CFPB FinEx Webinar September 22, 2016 1:00 pm CT Welcome and thank you for standing by. All participants will be able to listen only until the question-and-answer session of this conference. At that time, if you would like to ask a question, you may do so by pressing Star then 1 and recording your first and last name. Today’s conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to your host for today, Ms. (Dubis Correal). Ma’am, you may begin. Thank you, Christine. Good afternoon, this is (Dubis Correal) with the Consumer Financial Protection Bureau, office of financial education. And before I start my presentation, I would like to read our disclaimer that, “This presentation does not constitute legal interpretation, guidance or advice from the CFPB and that this presentation is used in support of a live discussion.” So, welcome to the Financial Education Exchange series. We hold monthly webinars this Thursday of every month. And today's webinar is about Financial Education Programs Targeted to Immigrant Communities. We also have some special guests that I - who I will introduce later, who are representing the Pacific Asian Consortium and Employment in Los Angeles. So, we are with the Office of Financial Education within the Consumer Education and Engagement division. We have four offices that are targeted specifically to populations like older Americans, Service member Affairs of students and also the Office for Financial Empowerment. And then we have two offices that sort of kind of cross those four specific population offices and those are the offices of Consumer Engagement in Financial Education. The mission of the Office of Financial Education is to create opportunities for people to make better choices about money to reach their own financial goals. And we do that by working with existing channels for delivering financial education to support consumers by providing consumers with the tools that can help them to make critical decision at different points in life. And we also do research. And to - and just to update you on our consumer - our FinEx exchange -- for those of you who are new to our financial education exchange or FinEx -- it is an online and in-person information exchange for financial educators. You can receive news, research on financial education from the CFPB through FinEx, you can connect with peers in the financial education field. And through FinEx, you can participate in webinars, you will get email updates, invitations to regional conferences and more. So, if you're interested in signing up and you're not part of FinEx yet, you'll see the email address at the bottom of the slide: cfpb_finex@cfpb.gov. So, for those of you who are not part of it, we invite you to participate. So, since its inception about 15 months ago, we have now 1,800 members. On September 8, we held a conference. We had about 120 people here at the bureau and we have about 60 people participating virtually. The conference went very well. We had an opportunity to discuss different topics. And we sync those who participated in the conference and we also sync them for the contributions. So, the topic for today as I've mentioned is financial education targeted to immigrant communities. But before I talk about this field scan that we did, I do want to put this in the broader context of the work of the Office of Financial Education that’s with respect to research. As part of meeting our goal of empowerment consumers to take more control over their economic life, we engage in research to better understand consumer decision making and effective financial education practices. We use that research to both inform our own financial education board here at the bureau and we also share those findings with the financial education community to do FinEx. So, to better help financial education practitioners who serve consumers of diverse backgrounds, the CFPB conducted a field scan of financial education practices with its immigrant communities. As part of the project, the research team led by APS associate, our contractor, reviewed our previous research by many other institutions and organization, many academic studies and also spoke to different consumer groups. They interview experts who work with immigrant communities. And the objectives of the field scan were to identify and understand the challenges in building financial capability faced by immigrant population. And also identify promising financial education strategies designed to help these communities. I'm trying to advance the slides here. So, the field scans show that immigrants vary in how they experience various building financial capability and in their financial education needs. Therefore, no single strategy can be expected to work for everyone and there's no intent to generalize to all immigrants. So, the field scans found three different types of challenges faced by immigrant communities. The first one is closed by socio-economic status. The second one unique to immigrant communities. And the third one is associated with limited English proficiency. So, the first one, for many low-income immigrants, they face the same challenges to building financial well-being as native-born individuals face in similar circumstances. In terms of challenges unique to immigrants, some of them are - the fact that immigrants aren’t familiar with the financial concepts specific to the US or may not understand US financial institutions in products and challenges associated with limited English proficiency - while we recognize them not all immigrants have limited English language