Pages6–7 Page8 Pages2–3 Page5 CommunityDividend/media/files/pubs/... · Pages2,3 More on the...

Pages 2, 3More on the costs of foreclosurecounseling

Pages 4–6• More on the Horizon’s program• Community revitalization activities

in South Dakota

Page 8• News and Notes• Calendar

Page 7• More on financial education

and car buying

here is a body of research showingthat employers benefit from hav-ing financially savvy employees.

In fact, data show that the betteremployees manage their finances, themore productive they can be. Accordingto an award-winning doctoral disserta-tion submitted to the VirginiaPolytechnic Institute by consumerbehavior researcher So-hyun Joo, com-pany profits increased by $450 annuallyfor each employee who slightlyimproved his or her financial behaviors.The increase in profits resulted fromreduced absenteeism and a decrease inwork time spent dealing with personalfinancial matters.

These and similar findings have ledmany employers to provide workplace-based financial education workshops fortheir employees. In giving employees theinformation they need to manage moneywisely, employers hope not only to

Visit us at

www.minneapolisfed.org

Continued on page 4

Continued on page 2

company’s reputation from just onenews story featuring a formeremployee who is now bankrupt due topoor personal financial planning.

• Increased savings. Employees whohave access to professional financialplanning resources are more likely totake advantage of flexible spendingaccounts and other programs thatreduce the employer’s payroll taxes.

• Increased retention. Employees whofeel that their employer is concernedabout their personal financial well-being are less likely to leave.

• Increased flexibility. Employees whohave access to professional financialplanning resources are more likely toadapt well to relocation, termination,or other employment changes thathave personal financial consequences.

increase productivity and profits butalso to realize other proven benefits ofemployer-provided financial educa-tion, such as:

• Reduced ERISA (Employee Retire-ment Income Security Act) fiduciaryrisk. ERISA sets minimum standardsfor the retirement plans and healthbenefits private employers offer.Employees who make informed deci-sions in connection with pension and401(k) plans are less likely to makeclaims under ERISA.

• Reduced reputational risk. Employ-ees who feel that their employer isconcerned about their personalfinancial well-being are less likely tovoice negative opinions about theemployer. Also, employees who suc-ceed financially are less likely to bethe basis for negative publicity. Forexample, imagine the effect on a

TBy Dara Duguay and William J. Arnone

percent increase in the total numberof small businesses nationwide, and itoutpaced the growth rate of theHispanic population during roughlythe same time period. From 2000 to2009, the nation’s Hispanic populationgrew from 35.6 million to 48.4 million,an increase of 36 percent.

Among the six states in the NinthFederal Reserve District, Hispanicentrepreneurship has increased sub-

ispanics, the nation’s fastest-growing minority group, areembracing entrepreneurship

at an impressive rate. According to theU.S. Census Bureau’s 2007 Survey ofBusiness Owners,1 the number ofHispanic-owned small businesses2 inthe United States rose from 1.6 millionto 2.3 million from 2002 to 2007, anincrease of 43.7 percent. The rate ofincrease was more than double the 18

stantially, but not necessarily at a fasterpace than Hispanic population growth.For example, between 2000 and 2009,the Hispanic population grew by 87.5percent in North Dakota and 113.2percent in South Dakota. Between 2002and 2007, the number of Hispanic-owned businesses in the two statesgrew by 24 percent and 68 percent,respectively.

Nationwide, Hispanic-owned busi-nesses generated $345.2 billion inreceipts in 2007. The figure is a 55.5percent increase over the 2002 total of

H

Continued on page 6

By Michou Kokodoko

PHOTO

BYSTAN

WALDHAUSER

CommunityDividendApril 2011

Published by the Community Development Department of the Federal Reserve Bank of Minneapolis

Making financial educationwork in the workplace:The Citigroup experience

By Michael Grover

A conversation withJulie Gugin of theMinnesota HomeOwnership Center

On the front linesof the housing crisis:

s the foreclosure crisis grinds onand the economy slowly recov-ers from the Great Recession,

housing counseling agencies are dealingwith high demand and dwindlingresources. To learn more about the trialsand trends that housing counselors areexperiencing, Community Dividendspoke with Julie Gugin, who has servedas executive director of the MinnesotaHome Ownership Center since 2007.

The Minnesota Home OwnershipCenter is a statewide, nonprofit inter-mediary that coordinates the efforts ofthe Homeownership Advisors Network,a group of more than 50 independenthousing counseling agencies inMinnesota. The Center’s business modelis unique; no other state has a compara-ble intermediary organization in place.Since its establishment in 1993, the

AHispanic entrepreneurship grows,but barriers persist

What financialeducation topicsare most in demandin the workplace?Page 5

Overcoming thebarriers Hispanicentrepreneurs facePages 6–7

Josh Fuhrman joinsConsumer AdvisoryCouncilPage 8

How the MinnesotaHome OwnershipCenter is respondingto the housing crisisPages 2–3

CommunityDividend

Visit us at www.minneapolisfed.org

COMMUNITYDEVELOPMENTSTAFF

Community Dividend is published

by the Federal Reserve Bank of

Minneapolis, 90 Hennepin Avenue,

P.O. Box 291, Minneapolis, MN

55480-0291; 612-204-5000. It covers

topics relating to community

development, reinvestment, and

neighborhood lending. It reaches

financial institutions, community-

based and development organizations,

and government units throughout

the Ninth Federal Reserve District.

Executive Editor: Jacqueline G. King

Editor: Paula Woessner

Contributors: William J. Arnone,

Dara Duguay, Michael Grover,

Michou Kokodoko

Graphic Designers: Rick Cucci,

Mark Shafer

For address changes or additions, e-mail

[email protected].

Community Dividend is available online

at www.minneapolisfed.org.

Articles may be reprinted if the source

is credited and we are provided copies

of the reprint. Views expressed do not

necessarily represent those of the Board

of Governors of the Federal Reserve

System or the Federal Reserve Bank

of Minneapolis.

