News and Events

CAAB's Executive Director Receives WOMA Award

WOMANIFESTING (WOMA), held their 1st Annual WOMA Awards on June 25, 2010 at the Josephine Butler Parks Center in Washington, D.C. WOMA presented awards to Organizational Leaders in Washington, DC. who use their leadership, influence, and outreach to serve, uplift, and inspire others. Maurita K. Coley, CAAB's Executive Director, received recognition in the area of financial literacy. “What a delightful, pleasant, well-organized event in such a fabulous venue with such amazing women (and men). I was honored to be thought of in such great company,” said Maurita Coley. For photos and the release click here.

CAAB Announces New Executive Director

CAAB's Board of Directors has announced Maurita Coley, an attorney and former operations executive for BET Holdings, Inc., as CAAB's next Executive Director, effective March 29, 2010. “The Board is excited to have Maurita leading CAAB into its next phase. Maurita brings a track record of creativity in fundraising, a gift of connecting people and ideas, and a longtime commitment to financial literacy,” said Marcella Harshbarger, president of CAAB’s Board of Directors. Click here to read the complete press release.

CAAB's DC EITC Campaign Receives $30,000

Thanks to grants from the Wal-Mart Foundation and the Bank of America Charitable Foundation, the United Way of the National Capital Area has donated $30,000 to CAAB's DC Earned Income Tax Credit Campaign. This generous contribution will directly support the DC EITC Campaign's free tax sites and its work raising awareness about the Earned Income Tax Credit. "Programs such as the DC EITC Campaign provide an invaluable service that supports financial literacy and financial stability for area residents," says Bill Hanbury, President and CEO of the United Way of the National Capital Area. Click here to learn more about the DC EITC Campaign.

End of the Year Reflections from CAAB's Executive Director

As Colleen Daily's tenure as Executive Director draws to a close, she reflects on the power and significance of CAAB's work. "At the end of the day – and the year – our work is about far more than teaching people to save. The real power of financial education is that it opens minds and doors to opportunities that seemed out of reach." Read her complete reflections here.

CAAB featured in The Washington Post

"Before, people came to us when they hit a crisis. Now they come to us as a preventative measure," said Emily Appel, director of the savings program at Capital Area Asset Builders. Demand for the services has increased so much, Appel said, that the organization has added classes. Also, she said, more middle-income people and young professionals are signing up. "When you see your friends go through financial crisis, you want to know how to prevent that from happening to you," she said. Read the full article Spenders become savers: Recession leads Americans to try to put away more -- even with lower incomes in the December 27, 2009 Washington Post.

CAAB Advocacy in the News

The DC economy often comes out looking pretty good when stacked up against other cities and states on measures like average income. But in a city as economically divided as the District, averages can be deceiving. The average net worth of DC residents, for example, puts us eighth in the country compared with other states, according to the Corporation for Enterprise Development’s recent “Assets and Opportunity Scorecard.” Yet one in four DC residents doesn’t have enough in the bank to get by without income for three months. Read the full article Helping Families Save for the Future: An Asset Development Strategy for DC in the November 2009 Hill Rag.

Features of the Credit CARD Act of 2009

In May 2009, President Obama signed into law what has been called a new credit card consumer’s ‘Bill of Rights’ – a law that enacts major changes meant to protect consumers who rely on credit cards and make credit cards easier to understand. Read CAAB’s review of the consumer protection features of the law, “The New Credit Card Law & You.”

CAAB receives two-year grant from CFED to build assets coalition in Washington, DC

CAAB has been selected, along with 14 state groups, to partner with CFED (Corporation for Enterprise Development) on its 2009-2010 Assets & Opportunity Policy Campaign. As CFED’s partner in Washington, DC, CAAB will receive a grant of $20,000 over two years to help frame a comprehensive financial security policy agenda, raise public awareness of the importance of asset building policies, and lead a group of advocates in promoting policy improvements in the District of Columbia.  The Assets & Opportunity Policy Campaign will kick-off on September 21, 2009 in conjunction with the release of CFED’s 2009-2010 Assets & Opportunity Scorecard, which provides a comprehensive look at wealth, poverty and the financial security of Americans across the 50 states and the District of Columbia.

DC City Council Eliminates Savings Barrier in Medicare Drug Program

In early October, the DC City Council won final approval for an expansion of the District’s Medicare Savings Program. The approved resolution eliminates the asset limit for the Medicare Savings Program, removing a barrier for participation by low-income residents, so personal savings can no longer exclude people from eligibility for the benefit. This extends the program’s coverage to an additional 15,000 seniors and individuals with long-term disabilities, providing an average savings of $4,700 per person in annual healthcare costs.

The Medicare Savings Program pays for all of an individual’s Medicare cost sharing – monthly premiums, annual deductibles and provider coinsurance payments. The only out of pocket costs for participants are prescription drug co-payments. To learn more, contact the GW Health Insurance Counseling Project at 202-739-0668, or visit http://groups.google.com/group/DC_Medicare_Savings_Coalition.

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

CAAB worked 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 was to identify ways to better educate consumers about various mortgage loan products and their associated risks.

The DC Department of Insurance, Securities, and Banking released results of the study at the end of June showing that low and moderate-income residents are more likely to be offered a sub-prime loan in the DC area. Check out the press release and the 2008 Subprime Mortgage Lending study.

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 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.