skills. English proficiency is a common issue for many immigrant populations in accessing financial services. Families with limited English skills face multiple obstacles to understanding and accessing financial products and services. The field scan - and I'll talk a little bit more about these three challenges as we go along. The field scan also found challenges faced by financial educators serving immigrant populations. For the first one is the one related about socio-economic status. Using mainstream financial services, the issue here is that many times immigrants do not trust financial institutions due to previous experiences with financial institutions in the US. For example, immigrants have expressed frustration about their experiences with banking because sometimes consumers were not aware of or they don’t understand all the potential fees or they fell that the fees were not explained well. For families with low and unstable income, the potential savings from having bank accounts may be eliminated if they don’t understand the full set of possible feel and the steps required to avoid those fees, for example, if they don’t need minimum requirements. In terms of credit history, this is very common especially among new immigrants who have not yet used credit products in the US. Damage credit might also be a problem for immigrants who obtain credit without fully understanding the features of product or without information about managing credit and loans. Similar to non-immigrants, immigrants may also default due to financial shock which might also impact their credit. And also, the fact that a lot of immigrants don’t understand how credit is important in obtaining job and rental application. So, this presents some opportunities for financial educators to introduce recent immigrants to the important of having credit. In terms of small businesses, according to the Small Business Administration, immigrants have higher business ownership rates than non-immigrants. And about one in ten immigrant workers owns a business. However, it is sometimes challenging for them to get loans beyond credit cards and personal loans. So, a lack of access to credit can present barriers to starting or building a business. In terms of the challenges that are unique to many immigrants, the first one is not being familiar with the US financial system. And that presents a challenge and also, in many cases, immigrants don’t have similar product or services in their home countries. As I've mentioned before, lack of trust in financial institutions is a big issue and this is due to prior experiences with financial institutions in their country of origin or when they fall victim of scams and deceptive practices, they sort of become skeptical. Another issue is the expectation of returning to their countries. Immigrants who expect to be in the United States for only short periods of time, don’t engage in financial capability as much as those who plan to stay here for their long term so they don’t see home ownership or other kinds of long-term investments as a possibility if they're thinking going back to their countries. So, for this reason, some immigrants may not be able to attain financial well-being in the US. But that’s not to say that they're not building savings to go back to their countries. Also, the fact that a lot of immigrants leave and communities are concentrated by immigrants. There are studies that suggest that immigrants living in these communities are more likely to join other types of financial products to actually access other types of financial products and not necessarily the main financial system. And documentation and identification requirements is also a big problem. There is a variation in what types of documentation is accepted by financial institutions as part of know-your-customer requirements. Some -- but not all -- financial institutions may accept foreign passport, consular IDs or other forms of identification. So, immigrants may face challenges in navigating the documentation and ID issues needed to access financial products and services. And in addition to the confusion that immigrants have, banks also are confused about what kinds of IDs they need to require. New York City Office of Financial Empowerment found that documentation status is one of the strongest determinants of banking in the US for immigrants. So, in terms of challenges associated with limited English proficiency, help with limited English skills face multiple obstacles to understanding and accessing financial product and services. Financial disclosures, for example, or other written documents may be available only in English which it very hard for people who don’t speak English to understand those documents. And even when institutions have bilingual bank employees they might not be familiar with all the financial products the institution offers Also, technical terms in the US that might not be familiar to others from other countries like terms like sub-prime or overdraft protection, 401K, those are terms that are not in other cultures. So, it's also very challenging to translate those terms. Sometimes it's better for us -- so, for financial education providers -- to use the English terms in parenthesis so people can associate the translation to an English term. Another issue that limited English proficiency present is scams and deceptive practices. Many immigrants deal with these practices. For example, service providers that work with limited English proficiency communities indicated that in some cases individuals use their ability to converse