Michigan legislature includes $2M for Children’s Savings Accounts in 2021-22 budget
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Michigan legislature includes $2M for Children’s Savings Accounts in 2021-22 budget

On September 22, 2021, the Michigan legislature passed the almost $70 billion 2021-22 state budget with bipartisan support. Among community development resources for community revitalization, placemaking, and workforce development, CEDAM is especially excited for the State’s $2 million investment in Children’s Savings Accounts (CSAs). This first-of-its-kind investment into Michigan’s growing CSA field provides $1 million...

CEDAM members are uniquely positioned to support the Governor’s MI New Economy Plan
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CEDAM members are uniquely positioned to support the Governor’s MI New Economy Plan

CEDAM knows Michigan cannot achieve a prosperous, equitable economy without investments in core assets like housing and broadband. As we work to recover from the COVID-19 global pandemic, significant investments in our people and in our infrastructure are more critical than ever to create vibrant communities.  That’s why we were thrilled to be a part...

Using Children’s Savings Accounts for Economic Inclusion: A Q&A with Bonnie Gettys, Rep. Julie Calley and Jessica AcMoody
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Using Children’s Savings Accounts for Economic Inclusion: A Q&A with Bonnie Gettys, Rep. Julie Calley and Jessica AcMoody

At CEDAM, one of our current policy priorities is to secure statewide funding for Children’s Savings Accounts (CSAs), which are community-led programs that automatically enroll students in interest-bearing accounts that will grow until they graduate from high school. These programs are designed to improve family financial literacy, boost educational attainment for low-income children, promote post-secondary...

Children’s Savings Accounts 101: What they are and why they’re important
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Children’s Savings Accounts 101: What they are and why they’re important

Over the past few years, Children’s Savings Accounts (CSA) programs have been increasing in popularity across Michigan. These initiatives have been proven to strengthen inter-generational financial stability and increase the likelihood that a student will continue education after high school. But what are they, exactly, and how are they helping Michigan students and communities?  In...

CEDAM to spotlight the impact of Children’s Savings Accounts  on generational wealth
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CEDAM to spotlight the impact of Children’s Savings Accounts on generational wealth

The organization’s July 12 webinar will host a state representative and foundation leader to discuss firsthand experience with Children’s Savings Account programs in Michigan. LANSING — The Community Economic Development Association of Michigan (CEDAM) will highlight a groundbreaking savings program to close the wealth gap on July 12 as part of their Summer of CEDAM...

Governor Whitmer’s Budget Proposal Includes funding for key community economic development initiatives
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Governor Whitmer’s Budget Proposal Includes funding for key community economic development initiatives

FOR IMMEDIATE RELEASE  February 11, 2021 Whitmer’s budget recommendations include $2 million for Children’s Savings Accounts (CSA) programs and $10 million for the Michigan Housing and Community Development Fund (MHCDF) LANSING, MI—Governor Whitmer’s budget proposal released today includes appropriations for key community economic development initiatives. The proposal includes $2 million for Children’s Savings Accounts (CSA)...

Michigan should take action to get more households banked
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Michigan should take action to get more households banked

Written by Madeleine March-Meenagh and Brian Rakovitis, CEDAM Being banked is foundational to good financial health. Without a checking or savings account, “unbanked” households pay more in fees and interest for financial products than banked households— yearly they pay up to $3,000 per household, have limited access to credit, and lack protections for their money....

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...

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...

Empowering Michigan communities: Immediate and long-term policy responses to COVID-19
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Empowering Michigan communities: Immediate and long-term policy responses to COVID-19

We’ve seen the many ways that the COVID-19 pandemic has affected and altered our daily lives and business as we know it. The crisis is exposing the weaknesses in our social safety net like never before—and financially vulnerable households that were living paycheck-to-paycheck before the pandemic are especially at risk. There are immediate and long-term...

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