GRANT RECIPIENTS

PRESENTED AT THE UNITED STATES CONFERENCE OF MAYORS

WINTER MEETING, JANUARY 2009

THE UNITED STATES CONFERENCE OF MAYORS

COUNCIL FOR THE NEW AMERICAN CITY

INTRODUCTION

Seattle, Washington
$15,000
Detroit, Michigan
$25,000

San Francisco, California

$25,000
Pleasanton, California
$15,000

Quad Cities, Illinois-Iowa

$15,000
Omaha, Nebraska
$15,000
Quincy, Illinois
$15,000

Louisville,
Kentucky
$25,000
Bowling Green,
Kentucky
$15,000

Santa Fe, New Mexico

$25,000
Avondale, Arizona
Savannah, Georgia
$15,000
$15,000
Jackson, Mississippi
$15,000

Caguas,
Puerto Rico
$15,000

ach year through the Dollar Wi$e Capacity

Grants Program, three cities across America
receive grants to support ongoing local
financial education efforts. The Mayors National
Dollar Wi$e Campaign, created by The United
States Conference of Mayors and underwritten by
Bank of America and the members of the Council
for the New American City, offers these grants
to financial education programs that are both
innovative and effective.

THE UNITED STATES

CONFERENCE OF MAYORS

The three cities awarded grants at the
2009 Conference of Mayors winter meetingSan
Francisco, Seattle, and Omahaalong with grant
recipients in past years (see map above) offer
exemplary programs that provide a model for
other cities and a novel approach to addressing
the financial literacy needs of their residents. They
have demonstrated their ability to build longterm capacity through the assistance of a Dollar
Wi$e grant and are profiled in this publication.

COUNCIL FOR THE

NEW AMERICAN CITY

INSIGHT FOTO, INC.

Miami, Florida
$20,000

THE 2009 DOLLAR WI$E

Capacity Grants Program

In 2005, Mayor Gavin Newsom and

Based on this research, the program focuses primarily
Treasurer Jos Cisneros convened
on the needs of low- to moderate-income African Americans
CALIFORNIA
the leaders of the citys financial
and Latinos and targets nine city neighborhoods where a
institutions and challenged them
majority of these families live. Outreach is conducted most
to join with the City in launching
aggressively to the target demographic groups but since the
an unprecedented initiative to
program launched, a diverse range of nonprofits, employers,
bank the unbanked. What resulted and community groups have accessed the programs services.
was Bank on San Francisco (BoSF),
The program reaches clients through trusted messengers
a comprehensive program focused
like community-based organizations and a public awareness
Mayor
on providing sound financial
campaign, including:
Gavin Newsom
services to low- to moderate
An outdoor media campaign consisting of billboards and
income
individuals
by
increasing
bus advertising citywide.
CO N TAC T
access
to
the
financial
mainstream.

Advertisements in local print media and city publications

Leigh Phillips
This program has made San
like the voter information guide.
415.554.4320
leigh.phillips@sfgov.org
Francisco an emerging leader in

Direct-mail campaigns with key partners like Pacific Gas &

financial education.
Electric (55,000 recipients).

In order to provide comprehensive financial education

The Working Families Credit, a $100 credit for low-income

across the city, San Francisco indentified key criteria to ensure
working families (12,000 recipients).
effective delivery of message. Financial education must be

Partnerships with employers, affordable-housing providers,

culturally relevant, develop from the participants point of view,
and city agencies.
include specific objectives and outcomes
related to the target populations identified
Partnerships
needs, include the nuts and bolts of banking,
BoSFs nonprofit partner Earned Assets
and be fundamentally based around research
Resource Network (EARN) is one of Americas
on behavior economics. The Citys classes aim
leading providers of individual development
to create a firm foundation of knowledge
accounts (IDAs) and an expert in assetaround the terminology, concepts, and best
building strategies for low-income families.
practices of personal finance.
EARN has played a pivotal role in creating the

A full-time program manager, funded
BoSF financial education program, extending
by the City and working in the Office of the
the programs reach throughout the city,
Treasurer, is responsible for all day-to-day
and rolling out key partnerships and pilot
Bank on
operations and overall program design. In
programs with various city agencies.
San Francisco
addition, grant funding has been raised to
In addition, BoSF partners with over 30
support a full-time outreach and financial
community-based organizations (CBOs) to
education coordinator to establish a strong
deliver free financial management training
city-wide network of financial education
to anyone who is interested. BoSF works
The Dollar Wi$e Campaign
opportunities.
with organizations that have long-standing
profiled Bank on San Francisco
reputations for effectively providing various
in its 2007 publication Model
Target audience
services to the low- and moderate-income
Program: Bank on San
BoSF focuses on bringing underserved
communities that comprise the programs
Francisco.
populations into the financial mainstream
target audience. Partner CBOs all work
and providing the tools and education to
directly with low- to moderate-income
create successful consumers. To do this, the program focuses on clients and utilize the programs core financial literacy courses.
those communities most likely to lack access to safe and sound
Partnering with CBOs has been an effective strategy which has
financial products. Approximately 50,000 households in San
allowed BoSF to increase its effectiveness by borrowing from
Francisco were unbanked when the program was launched.
the good name of partnering CBOs as well as reaching their
This translates to approximately one out of every five adults.
clients during times that ensure a high volume of participation
Young, low-income, nonwhite adults without a college degree
and engagement.
are the most likely to have no relationship with a bank or credit