fluently someone’s native language to build trust and then they take advantage of that person. Others indicated that sometimes people negotiate the terms of a contract in their language but then they make them sign other documents that reflect totally different terms. So, those are the challenges presented in terms of - that are unique to immigrants. In terms of the challenges that financial education practitioners face, one of them is reaching the target population. So, for many immigrants their family and friends serve as the primary source of information about financial products and services. They may be very cautious about accepting offers of help from outside the circle. Also, accessibility to programs sometimes is hard because of transportation or options along with the fact that they have children and they have to bring the children with them. Also because they have non-traditional schedules. So, when you think about programs for immigrants, you have to take into consideration those issues. Adopting available materials is also a challenge because of what I mentioned before in terms of translations that sometimes don’t make the documents more clear. So, that presents a challenge as well and also training and retaining a staff that are qualified bilingual and also not only bilingual but bicultural. In terms of promise and practices, field scan identified -- we’re going to mention a couple here -- so outreach and awareness campaigns. We learn about the range of our reach and awareness campaigns designed to help immigrants learn about their financial system, how to navigate it and how to avoid pitfalls with respect to direct financial education. Many community-based organizations offer financial education among other services. And these organizations often tailor their financial education programs to the unique needs of their immigrant clients. Having culturally appropriate materials is also important. We learn that many financial education materials that are culturally appropriate in some cases have to be in multiple languages and not only is it translating but it’s transcreating -- making sure that the translation is not literal but that conveys the message. In terms of other promise and practices, integration is important because you already have the community attending other programs. So, being able to present financial education as part of other programs is promising. Employer-based programs - although - these programs don’t generally target immigrants. These programs’ whole promise for the ability to reach immigrants working for large organizations. And the school-based programs - we saw some examples of programs based in the schools. Immigrants tend to trust schools more than any other entity. So, it also presents an opportunity to educate the immigrant community. In the field scan we included looking at financial products and services tailored to help immigrants while we do - while we make the distinction between financial education and financial products, these tailor products were also combined with financial education and can be an important part of a strategy to help build financial capability. For example, remittances are an important product. We also learn about tailored strategies such as lending circles. And lending circles are social programs that are based on traditional practices of a formal group lending found in a number of countries around the world. Consumer service and locations - while many transactions are available online, studies indicate that many immigrants still like to bank in person. And the consumer service experience matters a lot to them. The National Council of La Raza conducted a survey that shows customer service rank as one of the most significant factors when survey respondents were asked what they were looking for in a banking institution. Some other areas that we identified is products that meet religious requirements. Some immigrants prefer to finance purchases in ways that meet religious requirements with respect to credit or interest. In terms of improving credit, we also saw credit building loans that can help immigrants with limited or no credit history to build or improve their client file and of course, small businesses as we mentioned before. We also learn about citizenship loans for immigrants who are residents in the country and they would like to become citizens. Citizenship is about $900 per person. So, if we’re talking about a family of four, it’s a lot of money. So, there are some good loans out there for those purposes. In terms of the materials that the bureau has created for immigrant communities, I have listed here all the resources that we have. And I'm going to go very quickly through them. So, we have the Newcomer’s Guide to Managing Money. This guide provides recent immigrants with basic information about managing their money. We also have a webpage for ordering multi-lingual printed publications. We have publications available in up to nine languages. We also have our website in Spanish. We have a tool in Spanish also for people who need information as to when is the proper age to claim for social security. And what I mean by proper, it is the age where they would have full benefits. We also have Your Money, Your Goals which is targeted to social workers. We are actually doing some training in Spanish across the country. This is just an example of our remittances brochure. Today we’re launching Money As You Grow in Spanish. And this is a resource for parents to teach children about money. So, we’re very excited to announce that it’s now available