April 2011

MINNEAPOLIS

Richard M. ToddVice President, 612-204-5864,[email protected]

Jacqueline G. KingAssistant Vice President and CommunityAffairs Officer, 612-204-5470,[email protected]

Michael GroverManager, 612-204-5172,[email protected]

Sandy GerberSenior Project Manager, 612-204-5166,[email protected]

Michou KokodokoSenior Project Manager, 612-204-5064,[email protected]

Ela RauschProject Manager, 612-204-6785,[email protected]

Paula WoessnerPublications Editor, 612-204-5179,[email protected]

May XiongProject Manager, 612-204-5169,[email protected]

HELENA, MONTANA

Sue WoodrowSenior Project Director, 406-447-3806,[email protected]

class. We’ve come to the conclusion that buy-ers shouldn’t all be treated the same. There’sa timeline of home buyer readiness that weneed to be ready to support.

For foreclosure prevention counseling,we’re now looking at conducting groupintake sessions, versus completing con-sumer intake over the phone. Instead ofspending an hour on the phone to do intakefor each person, we’re doing intake withmultiple people in one session to more effi-ciently serve larger numbers of consumerswith fewer staff. We’ve implemented thischange quickly and in a way that maintainsstandardization and quality across the state.

CD: Are counseling agencies in other partsof the country refining their approach, orare they still pursuing a one-size-fits-allstrategy?

JG: I think that now, with the foreclosurecrisis and recession, there’s a trend in ourindustry toward recognizing that manyfirst-time home buyers or former home-owners will not be able to qualify to pur-chase a home for some length of time. It’s areflection of the fact that the mortgage mar-ket has changed. It’s harder to get a loan now.There was a time when even people withhighly compromised credit could walk into alending institution and say, “I want to buy ahome, and in fact I’ve already picked oneout.” It just doesn’t happen like that anymore.

CD: Looking specifically at foreclosuremitigation, can you talk about recent trendsyou’re seeing in the clientele who are seek-ing help?

JG: Since 2009, we’ve seen the direct impactof the troubled economy. The vast majorityof people tell us that they’re unable to maketheir mortgage payments due to loss ofincome. Early on in the foreclosure crisis,we tended to see lower-income people fromcommunities where subprime lending wasconcentrated, such as North Minneapolisand the East Side of St. Paul. Today, we’reseeing more consumers from suburbancommunities who have moderate incomes.They made good borrowing decisions up-front but are now in trouble with theirlender due to the loss of a job.

CD: How are you reaching out to this newgroup of potential clients?

JG: We’re trying to change where we shareour messages. Several years ago we were

model. Could you provide an example ofhow you were able to do that?

JG: As it relates to the foreclosure crisis, werecognized in late 2007 that the need forcounseling services was growing dramati-cally. At times, borrowers were waiting upto two months to receive counseling. Tomeet the demand, we needed to do twothings. First, get more resources into thenetwork. Second, figure out a way to offerour programming differently. Under theprogram model we had in place at the time,counselors would work diligently over longperiods to try and keep homeowners intheir homes. We recognized that even ifour financial support from donorsincreased, we’d be left short unless welooked at ways of being more efficient andusing our resources more wisely. So weinstituted a new program model that focus-es first on identifying consumer needs andthen on selecting one of several servicepaths that best serves them. Our newmodel recognizes the economic realitieshomeowners face and the amount of timeand resources it takes counselors to workthrough a case.

After we adopted the new programmodel, we realized we had to make somehard decisions. Some homeowners, afterour initial assessment, had to recognizethat they wouldn’t be able to stay in theirhomes, even with extraordinary amountsof effort on the part of counselors. For ourorganizations, we determined it just wasn’tthe way we should be spending ourresources. Instead, we needed to helphomeowners make a soft landing in theirnext housing situation by making themaware of their options and opportunities.

CD: Are there other significant changesyou’ve had to make in the Center’s modelto try to do more with less?

JG: We’re trying to address program sustain-ability across the network. On the homebuyer front, we realize that we can do thingsdifferently. Right now, when consumersreach out to our organizations, we talk withthem about the availability of our HomeStretch home buyer education classes or ourone-on-one counseling. Based on our workwith foreclosure prevention counseling, we’reshifting our thinking to a triage approach.Wehave to find a way to deliver the bestresources to each consumer who reaches outto us, as opposed to directing consumersimmediately to an eight-hour Home Stretch

Center has worked to ensure its partneragencies are delivering high-quality fore-closure counseling and home buyer educa-tion services that meet stringent local andnational standards.

Funding for the Center’s work consistsof grants and donations from local, state,and federal government agencies; founda-tions; and private companies. The Centeroffers its services to all Minnesotans butseeks to target low- and moderate-incomeindividuals who may face barriers toachieving or sustaining homeownership.

Community Dividend: As the only state-level intermediary for nonprofit housingcounseling agencies in the country, theMinnesota Home Ownership Center has aunique business model. What advantagesdo you think the model offers?

Julie Gugin: Our position as a centralizedagency for the counseling industry for theentire state enables us to drive changeswithin our member agencies that wouldn’totherwise be possible. That allows us to bequick, responsive, and effective when theenvironment changes. Our position alsoenables us to be nimble in securingresources for our partners. The foreclosurecrisis is a prime example. When the scale ofthe crisis became apparent back in 2007and 2008, we were quickly able to partnerwith Minnesota Housing, the state housingfinance agency, to secure national resourcesfor foreclosure counseling as soon as thoseresources became available.

Even as the volume of foreclosure pre-vention counseling cases peaked, demandfor our pre-purchase services to prospec-tive home buyers grew, especially when thefederal first-time home buyers’ tax creditwas in effect. First-time buyers who pur-chased homes with funds from the federalNeighborhood Stabilization Program wererequired to receive pre-purchase counsel-ing, and that added to our pre-purchaseclient volume. As the statewide entity, wewere quickly able to identify the organiza-tions in our network that had federally cer-tified counseling services suited to meet thegroundswell of pre-purchase demand. Wethen allocated resources accordingly andmet all facets of the demand.

CD: You mention that it’s often easier tofacilitate changes with your member organ-izations using this centralized business

Continued from page 1

On the front lines of the housing crisis:A conversation with Julie Gugin of theMinnesota Home Ownership Center


focusing our outreach and events in partic-ular areas of the Twin Cities’ urban core,such as North Minneapolis and the EastSide of St. Paul. Now we’re trying to get outinto the suburbs, in particular the first-ringsuburbs. In Hennepin County, for example,we partnered with the public libraries tooffer informational workshops about ourservices. We’ve developed a robust presenceon the web and are using social media,since suburban households may be morelikely to use those communication tools.We also try to maintain a steady presence inthe traditional media by using both televi-sion and print to get our message out.