BoSF also partners with 17 financial institutions that
union and to lack basic financial skills. Estimates suggest that
are committed to hosting at least four financial literacy classes
about half of the African- American and Latino adults in San
throughout the year with various CBOs. In many instances BoSF
Francisco are unbanked, compared to about 21 percent of
white adults.
CONTINUED ON BACK COVER

San Francisco

MAYORS NATIONAL DOLLAR WI$E CAMPAIGN

MODEL PROGRAM SAN FRANCISCO, CA

F I N A N C I A L E D U C AT I O N F O R A M E R I C A

FOUNDING SPONSOR

U.S. CONFERENCE OF MAYORS

COUNCIL FOR THE NEW AMERICAN CITY

Approximately 52,000 households

in Seattle and King County are
WASHINGTON
unbanked. To help bring these residents into the financial mainstream
and avoid high-cost check cashers,
Seattle Mayor Greg Nickels joined
with the Federal Reserve Bank of
San Francisco, the Washington Department of Financial Institutions,
Mayor
The Seattle Foundation, and the
Greg Nickels
Seattle-King County Asset Building
Collaborative to launch Bank on
CO N TAC T
Seattle-King County, based on the
Jerry DeGrieck
San Francisco model. This initiative
206.684.0684
jerry.degrieck@seattle.gov helps people access affordable financial services including checking,
savings, credit, and financial education. Seattle is a partner in
the Cities for Financial Empowerment (CFE) coalition and received a two-year, $200,000 grant that is being used to advance
the financial education efforts.

Seattle

Target audience
The program targets residents of all incomes, including
those facing foreclosure. Some strategies to reach the target
population include direct mailings to residents of subsidized
housing, free tax preparation, and bus advertising. All financial
education classes are advertised on a Web site. The campaign is
all about increasing and creating access to financial education.
Partnerships
Twenty-two banks and credit unions work collaboratively with
the City and have agreed to promote access to and establish
standards for financial products and services. Through this
collaborative effort, the unbanked and the underbanked can
access checking and savings accounts to meet their needs.

Additionally, a key component of this initiative is
to provide financial education. All participating financial
institutions inform their clients of financial education
opportunities and make referrals for these services. Several
participating banks and credit unions offer financial incentives
if their customers complete financial education classes.

To take advantage of the teachable moment of opening a new bank account, participating banks and credit unions
distribute a financial education brochure to new customers.

Since refugees and immigrants are key populations
the initiative is trying to reach, grassroots groups that serve
and advocate for immigrant communities form an important
component of Bank on Seattle-King County. In addition, the
financial education brochure is being translated and printed in
12 different languagesAmharic, Cambodian, Chinese, Korean,
Laotian, Russian, Somali, Spanish, Tagalog, Tigrigna, Ukrainian,
and Vietnameseto reach out to the variety of immigrants and
refugees living in the area.

Bank on Seattle-King Countys partners

FINANCIAL PARTNERS
Bank of America
Banner Bank
BECU
Cathay Bank
Chase
City Bank
Columbia Bank
Express Credit Union
Frontier Bank

HomeStreet Bank
KeyBank
Pacific International
Bank
Plaza Bank
Seattle Metropolitan
Credit Union
Seattle Bank
United Commercial

COMMUNITY PARTNERS
2-1-1 Community
Information Line
ACORN of King County
American Financial
Solutions
Archdiocesan Housing
Authority
CARES of Washington
Catholic Community
Services
Center for Well-Being
of Africans in America
ClearPoint Financial
Solutions
Columbia Legal
Services
Compass Center
Consumer Counseling
Northwest
Consumer Education
and Training Services
(CENTS)
Delridge
Neighborhood
Development
Association

Downtown
Emergency Services
Center
El Centro de la Raza
Habitat for Humanity
HomeSight
Homestead
Community Land Trust
Hopelink
Housing Development
Consortium
Housing Resources
Group
International District
Housing Alliance
King County Housing
Authority
Lutheran Community
Services
Multi-Service Center
Neighborhood House
Northwest Justice
Project
NPower Seattle
Parkview Services
PeoplePoint

