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Responsible banking 25 Sep 2018

BBVA Compass teams up with organizations to increase financial capabilities across U.S.

BBVA Compass recently launched its Center for Financial Education Community Workshops Initiative, with the goal of giving 20,000 low- to moderate-income individuals, families and small business owners the knowledge they need to take better control of their financial lives.

The BBVA Compass Foundation, the bank’s charitable-giving arm, has selected 28 nonprofits* in 19 markets across its footprint to participate in this financial education pilot program designed to build a comprehensive network of financial education offerings. Selected organizations received grants to host financial education workshops during the five-month pilot period. The workshops are designed to be a gateway for participants to increase their financial stability and ultimately access the mainstream financial system.

During a day-long financial education summit held in August, the selected nonprofits received training on the Center’s platform, guidance in the use of technology-backed training materials, and an introduction to the bank experts who will serve as financial capability coaches for the workshops.

Ocañas: We want to build a network of opportunity, a place where people can come to get financial education so they can experience a fuller measure of financial capability and security.

“We want to build a network of opportunity, a place where people can come to get financial education so they can experience a fuller measure of financial capability and security,” said Reymundo Ocañas, BBVA Compass Director of Corporate Responsibility and Reputation. “We envision a partnership with organizations that are already out there every day building up their communities. We’ll give them the tools and funding they need to help move even more people onto firmer financial footing.”

The BBVA Compass Center for Financial Education Community Workshops Initiative, which officially launches today, will provide workshops covering topics in personal finance, home ownership, and small business matters.

The grant recipients have a demonstrated ability to deliver financial education to low- and moderate-income families, to unbanked or underbanked populations, or to small businesses in underserved areas. BBVA Compass will provide the workshop curricula, which it developed using its own subject-matter experts in partnership with leading education technology firm EverFi.

Each financial education module gives organizations the flexibility to deliver workshops using a range of technology options including no-tech, low-tech and high-tech instructional methods, and in both English and Spanish. The workshops will be taught by trained financial capability coaches from BBVA Compass.

Additionally, BBVA Compass will support the selected non-profits with co-branded marketing and technology support, as well as access to the BBVA Compass Center for Financial Education, the bank’s hub for online and in-person adult financial education courses. The BBVA Compass Center for Financial Education Community Workshops Initiative is part of BBVA Compass’ pledge, made in late 2014, to put $11 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods.

The bank has already pursued a series of partnerships with high-profile, high-impact nonprofits to promote financial education.

*The 28 nonprofits to participate in the BBVA Compass Foundation’s financial education pilot program are: Alabama Small Business Development Initiative, Alabama State University Foundation – SBDC, Neighborhood Concepts, Neighborhood Housing Services of Birmingham, The Grind Small Business Development Center, The Salvation Army, Friendly House, Pima County Community Land Trust, YWCA Metropolitan Phoenix, El Sol Neighborhood Educational Center, Visionary Home Builders of California, Denver Metro Chamber Leadership Foundation – Denver Metro SBDC, MPowered, Wealth Watchers, Alamo Area Mutual Housing Association DBA Alamo Community Group, Center for Transforming Lives, Code RGV, Economic Growth Business Incubator, Frameworks CDC, Houston Community College Foundation, LDF Nonprofit Foundation, LiftFund, NeighborWorks Laredo, PeopleFund, SER-Jobs For Progress, Tejano Center for Community Concerns, United Megacare,Valley Initiative for Development and Advancement (VIDA)

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