Name of Action
Description of Action (12 sentences)
How will this action reduce poverty in Nashville (1-2 sentences)
Why is this a doable* action at What will be the change that this time (who could block and occurs if this action is taken? could we influence; 1-2 (1-2 sentences) sentences) Youth will be more knowledgeable about financial literacy and can develop good financial habits early and avoid going into debt. There will be advocacy to encourage legislation and/or policy to eliminate predatory lending. Adding to the VITA curriculum is probably doable. Adding to K-12 is more difficult, and could be blocked by school system, teachers or teacher union. Predatory lending regulation is desperately needed and could be blocked by predatory lenders, lobbyists and legislators.
Would this action take 1, 2, 3 or more years to do?
Action subcommittee members,with contact information
Add financial literacy to VITA curriculum. Add financial literacy to K-12. Create alternative credit union model. Legislation Promote to prevent predatory financial literacy lending. Enhance awareness of asset strategy (savings, higher edu.), replicate best practices. Encourage use of Community Reinvestment Act, Promote asset increased access to building services.
Increased awareness of personal financial responsibility and financial products; avoidance of excessive predatory lending fees.
1 year-VITA. 2-3 years schools and legislation.
Understanding long and short term benefits of building assets. More effective use by banks to comply with Com. Reinv. Act.
There will be a greater use of asset building strategies, resulting in increased individual savings. Banks will be encouraged to improve use of Com. Reinv. Programs.
There has been a trend toward less savings and more debt, so asset building is crucial now. Could be blocked by financial institutions if they are not supportive. 2-3 years
Collaboration with financial institutions on economic opportunity
Increase access to banking services. Develop reasonable lending products.
Greater access for traditional banking products. New banking products to benefit low income population.
There will be more use of banking products by low This is primarily contingent on income persons, including the willingness of financial traditional and new products. institutions. 3 years
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Enhance accessible employment opportunities
Establish dialogue with employers (existing and new). Create re-access programs to address barriers to employment (transportation, education, child care, etc.) and develop pilot programs for specific populations (women, homeless, small business, entrepreneurs, etc.)
Clarify with Workforce Development so that issues are not duplicated
*3 questions for determining do-ability: 1) Are the people who control the necessary resources members of the action group? If not, do you have the influence in the Action Group to bring them in? 2) If policy changes are needed, do you have the influence in the Action Group to make those changes happen? 3) If there are individuals or groups that might block the action, do you have the influence to bring them on board?
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