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CFR Partner Spotlight, meet National Association for Latino Community Asset Builders!

NALCAB collaborates with its 200+ members to create and improve financial education programs. These efforts are designed to enhance knowledge about credit and credit scores, make it easier to access financial services, and prevent predatory practices. Culturally tailored financial capability programs are crucial for unleashing economic potential within Latino and other diverse communities. People who are new to the US financial system or have limited English proficiency often face challenges in basic financial transactions, building credit history, saving, and obtaining fair credit. NALCAB provides grants, technical assistance, and training to help organizations integrate financial capability services into their existing asset-building programs.

About the Partnership

CFR and NALCAB partnered to provide three NALCAB member organizations additional product resources to include as part of their toolbox in assisting clients to engage in responsible financial behavior, budgeting, and expediting tax refunds. Through our partnership we increased banking access to 50 participants and opened more than 30 savings accounts.

To date, 173 students have been enrolled in CFR Focus Cards, and over $200,000 has been deposited to students. Rooted School reports that the CFR Focus Cards have been an ideal disbursement mechanism, as students are able to use the cards at stores, online, and at ATMs. Students are also able to check their account balances and transfer money through online and mobile banking platforms. CFR has also been instrumental in providing transaction data to researchers, which is critical to the success of the program. 

Final Thoughts

When asked why the economic justice work that CFR does is important to NALCAB and their members, they shared:Economic justice empowers marginalized groups and safeguards them from exploitative products or services by offering viable alternatives. Together with a shared vision and strong commitment, we empower low-income and financially marginalized individuals with essential tools for improving money management skills. Our partnership embodies collaborative strength, driving innovation and sustainable impact together.

Economic justice empowers marginalized groups and safeguards them from exploitative products or services by offering viable alternatives. Together with a shared vision and strong commitment, we empower low-income and financially marginalized individuals with essential tools for improving money management skills. Our partnership embodies collaborative strength, driving innovation and sustainable impact together. — NALCAB Staff Member