Boston selected for project to build financial inclusion for families

Boston is one of eight cities selected to participate in a national project to build systems to improve financial health and stability of residents and help close the income gap, the National League of Cities announced today.
 
In addition to Boston, the cities selected for the competitive Financial Inclusion Systems and City Leadership project are Dubuque, Iowa, Durham, N.C., Hattiesburg, Miss., Lansing, Mich., Philadelphia, Pittsburgh, and St. Petersburg, Fla.
 
The eight mayors will come together for a Mayors’ Institute on Financial Inclusion in April. The institute will give the mayors and their advisors an opportunity to engage with national experts and peers to develop practical solutions to local challenges to help residents gain a solid financial foothold.
 
“While many cities across the country are experiencing economic recovery and growth, this prosperity has not reached residents across all rungs of the economic ladder,” said NLC President Melodee Colbert-Kean, a councilmember from Joplin, Mo. “This project will give mayors a unique opportunity to implement and strengthen innovative strategies to address the financial challenges many residents face on a daily basis.”
 
The two-year Financial Inclusion Systems and City Leadership project is supported by the MetLife Foundation and designed to help cities build sustainable citywide systems that improve residents’ financial health and stability. By participating, mayors and other city leaders will improve their capacity to develop initiatives that help families expand access to safe and affordable financial services and financial education, accumulate savings, reduce debt, and build assets.
 
The FISCL initiative will support the eight cities to improve the financial stability of families through ongoing technical assistance, opportunities to apply for grant funds to support local financial inclusion efforts, and numerous opportunities for peer learning and exchange. The project cities will have an opportunity to showcase their local strategies at the NLC’s National Summit on Financial Inclusion, to be held in early 2017.
 
“As mayor, I see many residents grappling with complex financial struggles,” said Pittsburgh Mayor William Peduto. “Fortunately, in Pittsburgh we have several high-quality financial inclusion initiatives. Yet, many of these initiatives are disconnected from one another, which places a substantial burden on residents attempting to navigate a confusing system while struggling to make ends meet.
 
“NLC’s support and guidance will allow us to raise the profile of our initiatives, identify gaps in services, and perhaps most importantly, develop a process to seamlessly connect local services in order to more effectively meet the financial needs of all of Pittsburgh’s families.”
 
In 2014, with the MetLife Foundation’s support, the NLC conducted in-depth research on financial inclusion programs in cities across the country, which informed the design of the project and culminated in the comprehensive report “City Financial Inclusion Efforts: A National Overview.”