Part of the challenge for us in reachingout to these new, potential clients is thatthey’ve never had to avail themselves ofcommunity-based services to support theirneeds. Someone who has never had toreach out for help, has never had to seek outresources like job-training programs, foodshelves, or any number of other communi-ty-based supports, is thinking, “How am Igoing to make things work?” We want themto know that there are resources available tothem. In my opinion, these homeownersare particularly vulnerable to for-profitloss-mitigation services that cost a lot ofmoney and aren’t necessarily effective.

CD: Have the relationships between coun-selors and lenders improved, in terms ofmitigating foreclosures on behalf of bor-rowers?

JG: Working with lenders and servicers is afrustrating part of the job, but I do think it’sgotten better. Do I wish the process wasquicker and more transparent? Absolutely.However, I do think lenders and servicersare now more willing to work with home-owners and us in an effort to keep borrow-ers in their homes. We’ve partnered withlenders to implement the federal govern-ment’s Making Home Affordable Programand worked with them as they’ve designedtheir own programs. Nevertheless, we stillhear that consumers are really frustratedwhen they try to work with lenders on theirown. It’s still a daunting process, and onethat an individual homeowner may nothave the patience or fortitude to seethrough to the end.

CD: What do you think is the top issue thatcounselors face when they’re working withlenders and servicers?

JG: Inconsistency. Counselors rarely talk tothe same person twice at a lending institu-tion. When we do get through, we often getdifferent answers and responses to ourquestions. Frankly, that’s been one of the

strategies that counselors have used: If youdon’t like the answer you get today, callback tomorrow and you may get a betterone. While that can work to our advantage,it’s rare, and we wish lenders and servicerswere more consistent up-front. I thinkthere’s a fundamental need at the leader-ship level at those institutions to send aclear message down to their front-line staffthat the job now is to keep people in theirhomes, and this is how we’re going to do it.

CD: Nonprofits are facing unprecedentedfunding issues. Where does the Centerstand, in terms of having enough resourcesto fulfill its mission?

JG: In early 2008, we received our firstround of federal funding to support capac-ity building in our network. We alsoreceived generous support and assistancefrom Minnesota Housing to start buildingour capacity. We were able to go from 18housing counselors around the state whodo foreclosure counseling work to about75. Thanks to both federal and state sup-port, we were able to sustain that level ofcapacity for three years.

However, in mid-2010 we realized thatwe would face severe funding constraintsstarting later in the year. The last round offederal funding would be expended andany new resources from the federal govern-ment would not be available until 2011. Wewere facing a pretty significant gap for thesecond half of 2010 and all of 2011.

To address the gap, we worked with theGreater Minnesota Housing Fund and theFamily Housing Fund to draft a proposal

for Minnesota Housing to fund our net-work for the last couple of months of 2010and all of 2011. Minnesota Housing com-mitted $1 million, half of which needs to bematched by other private and publicsources. All told, the sustainability plan isabout $5.5 million. We’re working to obtainfederal funds, as well as local private andpublic funds, to make sure we have enoughresources to continue through 2011. At thesame time, we’re looking to implementcost-saving measures in order to keep ournetwork viable at a time when the demandis still very high. We don’t want to return tothe two-month waits that consumers expe-rienced back in 2007 as we ramped up ourcapacity.

CD: In addition to the funding challenges,what other major challenges are the Centerand the counseling organizations you workwith facing?

JG: The Center and our nonprofit partnersare part of the broader housing industry,and that industry is changing all the time.It’s difficult for us to keep pace with newprograms, new regulations, and new evalu-ations and requirements. We’ve begun tofocus a lot of time and attention on moni-toring new legislation, watching industrytrends, and developing support programsthat ensure that our counseling networkremains responsive. One recent examplewas monitoring the implementation of thefederal SAFE Act [the Secure and FairEnforcement for Mortgage Licensing Act of2008]. The act requires certification, bond-ing, training, and testing for loan officers

but also has implications for foreclosurecounselors. We spent a lot of time trying tounderstand that new legislation, trying towork with the Minnesota Department ofCommerce to understand how it would beimplemented and how it would affect coun-selors. We’re also reaching out more tolenders and Realtors, trying to get a handleon the latest consumer trends and issuesthat they’re seeing in their work.

CD: How do you see counseling changingin the future, both on the home buying andthe foreclosure sides?

JG: On the home buying side, we’re tryingto address the need for different accesspoints to services. We’re partnering withthe Housing Partnership Network, anational intermediary, to develop one ofthe first web-based tools for home buyereducation in the country. We’ll be pilotingand releasing that this year. It’s a tooldesigned to supply a customized learningexperience in response to the individualconsumer’s needs. People can participatefrom home at a time that’s convenient forthem. Once prospective home buyers com-plete the online training, they’ll meet in per-son with a counselor to see if they’re readyfor more in-depth education programs.

We’re developing that tool, but we stillunderstand the importance of home buyersand homeowners knowing who the trustedresources in their community are. So we’restill keen on the idea that there are hous-ing-oriented organizations that consumerscan turn to if they need additional help. Asa result, we remain committed to perpetu-ating the network model.

On the foreclosure front, since each con-sumer’s needs are unique, it wasn’t clearhow to use the web and electronic-basedservices to deliver foreclosure counseling.Instead, we’re looking forward to develop-ing new relationships with lenders, in whichlenders fully recognize the value of counsel-ing and pay for our services. We think that’llbe important for the sustainability of thenetwork. In fact, we have two partnershipswith institutions in the works right now thatfollow a fee-for-service model.

I think this is an interesting time to be inthe homeownership counseling industry.The next wave of home buyer counselingand education will focus on institutionaliz-ing the home buying process. Just as mostpeople work with a Realtor and lendingofficer, they’ll also start to work with ahomeownership educator and advisor.We’re starting to see that shift in thinking,and we’re designing programs to supportit. We think it’s important for people tohave a point of contact where they canlearn about all of the programming,resources, and advice they need in orderto work with Realtors and lenders. That’sthe role our network is playing and willcontinue to play. cd


The Minnesota Home Ownership Center

has launched a web site to educate

struggling homeowners about the perils

of foreclosure rescue scams. The LLooookk BBeeffoorree YYoouu LLeeaapp site, at

www.lookbeforeyouleap.org, is designed to connect homeowners with

resources and help for recognizing and avoiding scammers. The site’s

offerings include a list of the common warning signs of foreclosure scams,

news and updates, and an ask-the-experts feature.

