Our future is stronger with Children’s Savings Accounts (CSA)
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Our future is stronger with Children’s Savings Accounts (CSA)

A quick glance at Michigan’s growing CSA field By Brian Rakovitis, manager of financial empowerment initiatives Removing barriers to postsecondary attainment in Michigan provides more opportunities for low- and moderate-income communities, improves the quality of life for residents, and helps combat inequality. Savings play an important role in achieving increased attainment. Studies have found that...

CDC National Eviction Moratorium only delays the coming wave of evictions, Congress must take action
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CDC National Eviction Moratorium only delays the coming wave of evictions, Congress must take action

By Benjamin Andrews, junior policy associate The Centers for Disease Control (CDC) issued a nationwide eviction moratorium on Friday, September 4. The CDC recognizes the necessity of sanitation, distancing, and quarantining throughout this pandemic, and that these precautions are best enabled by people remaining stably housed. The moratorium—in place until December 31, 2020—is an important...

Small-dollar savings lead to big rewards: What Michigan can learn from the UK’s Child Trust Fund
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Small-dollar savings lead to big rewards: What Michigan can learn from the UK’s Child Trust Fund

By Brian Rakovitis, manager of financial empowerment initiatives Nearly two decades ago the United Kingdom government decided to invest in its future (and its youth) by opening savings accounts for every child before their first birthday. As Michigan communities pursue similar initiatives, this program provides further evidence for what we already know: small-dollar savings lead...

Housing is Out of Reach in Michigan for Low-Wage Workers
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Housing is Out of Reach in Michigan for Low-Wage Workers

Michiganders earning minimum wage must work 57 hours per week to afford a one-bedroom rental home Michigan, July 14—The National Low Income Housing Coalition released their latest Out of Reach report, highlighting the significant gap between renters’ wages and the cost of rental housing across the United States. Low wages, wage disparities, racial inequalities, and...

In solidarity: A letter from our executive director
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In solidarity: A letter from our executive director

Dear CEDAM members and supporters, The past week has been a heavy and heartbreaking one. With you I mourn the lives of George Floyd and Breonna Taylor — two Black Americans recently murdered by the police — and all those killed before them. I stand in solidarity with the thousands of protesters who are calling...

Payday Lending Expansion Bill Passes in the Michigan House 
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Payday Lending Expansion Bill Passes in the Michigan House 

FOR IMMEDIATE RELEASE                May 27, 2020 Contact: Jessica AcMoody Policy Director, CEDAM acmoody@cedamichigan.org (517) 231-6139 Payday Lending Expansion Bill Passes in the Michigan House  The proposed legislation could result in borrowers owing more than $4,000 on a $2,500 loan LANSING— Today the Michigan House of Representatives approved House...

Changes to CRA expand opportunities for nonprofits responding to COVID-19
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Changes to CRA expand opportunities for nonprofits responding to COVID-19

By Brian Rakovitis, manager of financial empowerment initiatives On March 19, 2020, the Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency released a joint statement on CRA consideration for activities in response to the COVID-19 pandemic. The joint statement details changes to financial institutions when working with customers, expands...

Helping unbanked individuals receive their stimulus payments quickly
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Helping unbanked individuals receive their stimulus payments quickly

Stimulus payments are being issued, but for many unbanked individuals it could mean months of unnecessary delay before receiving their payment.  By Sydney Lipton, junior policy associate and Brian Rakovitis, manager of financial empowerment initiatives The Federal government recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is disbursing economic impact payments...