© January 23, 2013 Cities for Financial Empowerment Fund All rights reserved.

Financial Empowerment Center Counselor Training Curriculum Overview: Financial Empowerment

I 3 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. With support from the CFE Fund, CFE Coalition brings together pioneering municipal governments from across the country to use their power and positions to advance innovative financial empowerment initiatives. By working with key partners in the public, private, and nonprofit sectors, the CFE Coalition leverages its 12 member cities collective power to advance the financial empowerment agenda on a state and national level. Source: Cities for Financial Empowerment (CFE)

I 4 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. Founded by New York City Mayor Michael R. Bloomberg and San Francisco Mayor Gavin Newsom. Member Cities: Chicago, Hawai'i County, Los Angeles, Louisville, Miami, Newark, New York, Providence, San Antonio, San Francisco, Savannah, and Seattle. Source: CFE Coalition

I 5 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. The CFE Fund's mission is to leverage municipal engagement to improve the financial stability of households by embedding financial empowerment strategies into local government infrastructure. The Fund will work with mayoral administrations and those interested in supporting them to actually “pull triggers -- and will measure its success accordingly.” Source: CFE Fund

I 6 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: Integrating Financial Empowerment Just as certain vitamins are beneficial at varying stages of development, financial empowerment strategies can and should be adapted to serve unique client needs at important transition points. Source:

I 7 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: Professional Financial Counseling All Financial Empowerment Center (FEC) counselors are required to take and pass City University of New York (CUNY) Consumer and Personal Finance course. Class sessions cover a range of 12 topics. Material is intended for inclusion in counseling and educational sessions. Source: NYC_FECOperations Manual

I 8 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: Integrating Professional Financial Counseling

I 9 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: FEC’s New York City’s FEC’s are the first manifestation of this new, professional approach to financial education and counseling. At the Centers clients get free one-on-one financial counseling delivered by professionals, all of whom have taken and passed the City-designed course developed by CUNY. Source:

I 10 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: The FEC Approach 1.Triages consumers’ financial situations, sets goals, and establishes a specific plan of action with each client. 2.Delivers services at scale because they are embedded in existing multiservice organizations to provide on-site opportunities for cross-referrals. 3.Systematically tracks data and outcomes for client management and evaluation. Source:

I 11 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: The FEC Approach 4.Integrates counseling into a range of City and nonprofit service delivery mechanisms to make interventions more effective 5.Leverages infrastructure, established relationships, and resources from the City and nonprofit lead entities 6.Establishes an ongoing coaching/mentoring relationship with the client 7.Provides linkages to strategic referrals, including benefits access, legal assistance, and tax assistance Source:

I 12 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: Financial Counseling Session Defined Providing information that increases the recipient’s knowledge and ability to take self-improving action in areas of money management, financial planning, savings, debt and credit, and affordable banking products and services. Conducted with the goal of achieving financial outcomes for the client. Source:

I 13 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: Financial Counseling Session Client Intake: 1.Authorization – signed Client Service Agreement. 2.Financial Health Assessment - the initial session. 3.Service Plans - four major financial areas in which clients can make improvements to become financially empowered. Source: NYC FEC Operations Manual, Version 1, June 14, 2012

I 14 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. FEC’s are evaluated using an outcome driven client management system that tracks numerous data points for clients based on customized service plans suited to their particular needs. At each financial counseling session, milestones or action steps are taken and recorded toward the financial outcomes. Sources: NYC FEC Operations Manual, Version 1, June 14, 2012 Evaluation and Performance Tracking

I 15 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. Focus is on outcomes where clients achieve specific numerical increases in the following measures of financial stability: Banking and Financial Services Access/Affordability Improved Budgeting and Money Management Improved Credit History and Access Debt Reduction Establish or Increase Savings Source: NYC FEC Operations Manual, Version 1, June 14, 2012 Integrating Financial Empowerment

I 16 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: FEC MODEL

I 17 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. SUPERVITAMIN EFFECT: FEC MODEL CLIENT REFERRAL SOURCES 2-1-1/PUBLIC AWARENESS FINANCIAL PARTNERS NETWORK OTHER SOCIAL SERVICE PROVIDERS FINANCIAL EMPOWERMENT CENTER SAVINGS CREDIT DEBT BANKING BUDGETING CREATE SAVINGS PLAN REVIEW CREDIT REPORT ADDRESS DEBT OPEN BANK ACCOUNT DEVELOP BUDGET INCREASED SAVINGS INCREASED CREDIT SCORE REDUCED DEBT USE & MAINTAIN BANK ACCOUNT IMPROVED FINANCIAL STABILITY LINKAGES to TAX PREP, BENEFITS, LEGAL & OTHER SERVICES LINKAGES to TAX PREP, BENEFITS, LEGAL & OTHER SERVICES IMPROVEMENT IN OTHER SOCIAL SERVICES OUTCOMES EXAMPLES OF MILESTONES SERVICE PLANS SUCCESS IN OTHER SOCIAL SERVICE PROGRAMS CITY FUNDED PROGRAMS Source: NYC FEC Operations Manual, Version 1, June 14, 2012

I 18 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. The professionalization of a field of service requires not only setting a very high bar for quality services but also a high degree of standardization of service provider training, service delivery metrics, performance outcomes, and impact measurement. Source: SUPERVITAMIN EFFECT: Professionalizing a Field of Service

I 19 © January 23, 2013 Cities for Financial Empowerment Fund All rights reserved. Ultimately, national standards and certification will facilitate a growing body of clear, measurable evidence about the quality of financial education and counseling for federal agencies, funders, service providers, and consumers alike. Source: THE SUPERVITAMIN EFFECT: National Standards and National Certification