Bank
U.S. Bank
Verity Credit Union
Viking Bank
Watermark Credit
Union
Wells Fargo Bank
Woodstone Credit
Union

Pike Market Senior

Center
Port Jobs
Renton Housing
Authority
Rose of Lima
Seattle Goodwill
Seattle Housing
Authority
Seattle Jobs Initiative
SEIU 775
Society of St. Vincent
de Paul
Solid Ground
St. Andrews Housing
Group
United Indians
United Way of King
County
UNITE HERE!
Urban League of
Metropolitan Seattle
Washington
Appleseed
YWCA of Seattle
King County

Nonprofit organizations provide financial education to
new banking customers on a broad range of topics including
managing checking and savings accounts, budgeting, money
management, setting and achieving financial goals, credit
building and repair, credit cards, homeownership, foreclosure
prevention, purchasing insurance, and tax preparation.

To make access more convenient, the program created
the Seattle-King County Financial Education Providers Network.
The network already has 18 nonprofit providers of financial
education participating and continues to grow. Participating
organizations offer free seminars and classes to help citizens
learn about financial management. Through coordinating
efforts, these providers hope to improve the quality of and
access to financial education and to streamline and coordinate
the efforts of financial education providers.

The initiative also works with the 211 Community
Information Line in all its advertising. Residents can call 211
and learn how to open accounts and find out how to sign
up for financial education classes, or go to the website, www.
EveryoneisWelcome.org.

M A Y O R S

N A T I O N A L

D O L L A R

W I $ E

C A M P A I G N

GRANT RECIPIENTS
Utilizing the workplace to improve
the financial literacy of employers
NEBRASKA
and employees alike has been an
efficient and productive avenue
for the City of Omaha to promote
financial education and its Dollar
Wi$e campaign. For the past two
and a half years, the City and the
Financial Stability Partnership (FSP),
Mayor
a collaborative venture between
Mike Fahey
United Way of the Midlands and
University of Nebraska at Omahas
CO N TAC T
College of Public Affairs and
Gail Braun
Community Service, have teamed
402.444.5286
gbraun@ci.omaha.ne.us
up with community agencies to
provide financial education in the
workplace. By providing employers with onsite presentations
and materials on financial education, employees can move
toward financial stability and asset management.

The Workplace Financial Education Program (WFEP)
promotes financial education as an ongoing employee
benefit. It uses the workplace as an infrastructure for the entire
community to address the need for financial literacy. The
program uses community resources that target employers and
enables them to address financial health and wellness for their
entire employee population. The program aims to increase
employee participation in company retirement benefit
programs; improve employee recruitment and retention;
limit human-resource costs for payday advances, 401(k)
loans, judgments, and wage garnishments; reduce employee
turnover costs; and give employees access to second chance
accounts which qualify for direct deposit. To date, the majority
of graduates from WFEP have earned over $40,000 a year, or
twice the federal poverty level of $20,000 for a family of four.

Omaha

Target audience
Building upon the past success of WFEP, the City has also
committed to targeting employers with employees earning
less than 200% of the federal poverty level.

The City and FSP work with the Omaha Chamber of
Commerce to identify employers who pay wages under the
federal poverty level to the majority of their employees. The
focus targets employers experiencing significant turnover and
absenteeism, as experience with graduates from the Workplace
Financial Education Program has revealed a substantial
reduction in both employee turnover and absenteeism in
companies using the program.

The City also partners with the Federal Reserve Bank
of Kansas City, Omaha Branch in promoting this program
to employers. As a partner, the Federal Reserve Bank hosts
luncheons for employers highlighting the benefits of WFEP
using the success of FSPs current program. When an employer
has agreed to provide WFEP onsite to employees, FSP staff will

work directly with the employers human resources staff to set

up the program onsite. Once the human resources staff is ready
to offer this program, employees will be recruited to participate
at rollout sessions that describe the program. Successful
graduates from other businesses come in to talk about their
experience with the program.
Partnerships
The City of Omahas partners include:

The FSP, which issued a request for proposal (RFP) to

identify employers to modify the existing program to
meet the needs of low- to moderate-income workers. The
FSP and the City reviewed and screened proposals and
selected providers that met the RFPs requirements.

The Federal Reserve Bank of Kansas City, Omaha Branch,

which hosts luncheons to recruit employers for the
program. The Fed also assists with the program evaluation.

The Chamber of Commerce of Greater Omaha, which

recruits employers and promotes the WFEP at local events.

