The National Federation of Community Development Credit Unions and Equifax Inc. Monday announced a partnership to build a facility to provide the Atlanta westside community with affordable banking alternatives to payday loans, home mortgages, and a suite of financial services designed to empower residents to achieve their financial goals.
Equifax has committed $450,000 through 2018 in support of the Westside Financial Capability 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 will be a flagship site for a new, national financial counseling model, Pathways to Financial Empowerment," said Cathie Mahon, Federation president/CEO. “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.