Minnesota Home Ownership Center

Executive Director Julie Gugin, who has

more than 20 years’ experience in non-

profit leadership and housing program

development, previously served as associate

director and director of development in

the Supportive Housing Division of the

Amherst H. Wilder Foundation and as vice

president and director of programs at

Twin Cities Habitat for Humanity.

PHOTOS BY STAN W

ALDHAUSER

New web site educates homeowners about foreclosure scams

CommunityDividend


April 2011


Continued on page 6

It stands to reason that, in order to max-imize the benefits of workplace-basedfinancial education, employers shouldmake the education accessible and relevantto employees. When the financial servicesgiant Citigroup (Citi), working in partner-ship with the professional services firmErnst & Young, implemented a program ofworkplace-based financial planning work-shops, it addressed a number of challengesrelated to access, relevance, and other mat-ters. Citi’s experience, described below,offers lessons that may help other employ-ers deliver effective financial educationprograms of their own.

The main challengesIn 2004, Citi made a commitment to fundfinancial literacy projects around the globefor a ten-year period. This commitment wasaccompanied by a promise to spend a mini-mum of $200 million and establish anOffice of Financial Education (OFE) to helpcoordinate the effort. The funds would bedirected to nonprofits that would then drivethe dissemination of financial education.

Meanwhile, as Citi’s OFE and the globalfinancial literacy effort took shape, a groupof senior managers involved in the projectbegan turning their attention to financialliteracy on a much more local scale. Theycommunicated to the OFE their interest inexpanding the financial education offeringsCiti made available to its employees. Afinancial education program consisting ofphone consultation and online advice wasalready in place at Citi, with Ernst & Youngproviding the phone component and theinvestment advisory firm Financial Enginesproviding the online component. The sen-ior managers who approached the OFEwondered if in-person, instructor-led train-ing on personal finance would be useful toemployees. They proposed bolstering theexisting financial education program byadding a workshop component.

The OFE soon found there were severalmajor challenges that Citi needed toaddress in order to move the proposedworkshops forward.

Challenge 1: Overcoming managementskepticism. There was a consensus amongthe early discussants that making the pro-posed financial education workshopsmandatory would not be probable or even

possible. But, if workshops were entirelyoptional, would employees attend? SinceCiti is a financial services company, therewas a tendency among some members ofmanagement to believe that employeeswould already have a high financial literacylevel and therefore workshop-style educa-tion in the elements of personal financialmanagement would not be necessary. Evenif there were a need for the workshops,there might be an embarrassment factorthat would keep employees from attendingthe sessions. Also, would bosses giveemployees time away from their assignedduties? If participation was not adequate,would the time and expense have been bet-ter spent on something else?

Challenge 2: Determining whether tokeep the training in-house. Citi knew thatthe expertise existed within the company totrain employees internally, but musteringthe manpower needed to reach employeesin numerous offices throughout the UnitedStates was a challenge. And if Citi commit-ted its employees to provide the training,which of the corporation’s businesses—such as Citibank, Citi Cards, or SmithBarney—would they come from? Theeffects on the businesses’ bottom lines wasalso a consideration, since none of the busi-nesses had previously included thisexpense in their operating budgets. Thecosts involved could be significant, afteradding in expenses such as content cre-

ation, facilitator training, and travel. Also,Citi would have to cover the costs of replac-ing the employees who were shifted fromother duties or hiring new employees tofulfill this new function. Finally, whatwould the legal implications be if Citiemployees offered financial education toother Citi employees? Would the educationbe construed as advice? If employees whoattended the training saw their financialsituations worsen, would this open Citi tolegal consequences?

Challenge 3: Ensuring the program’seffectiveness. Before it committed toimplementing financial education work-shops, Citi wanted to design a way toensure that the program would make a dif-ference. Would it lead employees to changetheir financial habits, and would the result-ing changes improve the employees’ finan-cial wellness?

Challenge 4: Meeting the needs of a huge,diverse work force.Citi is one of the largestfinancial services companies in the world,with a global work force of more than300,000 people of different ages, educationlevels, job functions, and cultural back-grounds. In North America alone, Citi hasmore than 100,000 employees. How couldone program of workshops meet the needs ofsuch a large and diverse work force? CouldCiti build in enough flexibility to make theworkshops broadly useful to such a group?

Moving the program forwardThe OFE and the pro-workshop membersof Citi’s senior management moved toaddress each challenge in turn. First, theOFE took action to counter some Citi man-agers’ skepticism about demand for andparticipation in financial education work-shops. The OFE was confident thatdemand for the sessions would be strong.After all, the skills required to work infinance do not automatically translate tounderstanding the world of finance on apersonal level. An employee who is anexcellent bank teller might not be knowl-edgeable about creating a personal finan-cial plan, for example, or an employee whois adept at processing credit card applica-tions might not be familiar with the con-cepts of prudent debt management.

To demonstrate that this type of educa-tion was desired, the OFE created twobasic, brown-bag workshops to be deliv-ered to Citi employees—one on creditmanagement and the other on moneymanagement. Over the course of a year, theOFE delivered the workshops in approxi-mately half a dozen Citi locations acrossthe United States where there were signifi-cant numbers of employees, such as Dallas;St. Louis; and Wilmington, Del. The work-shops were conducted during lunch timeand were entirely optional. Communica-tions used to attract employees to theworkshops ranged from posters in thebreak rooms and elevators to promotionalmessages sent through interoffice channelssuch as closed circuit TV and e-mail. TheOFE and the pro-workshop senior managersused conference calls to encourage other Citimanagers to publicize the workshops andallow employees to take an hour out of theirworkday to attend. In most cases, the work-shops were offered during mealtimes inorder to lessen the time employees wereaway from their job functions.

The OFE found that attendance was bet-ter than anticipated. In fact, at theCitiFinancial International headquarters inTexas, the sessions had to be moved from aconference room to the building’s largeatrium in order to accommodate all theemployees who were interested in attend-ing. Coupled with the strong attendanceresults were evaluations that overwhelm-ingly supported the concept of workshop-based financial education for Citi employ-ees. Employees not only gave the work-

CommunityDividend

Making financial education work in the workplace:The Citigroup experience

Dara Duguay William J. Arnone

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Retirementplanning is #1

What topics are likely to be most

in demand in a workplace finan-

cial education program? The

breakdown of calls made to the

phone consultation component

of Citi’s financial education pro-

gram provides some indication.