in Spanish. So, for those of you who are interested in accessing all of our resources here’s our website address. You see it at the bottom of the slide. And it’s Consumerfinance.gov/adult-financial-education. I invite you to visit our page and access all of our resources and also all the papers and research that we have done so far. Now, I would like to take any questions if we have any questions before we move forward to the next presentation. (Christine), do we have any questions? Coordinator: Thank you. At this time, we would like to begin the question and answer session of the conference. If you would like to ask a question, please press Star then 1. You must record your first and last name to ask your question. And to withdraw your question, you may press Star then 2. Once again, to ask a question at this time please press Star then 1 and record your first and last name. One moment for the first question please. (Dubis Correal): If we don’t have any questions at this point, we can move on. And again we can open it up for questions later. And feel free to also send us questions through the chat if you would like to do it that way. So, I would like to now invite our colleagues Rachelle Arizmendi and (Namuch Socum) from the Pacific Asian Consortium in Employment in Los Angeles. They will talk to us a little bit about their programs and how they’re targeted to the immigrant community. Rachelle and (Namuch)? Rachelle Arizmendi: Thank you so much Ms. (Quran). This is Rachelle Arizmendi and I do have with me today (Namuch Socum) and I’ll tell you a little bit about him in just a few minutes. I do want to thank CFPB for the work they’ve done in this area because this work truly is core to what we do here at PACE. And so, I'd like to spend a little bit of time to tell you about PACE and our unique approach to working with the immigrant population. And then I’ll go ahead and turn it over to (Namuch Socum) who is our director of business development services and also overseeing our asset-building work and to talk a little bit about the products and tools that we use to work with our population. So, if I may I’ll go ahead and start here with our slide. I have access. I do. So, to give you a little bit about the landscape of our work, I want to tell you about PACE and who we are. We are a non-profit community development organization that started over 40 years ago. And as our name denotes -- Pacific Asian Consortium in Employment -- we started our work in workforce development and job training. However, over the years we developed into many different services to reach our Asian Pacific Islander or as I will refer to from here on forward the API community and also the community at large. Annually now, we serve approximately 40,000 clients throughout the Los Angeles County area in the areas such as financial education, asset-building, business development, education, again our workforce development work, housing and energy environmental services. But for today’s purpose and our presentation today, I'd like to focus more on our business and asset-building work that we do in the community. To tell you a little bit about who our clients are, it does differ depending on which programs we’re focusing on. But again, for today I'd like to focus on our business developments clients and our asset-building clients. To give you a little bit more background however, it would be important to know what our county looks like. In Los Angeles County, we are looking 1.5 million APIs or Asian Pacific Islanders within our county. And APIs are traditionally undercounted. So, at this point this number could be far north again of that 1.5 million. In terms of the number of immigrants, we don’t have that number but we do know it is at high level. Recent studies have shown up to 60% of those APIs but again we don’t have hard numbers on that. So, please forgive the acronyms that are there before you on your slide. But our typical client profile in our business development center includes LI which is low income, again API is Asian Pacific Islanders, LEP is limited English Proficiency, women refugees, asylees, and immigrants. And it was really interesting to hear from CFPB and Ms. (Quran) as to what they found in their field scan because it really is what we’re experiencing as practitioners on the ground and who we are serving. Typically, we are seeing clients that are underbanked and they’re also develop mistrust for anything that’s affiliated with the govt. And although we are a non-profit organization, we’re still - people are not sure as to who we are and how we might be affiliated with the government. We also are working with clients that have multiple barriers including language and cultural barriers. And a result, what we are seeing in our client profile is a compropised (sic) or no credit history, people with no conventional assets or collateral and also no commercial borrowing relationship -- again really an alignment with what was found in the field scan with the CFPB. So, what do we at PACE see differently? You know, when we were initially asked to present on this I had to be clear that our products and our tools that Mr. (Socum) will be speaking about shortly are not specific to the immigrant population. In fact, they are tools that I imagine most of the attendees here today use. What we do however, is we have a unique approach. And as I shared a bit about who our clients are in the profile, it starts initially with developing that trust with our community. And because PACE has been in the community for over 40 years, we have been