The National Coalition for Asian Pacific American Community Development (National CAPACD) is pleased to announce the introduction of the Improving Access to Financial Coaching Act in partnership with Congresswoman Sylvia R. Garcia (TX-29), UnidosUS, National Urban League (NUL), and Local Initiatives Support Coalition (LISC). Designed with working-class communities in mind, this legislation creates a free federal program that helps community-centered organizations deliver expert financial coaching services in underserved areas and rural communities across the country.
The bill aims to fund nonprofit organizations, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) rooted in the communities they serve to ensure trusted service delivery in multiple languages through federal grants administered by the U.S. Department of the Treasury; target communities with the greatest needs; and standardize certification and quality control of financial coaching services. It is the first of its kind, and if passed, would be a new federal grant program.
This bill will help clients build savings, reduce debt, improve credit scores, support major financial milestone purchases, such as buying a car or home, and protect consumers from predatory financial products. The program has the potential to reach many individuals and families, significantly improve financial well-being and stability for vulnerable communities, boost the economy, and help low-income households build relationships with financial institutions that can continue to support their financial growth.