As the chart above illustrates,

retirement planning was by far

the most popular topic, account-

ing for more than half the calls

placed to the Ernst & Young

financial planning line. Retirement

planning topics of most concern

to Citi employees included their

401(k) plans, their pension plans,

and IRA rollovers. The last item

was of more concern to employ-

ees who were terminating their

service with Citi.

The most popular nonretire-

ment topics included investment

asset allocation; health and life

insurance; beneficiary designa-

tions; estate taxes; wills and

trusts; income tax penalties on

early withdrawals; income tax

withholding; debt, credit and

budgeting; and loans.

The resources described below provide additional insights into aspects of workplace-based financial education.

Research findings

Numerous studies discuss evidence about the benefits of workplace financial education. For example, a 2009

report from the Federal Reserve Bank of Kansas City and the U.S. Department of Agriculture summarizes recent

research on workplace financial education and presents additional evidence from a new study conducted by the

report’s authors. See Weighing the Effects of Financial Education in the Workplace, available at www.kansascityfed.org/

publicat/cap/carwp09-01.pdf. Findings of the new research discussed in the report were highlighted in an October

2009 Minneapolis Fed webinar, available at www.minneapolisfed.org/news_events/events/community/recent.cfm.

Federal and nonprofit resources

• The federal Financial Literacy and Education Commission (FLEC), which is chaired by the Secretary of the

Treasury and includes the Federal Reserve Board, other federal financial regulators, and more than a dozen

federal agencies, named workplace financial education as a component of implementing its 2011 national strategy

for financial literacy. (See the related News and Notes article on page 8.) The strategy is available at

www.mymoney.gov. One of FLEC’s members, the Federal Deposit Insurance Corporation, featured implementation

strategies and case studies related to workplace financial education in the 2009 article “What Works in the

Workplace: Helping Employers Provide Financial Education to Their Staff,” available at

www.fdic.gov/consumers/consumer/moneysmart/newsletter/sum2009/stories.html.

• The Personal Finance Employee Education Foundation, a nonprofit organization founded by longtime workplace

financial education researcher Thomas Garman, promotes and facilitates financial education in the workplace. Its

research summaries, aids for employers, and other resources can be found at www.personalfinancefoundation.org.

Opting out instead of in

In recent years, employers have begun supplementing their workplace-based financial education offerings with

efforts that make it more convenient for employees to build savings. Notably, many employers have changed from

requiring employees to ask to enroll in 401(k) and other retirement savings plans (the “opt-in” model) to automati-

cally enrolling them unless they request otherwise (the “opt-out” model). This simple change has been shown to

significantly boost the rate of employee participation in workplace retirement plans. Evidence in support of the

opt-out model is discussed in the May 2007 Community Dividend article “Aim of Pension Protection Act is to

increase personal retirement savings,” available via the Publications & Papers tab at www.minneapolisfed.org.

Ninth District initiatives

Ninth District employers have taken some noteworthy steps in implementing workplace financial well-being programs.

In Minnesota, the Itasca Project, an employer-led alliance that addresses regional competitiveness and quality-of-life

issues, triggered a workplace financial education initiative called Financially Fit Minnesota. Its development and

recommendations are summarized in a Center for Financial Services Innovation report titled Employer-Based

Collaboration: Lessons from Financially Fit Minnesota, available at www.cfsinnovation.com. In 2008, South Dakota

adopted legislation that phased in the opt-out model for new-employee enrollments in the Supplemental

Retirement Plan (SRP) for state workers. A report on the change, titled Adopting Automatic Enrollment in the

Public Sector: A Case Study of South Dakota’s Supplemental Retirement Plan and available at

www.retirementmadesimpler.org, reveals that the opt-out model boosted SRP participation among employees

from 20 percent to over 90 percent.

For more information Other/Miscellaneous

31%

Insurance Planning 3%

Retirement Planning53%

Investment Planning 8%

Income Tax Planning 4%

Estate Planning 1%

CommunityDividend

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April 2011

cd

$221.9 billion and is substantially higherthan the nationwide increase of 33.5 per-cent for all businesses. Among the six statesin the Ninth Federal Reserve District,Minnesota had the highest percentageincrease in revenues for Hispanic business-es, at 248 percent for the period 2002–2007.

Lagging behindThe growth in Hispanic-owned businessesis encouraging news, since small businessescan be engines of economic development.Small businesses employ about one-half ofall Americans and account for about 60percent of gross job creation.3 Ethnic andminority-owned small businesses may pro-vide additional benefits by developing lead-ers capable of bringing about positivechanges in their communities.

However, despite recent progress,Hispanic-owned firms lag behind in somerespects. For example, Hispanic-ownedbusinesses are overrepresented in low-growth and no-growth economic sectors,4and their average gross receipt per firm iscomparatively low. In 2007, the average was$152,715, whereas the national average was$1,113,281. In fact, the share of Hispanic-owned businesses with receipts of $1 mil-lion or more was only 1.9 percent in 2007,compared to 4.9 percent for non-Hispanic-owned firms. The low average for grossreceipts may be partly due to the averagesize of Hispanic-owned businesses. Many ofthem are microenterprises, or establish-ments with zero to just a few paid employ-ees. But there are other factors besides sizethat keep Hispanic-owned businesses fromreaching their potential. According to asample of nonprofit organizations in theNinth District that serve as intermediarieswith Hispanic-owned small businesses, bar-riers Hispanic entrepreneurs face include:

• Having limited collateral value.

• Having a poor or limited credit history.

• Having low literacy and English profi-ciency.

• Having a fear of government andestablished institutions.

• Encountering limited acceptance of theIndividual Taxpayer IdentificationNumber (ITIN). The ITIN is a tax-pro-cessing number issued by the InternalRevenue Service to help individuals whodo not have, and are not eligible toobtain, a Social Security Number complywith U.S. tax laws. While some banksoffer products and services to peoplewho have ITINs, others do not.

• Having limited opportunities to networkwith sources of traditional businessfinancing and providers of business-related technical assistance.

• Having a limited understanding ofAmerican business processes.

• Encountering a lack of culturally friendlyor linguistically appropriate services atlocal institutions.

• Dealing with long distances betweenbusinesses and service providers. Insome areas of the Ninth District, smallbusiness lenders and service providers—especially those who cater to Spanishspeakers—are located in big cities andare therefore not conveniently locatedfor entrepreneurs residing in rural areas.