able to develop that trust with the people that we serve. A lot of our work and a lot of our clients are actually referred by other clients. And in our communities -- especially the immigrant population whichever group you're dealing with -- it typically is who they’re referring to by mouth. We could do flyers, we can have presentations, but if it's coming from one of their neighbors or somebody from their community that said, hey, we've done work with PACE and they’d been able to helped us in X, Y and Z, that really is how we are able to outreach into our communities. So, our unique approach is -- if you can see, they’re in front of your slide -- is all of those areas that we bulleted there. But I do want to really underscore how important it is to have the linguistic and cultural competencies to meet the needs of the communities that we’re serving in immigrant population. Again, kind of back to what you heard from Ms. Correal in the field scan, this is really along the lines of what they’ve been able to identify. Here at PACE, we do have over 40 languages and dialects that we speak, and understandably so, that may not be something that all organizations can do. And I think again, in the previous presentation talking about the ability to maintain the staff to meet those linguistic and cultural needs, it really is important when you are serving the immigrant population if not imperative. We also focus on the outreach aspect of it. And I spoke a little bit about that when I first got to this. But it's about leveraging our partnerships with community partners and also with banks, connecting with clients whether it's with printed materials which hasn’t necessarily been our most effective way of outreach. Working to our on-air ethnic media has been really critical. And also canvasing existing business that the clients in the neighborhood that we are targeting, and again, relying really heavily on (AUDIO GLITCH 00:31:52). Additionally, our staff really do go the extra mile. And I know that’s sounds a little bit cliché, but let me explore that a little bit further. When are working with our clients, we're not just talking about the programs as they relate to asset building or business development in that one area. What we try and do is really take a holistic approach to working with our clients because we really are about achieving economic self-sufficiency. And that really is the core of our mission here at PACE. So, we want to assist with any other immigration issues that our clients may have, connecting them with public assistance, and connecting them with our other existing programs here at PACE, whether it be for the Head Start program or whether it be for energy environmental services. It really again a comprehensive approach to working with our clients and not to be just one single purpose. I spoke a lot about our trust in our reputation in our communities, but it really is a critical part of our unique approach. We are able to obtain key information from our borrowers in our lending work that maybe - that our clients are unwilling to present or provide to banks. So, because of our trust that we've been able to develop with a lot of our clients, we're able to uncover critical and relevant information especially with our entrepreneurs as to what their past experience had been, what’s their motivations are and characters and abilities. And so if they’re traditionally underbanked, we have the ability with some other products and tools that Mr. (Socum) will be talking about as how and if we can meet the need of our clients. And then lastly, in contrast to conventional lenders, our programs are designed to address the specific technical - training and technical assistance needs and market gaps and chapel needs of our immigrant, refugee, asylee, and low-income clients. So, with that I'd like to introduce my colleague here, Mr. (Namuch Socum), who again is our business development director. And can go to a little bit more detail about our products and tools that we use to serve the immigrant population. (Namuch Socum): Thank you, Rachelle. And good morning everyone from Los Angeles. So, specifically on these immigrants that we have, as you can see in the previous slides - not only immigrants but we have asylee and refugee. And sometime be also helped human trafficking victim and also sweatshop victim as well. PACE fundamentally we believe in the assess to capital for everybody and then assisting this family to reach the economic self-sufficiency. PACE started in 1976 but the asset building and the business development actually started in 1992. So, by now we provided over 60 workshops a year and serving about 2,800 people every year. Now, the key ingredient to stablish trust amongst our clients as we have standing throughout the presentation that trust was an issue. The key is to build a trust for us into higher - this staff from the community that we serve. So, for asset building and business development among our 15 staff who speak - Spanish, Korean, Chinese, Mandarin, Cantonese, Turkce, Vietnamese, Cambodian, and French. So, you can see that the people, the staff that coming from these community knew about the community and can help to establish trust. We also focus on entrepreneurial training, it cost - not everybody as the scan show that about 10% of the people or more interested in sale employment. But one of the issue that we have faced over and over is that be in business in social finance actually from England. And that’s why we see that by the time they get into us - there’s a lot of issue on credit. And