News and Events

DC's Payday Loan Consumer Protection Amendment Act goes into effect January 9

The Payday Loan Consumer Protection Amendment Act of 2007, sponsored by DC Councilmember Mary Cheh and signed into law on October 3, 2007, requires all District-licensed payday lenders to comply with the maximum allowable 24 percent interest cap. Although the District’s usury law caps interest on consumer loans at 24 percent, payday loan fees were often the equivalent of an annualized interest rate of more than 400 percent. The new legislation subjects payday loans to the same cap as other consumer loans. For more information, visit the DC Department of Insurance, Securities, and Banking website.

Support IDAs for Youth Aging Out of Foster Care

Legislation to provide Individual Development Accounts to youth "aging out" of foster care was introduced by Senators Hillary Rodham Clinton (D-NY) , Mary Landrieu (D-LA) and Jay Rockefeller IV (D-WY). Senators Boxer (D-CA), Isakson (R-GA) and Johnson (D-SD) are cosponsors.

The Focusing Investments and Resources for a Safe Transition (FIRST) Act, S. 2341, provides foster youth financial support for critical independent living needs as they set out to develop self-sufficient, goal-oriented lives beyond the child welfare system.

Learn more and take action to show your support of this important legislation on the CFED website.

CAAB is the Heart of the Community

CAAB is a featured nonprofit in the Examiner's Heart of the Community. See our profile below.

CAAB Saver Testifies on Capitol Hill

CAAB saver Marvin Talley testified in support of asset building programs as part of a briefing on the 2007 State Assets and Opportunity Scorecard, sponsored by the national advocacy group CFED (formerly the Corporation for Enterprise Development). Mr. Talley spoke about the impact his and wife Deborah’s participation in the Marriage Development Account (MDA) program has had on his life, both financially and emotionally.

The story of Deborah and Marvin’s success in the face of adversity set the context for the rest of the briefing, which provided an overview of wealth distribution in the United States, introduced attendees to the Assets and Opportunity Scorecard online research tool, and discussed two specific federal proposals to promote savings and asset ownership among low income people: The Savings for Working Families Act (S. 871/HR 1514) and The Food Stamp Personal Savings and Investment Act of 2007 (S. 591). Other presenters included Andrea Levere, President of CFED; Derek Dorn, Counsel, office of Senator Joe Lieberman (D-CT); and Kate Coler, Personal Staff Member, office of Senator Saxby Chambliss (R-GA).

CAAB lends expertise as part of city-commissioned study of subprime lending in DC

CAAB will work with the Center for Responsible Lending and other partners on a study of the subprime lending market in Washington, DC; one goal of the study will be to identify ways to better educate consumers about various mortgage loan products and their associated risks. Read this recent article in the Washington Examiner.

CAAB testifies in support of Payday-Lending Bill

CAAB's Executive Director Colleen Dailey testified before the Council of the District of Columbia’s Committee on Public Services and Consumer Affairs on the “Payday Loan Consumer Protection Act of 2007” (Bill 17-132), which amends the Check Cashers Act of 1998 to cap interest rates on payday loans. Read Colleen's testimony and download the text of the bill.

CAAB Intern and IDA Saver wins 2nd place in essay contest

Congratulations to Nakeya Mitchell, an IDA Saver and CAAB Intern through the Urban Alliance Foundation. Nakeya's essay won 2nd place in the DC Department of Health's 8th Annual STD Essay and Poster Contest, netting her a $250 US Savings Bond. Way to go, Nakeya!

DC Saves takes off!

On April 30, 2007, the Federal Deposit Insurance Corporation (FDIC)  and Capital Area Asset Builders announced the launch of DC Saves, a citywide campaign to provide District residents with information and resources to help them reduce debt, save more, and build wealth. Read the press release and enroll in DC Saves today!

CAAB Saver speaks at Congressional Briefing on IDAs

Barbara Gray, a CAAB saver and new home owner, talked about her IDA experience at an event to share information about the Savings for Working Families Act on Capitol Hill on April 4, 2007. Ms. Gray participated in the homebuyer's program and opened her IDA through the Marshall Heights Community Development Organization. In her presentation, she spoke about how the IDA program helped her to develop better savings habits and purchase a home in February 2007.

DC Mayor Adrian Fenty Recognizes Financial Literacy Month

To mark April as Financial Literacy Month, Mayor Adrian M. Fenty has teamed up with the DC Department of Insurance, Securities and Banking (DISB), Capital Area Asset Builders, and DC Saves to encourage District residents to attend DISB’s Money-Saving Wednesdays brown-bag lunch seminars. Read more.

CAAB featured on WUSA9's "12 Months of Giving: Every Penny Counts"

Watch the video featuring successful CAAB saver Edgar Proctor.

 

CAAB is a featured nonprofit on TouchDC.org!

CAAB is a 2006-2007 featured nonprofit on TouchDC.org!  Every year, TouchDC showcases a select group of exceptional nonprofits providing critical services here in our community. View CAAB’s listing in the education category and see how easy it is to give wisely.Saver of the Month Program

CAAB's Saver of the Month program shares the stories of the people enrolled in our matched savings programs. Learn more and nominate a Saver today.

CAAB launches Marriage Development Accounts Program

Read our press release. MDAs are an expansion of CAAB’s matched savings accounts.

Successful CAAB IDA Savers profiled on thebeehive.org

Read about two successful IDA savers: Bernetrice Parker--who used her IDA to save for college, and Howard Gordon--who used his IDA to expand his business.

Monthly savings program orientations scheduled

Orientations for CAAB’s IDA program are scheduled on the third Wednesday of each month from 6:30 – 8:00 p.m. at CAAB’s offices. Monthly MDA program orientations are scheduled the fourth Wednesday of each month from 6:30 – 8:00 p.m. at CAAB’s offices. Pre-registration required.

Register for an IDA orientation through ida@caab.org. Register for an MDA orientation through mda@caab.org. You can also register by phone at 202-419-1443.

Report: A Closer Look at Credit Counseling Services in the District of Columbia

CAAB conducted this survey of credit counseling agencies to share with consumers the range of services that credit counselors provide, the fees they charge, and which agencies are most appropriate for which financial problems. Adobe Reader is required to view this report.