The nonprofit intermediaries considerthe problem of obtaining financing to be amajor one for Hispanic entrepreneurs—particularly in rural areas, where Hispanicshave not succeeded in accessing manypools of loan funds. The intermediariesnoted that Hispanic entrepreneurs tend toseek capital first from family members andthen from friends. They approach banksand other financial institutions as a lastresort. The use of credit from family andfriends may be very expensive, dependingon the repayment terms, and at times caneven affect the business’s ability to grow, asmost entrepreneurs miss opportunities bynot tapping bank financing soon enough.

The nonprofit intermediaries also notedthat, due to positioning their businesses inlow-growth sectors and wanting to keep soleownership or full control of the business,Hispanic entrepreneurs have not used merg-ers, acquisitions, and strategic alliances toreposition their businesses for greateropportunities. Furthermore, Hispanic entre-preneurs are not fully employing technologyto enhance their capabilities.

Ninth District effortsFortunately, there are programs in placethat can help Hispanic entrepreneursaddress the barriers they face. For example,some local municipalities and nonprofitintermediaries in the Ninth District areproviding managerial assistance and low-cost financing to support Hispanic entre-preneurship development efforts. Also, theU.S. Small Business Administration (SBA)has expanded its program offerings in away that may benefit Hispanic entrepre-neurs. To supplement its popular, long-standing 7(a) loan program, which is opento any small business, the SBA has addedtwo programs, known as the 8(a) Programand the Microloan Program, that aredesigned to help businesses owned and



Hispanic entrepreneurshipgrows, but barriers persist

shops high marks but also asked for more.This evidence was enough to convince Citi’ssenior management to move forward onfurther developing the workshop program.

Next, Citi addressed the crucial matterof who would provide the training compo-nent of the program. After considering thecosts and risks of using internal trainers,Citi’s senior managers decided to look out-side the company. Ultimately, Citi choseErnst & Young, based on its existing rela-tionship with Citi, its broad geographicreach, and its extensive experience in pro-viding group training in workplace settings.Citi also felt that Ernst & Young, as an out-side entity, would be a neutral advisor andless prone to conflict-of-interest concerns.

In order to address the next major chal-lenge, ensuring the program’s effectiveness,Citi decided to conduct a pilot of Ernst &Young’s workshops. With input from localhuman resource leaders, Citi selectedworkshop topics from a comprehensive listof the workshops that Ernst & Young con-ducts for clients. Ernst & Young then cus-tomized its standard workshop content toreflect Citi’s applicable benefit plans andprograms. Four different employee sites,each located in a different state, were select-ed to test the workshops’ effectiveness. Thesites were chosen for having the lowest lev-els of employee participation in Citi’s401(k) plan. Afterward, the employeescompleted a series of evaluations thattracked the effects of the educational ses-sions on their financial behavior.

Citi found that after the workshops a sig-nificant percentage of attendees reached outto Ernst & Young’s phone line for individualcounseling. Also, there was an increase inthe percentage of employees who startedcontributing to the company’s 401(k) plan.The increase indicates that the workshopsnot only educated employees but motivatedthem as well. In addition, the tracking foundthat of the employees who were already con-tributing to the 401(k), a significant numbermade some changes, such as increasing thepercentage that they contributed from eachpaycheck or modifying the composition oftheir investment portfolios.

Based on these positive findings, Citi’smanagement agreed to start a financial edu-cation workshop program at about a dozensites that had the largest number of Citiemployees in the United States. Each site wasallowed two eight-hour days a year to offerthe workshops to its employee population.

To accommodate the needs of a large,diverse work force that spans a spectrum ofjobs, from bank tellers to managers of com-plex investment instruments, Ernst &Young offered a tremendous variety ofworkshop topics, from introductory ses-sions on money management to moresophisticated topics like estate planning.Other topics included investing, retirementplanning, education funding, income taxplanning, and insurance planning. Basic

and advanced versions of most topics wereoffered. Citi’s OFE surveyed employees ateach workshop site in advance in order todetermine the most relevant personalfinance topics for the given location. Theworkshops that generated the highest inter-est were selected.

Ernst & Young worked with Citi on mak-ing the eight-hour period flexible to accom-modate work hours that did not conform toa traditional workday. Many of Citi’s opera-tions were on a 24-hour schedule. Ernst &Young responded by allowing each trainer tobe available for an eight-hour period, regard-less of when the eight-hour window of timestarted or ended. Each eight-hour periodoffered the workshops at multiple times andwith a menu of the most popular topics.

The reviews are inFollowing the initial rollout to a dozensites, the Citi financial education programgrew, both in the number of sites and thetotal number of employees who attended.By 2008, the third and final year of the pro-gram, the number of sites expanded tomore than 50 and the number of attendeeswas approximately 8,000. Citi has nottracked how the program affected thebehavior of the expanded population ofattendees, but it does have data on how theattendees viewed the program. Accordingto reports Ernst & Young provided to Citi’sEmployee Resources function, which hadoverall responsibility for the financial edu-cation program, employees had high satis-faction with both the workshop and tele-phone counseling components. The reportsreveal that when Citi employees were askedto rate the program’s effectiveness on ascale of 1 (lowest) to 5 (highest), theirresponses averaged a remarkable 4.7 rating.When asked whether the program enabledthem to make a decision or take action,92.8 percent of participants responded pos-itively. Asked if they would use these serv-ices again or recommend them to cowork-ers, 97.7 percent responded positively.

The positive reviews suggest that Citi’sapproach to implementing financial educa-tion workshops may be a useful model forother employers to follow. By working with atrusted partner, conducting small-scale teststo demonstrate the workshops’ effectivenessand garner management support, and build-ing flexibility and choice into the workshopschedule, Citi found a way to make financialeducation work in the workplace.

William J. Arnone is a partner emeritus atErnst & Young LLP. Dara Duguay is a for-mer director of Citigroup’s Office ofFinancial Education. For more informationon the Citi–Ernst & Young partnership, e-mail Duguay at [email protected] links to additional financial educationresources from Duguay, visit her web site atwww.daradollarsmart.com.