Local banks and credit unions, which are invited to

participate and open bank accounts for the unbanked.
Innovation and creativity
This program utilizes the following innovative concepts
developed by FSP:
1. It is delivered onsite at businesses. The City and FSP work
with employers to find the best time for training sessions.
2. It offers nine hours of financial education to workers and
includes up to six annual household financial consulting
sessions in which workers and their spouses/partners
develop a financial plan to reduce debt, develop savings,
and begin moving towards financial stability.
3. The cost per worker is $320. Based on the success of FSPs
existing program, the City anticipates that employers
continue this program, but more employers will want to
incorporate this program.
4. Both the current curricula and the financial consulting
will be revised to meet the needs of workers earning up
to 200% of the federal poverty level. Some examples of
changes will be leveraging the Earned Income Tax Credit
and other tax refunds to reduce debt and build emergency
savings. Workers will also be encouraged to file a W-5 to
increase their monthly take-home pay.
5. Critical to the success of this program is encouraging
participants to get banked. To that end, the City will work
with the Federal Reserve Bank of Kansas City, Omaha
Branch to promote a Bank on the Midlands campaign
similar to the successful effort in San Francisco.
WFEP is a functional curriculum that provides the citys lowincome workers a constructive and practical resource for
attaining financial stability. The long-term goal is to make
financial education a standard benefit to employees in Omaha.

PLEASE RECYCLE

Seattle Mayor Greg Nickels, 1st Vice President, The United States Conference of
Mayors (USCM), center, stands with the plaque for his citys Dollar Wi$e Capacity
Grant at the USCM winter meeting in Washington, D.C., January 18, 2009. He is
flanked by, left to right, USCM CEO and Executive Director Tom Cochran; Miami
Mayor Manuel A. Diaz, USCM President; Burnsville, Minnesota, Mayor Elizabeth B.
Kautz, USCM 2nd Vice President; and Bank of Americas Angie Garcia Lathrop.

Left to right, Omaha Mayor Mike Fahey; Chad Stackhouse, Branch Manager, Mutual
1st Federal Credit Union; Julie Kalkowski, Managing Director, Financial Stability
Partnership, United Way of the Midlands; Virgil Keller, Vice President of Planning
and Community Development, United Way of the Midlands; and Molly McGrath,
Community Affairs Specialist, Omaha Branch, Federal Reserve Bank of Kansas City,
accept the citys Capacity Grant for $15,000 in a ceremony at city hall, April 6, 2009.

SAN FRANCISCO

CONTINUED FROM INTERIOR

plays a key role in connecting CBOs with financial institutions

to begin developing ongoing relationships that add value and
are beneficial to all the players involved including the CBO, its
clients, and the financial institution.
Innovation and creativity
Bank on San Francisco offers a financial trainer at no cost
to partnering CBOs and a mini-grant of up to $300 to help
organizations host a financial education seminar for their
clients or employees. All classes are taught by a trainer who
is an expert in providing financial training to low-income
communities. Classes are tailored to meet specific needs and
can be provided in English, Spanish, Cantonese, and Tagalog.
BoSF also makes available a financial trainer with expertise
in helping lower-income families reach financial goals. The
class covers basic checking account management, budgeting,
savings, credit, and avoiding financial pitfalls. Partner banks and
credit unions are also available to help clients open accounts
(at discretion of the host organization).

Providing up to a $300 grant for partnering agencies
allows them to be creative in reaching out to their population
to increase attendance and participation. Organizations have
used the funds to provide childcare, snacks and drinks, print
outreach material, provide gift cards, apply money towards the
clients first checking account, or to fund the cost of follow up
with clients a month after the class to evaluate the class impact.

BoSF has also created the opportunity for clients to
follow up with a one-on-one financial counselor through BoSFs
partnership with EARN and Balancepro.net, a confidential overthe-phone financial counseling agency. Clients who want to
dive deeper into their personal finances and address questions
or concerns can use Balancepro.net for unlimited over-thephone assistance with a financial counselor.

Mayors National
Dollar Wi$e Campaign

Mayor Gavin Newsom accepts his citys Dollar Wi$e Capacity Grant at The U.S.
Conference of Mayors winter meeting in Washington, D.C., January 18, 2009.

Now we have 17 banks and credit unions that are

part of this, Mayor Gavin Newsom reports. And
what they found ... surprised even them. And that
is there was a tremendous amount of wealth and
capacity. The average checking account [opened
through Bank on San Francisco] now is close to a
thousand dollars. No one anticipated that.

By backing these efforts with supportive financial
education, San Francisco is proving that with the right
products, services, and resources, everyone can be successful
in the financial mainstream. By combining the influence of
government, the regulatory power of the Federal Reserve
Bank, the reach of community groups, and the market drive of
mainstream financial institutions, San Francisco has leveraged
the marketplace of available financial products and services to
better serve the unbanked market.
202.861.6759
dollarwise@usmayors.org
www.dollarwiseonline.org