one of the emphasis and we believe that credit - light cash is an asset. So, we have credit counseling and also credit workshop on further practical matter. We also help them to get secure credit card and as far as our lending - we also use reporting to credit bureau so that we can bill the credit as well. I would go through a little bit more specific on the - some of lending programs that we use and the other tool that we have been built. So, that our lending had been improving because of different issue. So, back in 2009 we received a recommendation from local SBA district to participate in the SBA microloan into intermediary, which providing loan for $500 to $50,000 to start a business. And further we continue to participate, apply and get approved and participate in the CDFI which is the - under U.S. Treasury for Community Development Financial Institutions. And then we’ll provide loan from $50,000 to $250,000. So, these are the specific tool that we use, not only to provide capital - access to capital so that they can self-employee but at the same time as they grow from a micro business - we ourselves help them to get a larger loan as well. And we are connected directly to the refugee, the resettlement office for micro and PACE program. And as well we use the IDA program which is a grand that much refugees saving. We add them to save $1,000 and be matched within a $1,000. So, for a husband and wife, refugee or immigrant as highly they can get up to $4,000 to start a business. And those are some of the speed capital and when they start to get our load, we help them to build that credit by reporting at the access. Now, the last program that we use is volunteer income tax assistance which is commonly known as VITA. We assist them if they don’t have the tax identification. We also assist them to get the identification number of those item. And it is very effective, last year we sell 705 families. And from that, we helped the clients to get back in tax credit and other tax return of $1.6 million. And I will close there. Rachelle Arizmendi: Thank you so much. Let's back as you - high level overview again of the work that PACE does related to immigrant populations specific to our business development asset building. So, we’ll be happy to answer any questions and we wanted to open Ms. Correal to both of our presentations. We can also do that. Dubis Correal: Hi, (Christine). Do we have any questions from the participants? Coordinator: At this time Ma’am, I’m showing no questions. Dubis Correal: So, we have two questions here. One is, do you partner with other groups to set of leverage three sources and other types of services? And the second question is different, how you combine the financial education with the product? So, we’re going to take that first question and much we’ll go ahead and answer that. (Namuch Socum): While we leverage with everybody including the Office of Mayor of Los Angeles who started the Bank on LA. And we were selected as one of the three hop in LA. So, the other non-profit has a client that one is to open a bank account. For example - because I will participate in IDA program, they would send it to us and we would help them to open a bank account, either for saving or checking. We also have a big partnership - a strong partnership with the local United Way program here. And so, that just names a couple that we do partner in. Dubis Correal: And now, go ahead and also in our agenda… Rachelle Arizmendi: I'm sorry do we - they get disconnected? Coordinator: Yes, mam. It’s looks like their line disconnected. I will watch for them to rejoin. Rachelle Arizmendi: Great. Thank you, (Christine). Do we have any questions from them -- from the audience? Coordinator: We do have a question on the phone line. That question is coming from (Josephine Bernch). You may ask your question. (Josephine Bernch): Yes, I wanted to find out - these relates to the first part of the lecture. Loan so that people who need the assets to apply for citizenship, do you have a list of different groups that might assist people on that way, you know, make loans for citizenship reasons? Dubis Correal: Yes, so this is Dubis. We do and have listened. And even for us, we may not be able to provide such a list because of the indorsement issue. However, we are aware that our groups out there that provides citizenship loans and usually the non-profit organizations partnering with the financial institution to provide those loans. In fact, there is a group here in Maryland that does that. However, we also have to be very careful because there are some of those loans that unfortunately they take advantage in charge very high interest. So, that will be my only sort of note of questions. But there are some groups out there that are doing great work in this PACE. Specifically, because I mentioned it is very expensive to apply for citizenship. And if we’re talking about a family of four, it is about $900, you know, were talking about $4,000. But yes, unfortunately we don’t have specific names. (Josephine Bernch): But if someone were to contact you, could you at least direct them to some - because I honestly didn’t know that there were any groups doing that. Dubis Correal: We could find out if you have people email. And I will - I'll put the… (Josephine Bernch): Please provide an email. Dubis Correal: Yes, I will… Rachelle Arizmendi: Hi. Dubis Correal: (Rachelle) and (Namuch) just joined. I apologize we had a technical drop there. So, we are back but please email any questions, we’d be happy to answer any of those. What I had just stated