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the same vein, SWIF’s staff translated theorganization’s most important businessplanning documents into Spanish. In addi-tion, SWIF developed Latino businessgroups within the local chambers of com-merce, first in Worthington and then inWillmar. The results are promising. Of 201microloans closed since the program waslaunched in October 2001, 28 went toHispanic entrepreneurs. In comparison, inthe 15 years dating from SWIF’s foundingin 1986 to the program’s launch in 2001,only three SWIF loans went to Hispanics.

Additional steps to successAs the programs described above illustrate,noteworthy steps have been taken to assistwith the growth of Hispanic-owned busi-nesses in the Ninth District. Additionalsteps suggested by the nonprofit intermedi-aries we contacted include:

• Recognizing the work of nonprofitmicrolenders and other organizationsthat provide loan capital, technical assis-tance, and managerial support to entre-preneurs, as this work gives bankersmore confidence in lending to Hispanic-owned small businesses.

• Facilitating access to alternative lenderslike CDFIs. Alternative financing is evenmore important now, since the recessionand the moderateness of the subsequentrecovery have made bank lending morechallenging.

• Promoting better working relationshipsbetween banks and all minority andimmigrant groups. While the incentivesthat the Community Reinvestment Act7

gives banks to reinvest in their commu-nities are important, it is also in the self-interest of banks to work with emergingmarket communities.

If carried out effectively in the long run, theprojects and additional steps discussed heremay help Hispanic communities enjoy bothstronger economies and a new class of leader-ship—one capable of effecting changes thatcan help all underserved groups prosper.

1 The Survey of Business Owners (SBO), which is con-ducted every five years as part of the Economic Census,involves a sample of more than 2 million nonfarmbusinesses that have receipts of $1,000 or more and areorganized as individual proprietorships, partnerships,or any type of corporation. While the Great Recessionlikely caused a decrease in the number of Hispanic-owned small businesses, the extent of the decrease willnot be known until results of the 2012 SBO are released.2 According to the U.S. Small Business Administration(SBA), the size standards for what constitutes a smallbusiness vary by industry and are measured in numberof employees or annual receipts. For example, for mostmanufacturing industries, the SBA defines a small busi-ness as having 500 or fewer employees. For the agricul-tural industry, the SBA defines a small business as hav-ing $750,000 or less in annual receipts. To view a tableof all SBA size standards, visit www.sba.gov/sites/default/files/Size_Standards_Table.pdf.3 Federal Reserve Chairman Ben Bernanke, from thespeech Addressing the Financing Needs of SmallBusinesses, delivered July 12, 2010, in Washington, D.C.4 Examples of low-growth and no-growth sectors,based on categories designated by the federal govern-ment’s North American Industry Classification System,are Repair and Maintenance, Personal and LaundryServices, and Health Care and Social Assistance.5 CDFIs are specialized entities that provide loans,investments, training, or other services in under-served or economically distressed areas.6 Certified Development Companies are nonprofitorganizations that the SBA has approved to providesmall business financing through its 504 Loan Program.7 The Community Reinvestment Act (CRA), enactedin 1977, requires banks to provide loans, invest-ments, and services in all parts of the geographicareas they serve, including low- and moderate-income neighborhoods. For more on the CRA, visitwww.ffiec.gov/cra/default.htm.

organizing the immigrant communities inMinneapolis-St. Paul, has organized ruraleconomic development initiatives to helpHispanics in rural towns and small cities ingreater Minnesota organize and access eco-nomic opportunities in their local areas.According to LEDC Executive DirectorRamon Leon, the rural initiatives weredeveloped in response to survey resultsfrom Hispanics in those communities.

“We asked them what the most impor-tant missing resources were for starting orexpanding a business, as well as what othercritical social and economic issues preventthem from integrating with the local eco-nomic system. Results from the survey andinformation gathered during outreach ledus to organize economic developmentefforts in greater Minnesota,” says Leon.

For the past several years, another inter-mediary, the Southwest InitiativeFoundation (SWIF), a rural Minnesotacommunity foundation that serves thesouthwestern region of the state, has devel-oped and implemented a program that sup-ports the growing number of Hispanicswho live in the area and want to start orgrow small businesses. Under the DiverseBusiness Program, two business-mindedmembers of the Hispanic community werecoached and trained to become businessconsultants and assist Hispanic entrepre-neurs in the region, particularly in the citiesof Worthington and Willmar. Hispanicentrepreneurs who are approved for amicroloan from SWIF are required to workwith the consultants for technical assistanceand training in record keeping, accounting,marketing, and business management. In

controlled by economically and sociallydisadvantaged individuals access financingand enter the economic mainstream. The8(a) Program provides business develop-ment assistance to help entrepreneurs com-pete in the marketplace, and the MicroloanProgram makes funds available so nonprof-it, community-based intermediaries canoffer small businesses short-term loans ofup to $50,000. Intermediaries that partici-pate in the Microloan Program are requiredto provide business training and technicalassistance to their microloan borrowers.

In February of this year, the SBAlaunched two additional new lending ini-tiatives, the Small Loan AdvantageProgram and the Community AdvantageProgram, that will allow lenders to processmore credit requests from the most under-served entrepreneurs in our economy,including Hispanics. The Small LoanAdvantage Program encourages banksthat are preferred SBA lenders to makesmall loans (a maximum of $250,000)to entrepreneurs. The CommunityAdvantage Program enables “mission-focused” financial institutions, includingcommunity development financial institu-tions (CDFIs),5 Certified DevelopmentCompanies,6 and nonprofit microlendingintermediaries, to provide loans throughthe existing 7(a) program.

Various organizations in the NinthDistrict, such as CDFIs and Hispanic cham-bers of commerce, have developed pro-grams to support Hispanic entrepreneur-ship. For example, the Latino EconomicDevelopment Center (LEDC), a nonprofitCDFI in Minnesota that initially focused on

• Latino Economic Development

Center, www.ledc-mn.org

• Southwest Initiative Foundation,

www.swifoundation.org

• U.S. Small Business Administration,

www.sba.gov

2

3

4 5

2

PHOTOS B

Y STAN W

ALDHAUSER

For more information

Photos 1–4: Store owner Maria Parga tends shopat Mini Market Lupita in Worthington, Minn. Foundedas a video store in 1993, the business has graduallygrown into a full-service grocery store and deli-stylerestaurant. Microloans and technical assistance fromSouthwest Initiative Foundation (SWIF) have helpedParga through several expansions, including a recentmove to a spacious new location. Photo 5: MariaHaack trims a client’s hair at Maria’s Hair Salon, herstyling shop in Hutchinson, Minn. Haack’s business hasgrown steadily since its founding in 2006, thanks inpart to microloans and technical assistance from SWIF.

