Federation and Equifax Partner to Launch Atlanta Financial Capability Center
Providing Atlanta Westside residents with
affordable financial services, education, and counseling
New York, NY, June 13, 2016 - The National Federation of Community Development Credit Unions (Federation) and Equifax Inc. today announced a partnership to build the Westside Financial Capability Center (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. 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 premier resource for a range of credit and consumer data, analytics, and insights, and the Federation, a certified Community Development Financial Institution (CDFI) with a mission of helping low- and moderate-income people and communities achieve financial independence through credit unions.
"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," Adams added.
Federation member community development credit unions (CDCUs) provide credit, savings, transactional, and 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."
About the Federation
The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing community development credit unions (CDCUs). The Federation's member CDCUs provide credit, savings, transaction services and financial education to nearly 5 million residents of low-income urban, rural and reservation-based communities across the US, and hold over $52 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. We offer a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit www.inclusiv.org.
About Equifax
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com.
About CGI America
Clinton Global Initiative (CGI) America brings together leaders from the business, philanthropic, nonprofit, and government sectors to develop solutions that encourage economic growth, support long-term competitiveness, and increase social mobility in the United States. CGI America's annual convening is designed to be a working meeting that promotes collaboration. Each CGI America participant makes a Commitment to Action: a new, specific, and measurable plan that supports increased economic growth and opportunity. To date, CGI America participants have made more than 500 commitments, which have improved the lives of nearly 2.4 million people. To learn more, visit cgiamerica.org.
# # #
For More Information
National Federation of Community Development Credit Unions
39 Broadway, Suite 2140
New York, NY 10006
212-809-1850, x210
Clarissa Ritter
critter@inclusiv.org
Equifax Inc.
1550 Peachtree Street, NE
Atlanta, GA 30309
678-795-7274
Nancy E. Bistritz
nancy.bistritz@equifax.com