before I dropped off was that it’s just critical to partner with local organization, banks, corporations because the grant money from different agencies alone cannot support the work that we’re doing. And it’s also that much more critical to leverage -- like resources, again, at all the different levels. But our work is successful because of the partnerships and collaborations that we have. (Namuch Socum): And in case how to combine financial literacy or financial education with asset building, I think the best program in existing now is asset - or independent - or a fee. The training and the saving are all for us leading to see the money to start the business. So, we help our clients to understand the financial that is equated while at the same time they will have 6 months to 12 months to do the saving and we help them to start a business and of our saving period. Dubis Correal: Okay thanks, that's very helpful. We have a question online. So, I think the question is, is there strategy to begin partnering? Apparently this group has begun getting a lot of nonnative clients… (Namuch Socum): Yeah, I think… Dubis Correal: …running the business. Go ahead, (Namuch). (Namuch Socum): For us, we participate in county-wide network that have studied the asset building steering committee from the beginning and it was led by United Way and LA County. And we were a part of the steering committee and from that on they participate in the training, the setup and the creation of the program. And that's how we started it. Rachelle Arizmendi: And if I may, (Amber) I think this is your question. I think, you know, there is not one strategy that's going to work, but I think it would be helpful to reach out to your partners in the community to find out who would be interested in collaborating with you. So, what we can do offline is we can also send you some resources that might be helpful. And for anyone else that's interested in that, we can send that to you also. Dubis Correal: And there's another question that might be good for you guys as well, given the work that you do with Bank On LA. And the question is suggestions on partnering with the bank. Rachelle Arizmendi: For the enticement if you offer a bank. Dubis Correal: What enticement used? (Namuch Socum): Yeah, banks play a very critical role in the asset for (unintelligible). There is a match that require for the non-federal portions and we partner with many banks is that not only provide us with the match but at the same time, they have to serve as the custodial account provider because we need some saving mechanic for our clients to open and to get the actual bank statements and monitoring their saving and deposit on a monthly basis. Dubis Correal: Great, thanks. And going back to the previous question, I did put on the screen the slide that has the email. So, please feel free to email us with your question. But also in terms of - and other question that we have on the chatroom in is what kind of resources are out there that you want to make sure you share with your clients? The paper that I covered today has an appendix. And in there, we included a lot of resources and other financial education programs that are doing work in this phase, including a phase who we invited to speak with us today is one of the programs listed in the appendix. So, I will invite you to look at the paper. We also included the list of resources that I mentioned that the CFPB has in other languages, we also included that in the paper. So, I just wanted to make sure I answered that question about resources. Do we have any other questions? Coordinator: At this time ma’am, I’m showing no questions. Dubis Correal: Great, I… (Namuch Socum): Could I add a little bit about working with banks. Dubis Correal: Please do. (Namuch Socum): So, under - for banks they had to deal with bank regulator. And the Community Reinvestment Act or CRA require banks to work with nonprofit in three different categories. One is service -- so they can be a volunteer on advisory boards or come and do workshop and they also need to do investments. So they have to lend into a low income community without certain mortgage or financial product and plus their contributions in the formal grant. So, it’s a matter of forming - come up with a program and make them aware what you provided and start to build a relationship over the year. And I think that's how we do work with them. And of course they do want a checking account from us. So, we also do have some kind of financial account with bank. So, it’s a relationship back and forth. But we need to be aware that the CRA are the requirements that banks want to meet. And having a financial education program for them to fund is a good way. Dubis Correal: That’s very helpful. Thank you so much. And I wanted to mention that, as indicated at the beginning, this webinar has been recorded. And you can access it by going to the next page on our webpage, ConsumerFinance.gov. So, we would invite you to visit our page. If you have missed previous webinars, you would also find them here. And before I close do we have any other comments or questions? Coordinator: At this time ma’am, I’m showing no comments or questions. Dubis Correal: So, this concludes our call. And I want to thank our guest today for presenting. And I want to thank the participants for attending the webinar. Have a great day. Coordinator: This concludes today’s conference. Thank you for your participation, you may disconnect at this time. END NWX - CFPB HQ Moderator: Sharon Mobley 09-22-2016/01:00 pm CT Confirmation # 9878378 Page 1