For more photos, visit the April 2011 issue ofCommunity Dividend online via the Publications& Papers tab at www.minneapolisfed.org.

1

CommunityDividend

News and Notes

April 2011

Fed releases two new con-sumer credit guidesThe Board of Governors of the Federal ReserveSystem has released two online resourcesdesigned to educate the public about aspectsof consumer credit. The first resource, theConsumer’s Guide to Credit Reports and CreditScores, uses a question-and-answer format toexplain credit reports, credit scores, and theimportance of protecting personal credit his-tories. The guide provides instructions andcontact information for actions such as fixingerrors on credit reports and opting out ofunsolicited credit offers.

The second new resource, titled What YouNeed to Know: New Rules about CreditDecisions and Notices, explains a type ofnotice that creditors are now required to sendborrowers. Under new rules that took effectJanuary 1, 2011, a creditor must send a bor-rower a notice when, based on the borrower’scredit report, the creditor provides credit tothe borrower on terms that are less favorablethan those provided to other consumers. Aborrower who receives this “risk-based pric-ing” notice can then obtain a free creditreport in order to check it for accuracy.

Both of the new guides are available atwww.federalreserve.gov/consumerinfo.

HUD awards $73 millionto housing counselingorganizationsThe U.S. Department of Housing and UrbanDevelopment has awarded approximately $73million in grants to more than 500 housingcounseling agencies throughout the country.The total dollar amount reflects an increaseof $13 million, or 22 percent, over the 2010funding level. More than $5 million of thisyear’s grants went to three national organiza-tions (National Community ReinvestmentCoalition, National Council of La Raza, andNeighborhood Reinvestment Corporation)for the purpose of training 4,500 housingcounselors. The remaining grants will go toregional, state-level, and local organizationsto support foreclosure prevention counselingand home buyer education activities. Nearly$4.2 million of the grants went to organiza-tions headquartered in the Ninth FederalReserve District.

Site provides state-by-stateassessments of financialcapabilityA new web site developed by the FINRA InvestorEducation Foundation (FIEF) enables users toview and compare assessments of financialcapability for every state and region in the coun-

try. The site, www.USFinancialCapability.org,features an interactive map that displays state-level, regional, and national data on how wellindividuals manage their financial resources.The data are based on the results of an FIEF-sponsored study called The State-By-StateFinancial Capability Survey, which was devel-oped in consultation with the U.S. Departmentof the Treasury and the President’s AdvisoryCouncil on Financial Literacy.

FLEC releases nationalfinancial literacy strategyThe federal Financial Literacy and EducationCommission (FLEC) has released a nationalstrategy for coordinating policies, educationalofferings, and research related to financial lit-eracy. Promoting Financial Success in the

Calendar

Census Bureau revampsAmerican FactFinderThe U.S. Census Bureau is replacing its pop-ular American FactFinder web site with anew site that enables quicker, easier access toa wide variety of demographic data. The newsite, named the NEW American FactFinder,features a streamlined layout, enhancedsearch functions, and improved mapping andtable-manipulation tools. To explore the newsite, visit http://factfinder2.census.gov. Theoriginal American FactFinder site, located athttp://factfinder.census.gov and now knownas Legacy American FactFinder, will be dis-continued in the fall of this year, once all thedata it houses have been transferred to thenew site.

Fuhrman joins ConsumerAdvisoryCouncil Josh Fuhrman, seniorvice president of pro-grams and policy forthe HomeownershipPreservation Foundation

(HPF) in Minneapolis, was recently namedone of ten new members of the FederalReserve’s Consumer Advisory Council(CAC). The CAC, which was established in1976, meets three times a year to advise theBoard of Governors of the Federal ReserveSystem (Board) on matters related to con-sumers, communities, and the financial serv-ices industry. Members are appointed by theBoard and serve staggered, three-year terms.

In his role at the HPF, Fuhrman overseesthe day-to-day operations of theHomeowner’s HOPE Hotline, a free, national,24-hour foreclosure counseling service thathandles more than 5,000 phone calls a day.He also directs a national program to assisthomeowners who are affected by foreclosurerescue scams. Prior to joining the HPF,Fuhrman served as the director of counselingfor Auriton Solutions, a national nonprofitcrisis-counseling agency.

Fuhrman joins Mary Tingerthal as one oftwo CAC members from the Ninth FederalReserve District. Tingerthal, who wasappointed to the council in 2009, is commis-sioner of Minnesota Housing, the State ofMinnesota’s housing finance agency. She wasrecently designated Vice Chair of the CAC.

Note: In accordance with provisions of theDodd-Frank Wall Street Reform andConsumer Protection Act, the CAC will contin-ue to operate until July 21, 2011. On that date,the council will be dissolved and its responsibil-ities will be transferred to the newly foundedConsumer Financial Protection Bureau.

Participate in an exchange of ideas that will reshape the practiceof community development finance!

Sponsored by the Federal Reserve Banks of St. Louis, Atlanta,Dallas, and Minneapolis.

May 9–11, St. Louis

Additional information: www.exploringinnovation.org

The Changing Landscape of Community Development: Linking Research with Policy and Practice in Low-Income Communities

The Federal Reserve’s Seventh Biennial Community AffairsResearch Conference, April 28–29, Arlington, Va.

Highlighting new research that can directly inform communitydevelopment policy and practice and that points the way to a moreinclusive vision of sustainable economic recovery. For additionalinformation, visit www.frbsf.org/community/2011ResearchConference.

2011Fed Community Affairs Research Conference

Exploring Innovation: A Conference on Community Development Finance

United States: National Strategy for FinancialLiteracy 2011, available at www.mymoney.gov,is a product of discussions with private, pub-lic, and nonprofit players in the financial edu-cation field. The strategy identifies four maingoals that support a vision of sustained finan-cial well-being for individuals and families:increasing awareness of and access to effec-tive financial education; determining andintegrating core financial competencies;improving the nation’s financial educationinfrastructure; and identifying, enhancing,and sharing effective practices.

The FLEC was established in 2003 withthe passage of the Fair and Accurate CreditTransactions Act. It comprises representativesof 22 federal entities, including the Board ofGovernors of the Federal Reserve System, andis chaired by the Secretary of the Treasury.

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