NEW YORK–The National Federation of Community Development Credit Unions and Equifax Inc. have announced a partnership to build the Westside Financial Capability Center.
The Center will provide the Atlanta Westside community with affordable banking, alternatives to payday loans, affordable home mortgages, and a suite of financial services designed to empower residents to achieve their financial goals. According to the new organizations, the search for a physical site has narrowed to several options that will allow the Center to function in coordination with Atlanta area credit unions, community stakeholders and service providers.
Equifax has committed $450,000 through 2018 in support of the Center, which is scheduled to open in early 2017.
Both the Center and the partnership between Equifax and the Federation were announced at the 2016 Clinton Global Initiative (CGI) America meeting in Atlanta. CGI America brings together leaders in business, philanthropy and government to develop solutions that encourage economic growth and increased social mobility in the United States. The development of the Center is a CGI America featured Commitment to Action, part of the Financial Opportunity Working Group.
The Center marks the beginning of a strategic, national partnership between Equifax, a resource for a range of credit and consumer data, analytics, and insights, and the Federation.
"One of our goals at Equifax is to empower consumers with the information they need to make financial progress in their lives," said Dann Adams, president of Global Consumer Solutions at Equifax. "Whether you're looking to rent or buy a home, purchase a car, apply for a personal loan, or create a budget that's appropriate for your lifestyle, reaching the next financial milestone in life is incredibly personal. And to accomplish that, every consumer needs the right information and the right resources. Through our partnership with the Federation and the establishment of the Center, we will be able to reach Atlanta Westside residents at the right place, at the right time.”
The Federation and its member CDCUs provide financial empowerment services to more than five-million people across the United States, and collectively hold more than $52 billion in community-controlled assets.
"We are delighted to be partnering with Equifax on the Westside Center," said Cathie Mahon, president and CEO of the Federation. "The Center will be a flagship site for a new, national financial counseling model, Pathways to Financial Empowerment. Supported by first-of-its-kind technology to track impact, Pathways is designed to shift the emphasis from financial information to the actions a consumer takes to improve his or her financial well-being."
Launched by the Federation in collaboration with Neighborhood Trust Financial Partners in 2015, Pathways to Financial Empowerment helps credit unions and their members evaluate progress with credit, manageable debt levels, and short- and longer-term savings.
"When it comes to personal finances, consumers have many choices available, and education and access to the right resources are key," said Adams. "Our efforts with the Federation will go a long way toward providing Atlanta Westside residents with resources that may help them improve their financial situation; education designed to help them understand the critical role credit plays in all of their financial decisions; and access to individuals who can help them set and achieve long-term financial goals."