piece to this?

Modification/Elimination of Asset Limits
Request that asset limits for TANF and Medicaid be eliminated because they:
 Discourage savings for emergencies (like burning one’s furniture to heat the house);
 Rules are confusing to applicants, recipients and caseworker;
 Waste of staff resources fore DSHS – 98% of applicants already meet the asset test;
 Conflicts with goals and temporary nature of assistance; and
 Waiting for asset documentation causes delay and hassle for all.
To Do: First meet to discuss with DSHS leadership; request data about number of people turned down last year due to asset limits.

Increase and strengthen financial & consumer education
Challenge – what do we request in a bad budget year? Possible Requests:
 Require financial education in TANF; ECEAP
 Require TANF direct deposit?
 Ask for modest funding for financial education pilot projects?
Vision: A fully developed, robust network of financial education and counseling resources across the state; coordinated and marketed so individuals can easily find help
Question: what is the fiscal impact?
To Do: one-page policy paper

Explore options to educate and limit Refund Anticipation Loans
To Do: Research options and best practices; create one-page policy paper

Develop policy to protect consumers (Mortgage Protection and other Predatory Lending Practices)
To Do: Collaborate with Bruce Neas (Columbia Legal Services); May request third-party mediation to avoid foreclosures?

College Savings Incentive/Children Savings Accounts
Request: Introduce the concept in 2009; explore moving ahead with concrete action in 2010-11
To Do:
Look into Arkansas legislation, strategy to avoid fiscal notes
Create one-page policy paper on best practices and opportunities
Connect to the State Treasurer’s Office

Pursue Dedicated IDA Funding Source
To Do: Research options; Explore feasibility of using 1% of the Estate Tax?

Second Tier Priorities

Voluntary Retirement Accounts (led by EOI)

First-Time Homebuyer Support