COMMUNITY FINANCIAL RESOURCES
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Mission Statement
Community Financial Resources provides pathways to financial well-being and economic justice with safe and reliable financial products for low-wealth communities.
About This Cause
Community Financial Resources connects low-income and financially marginalized people with consumer-friendly banking tools to achieve economic sufficiency and financial resilience. CFR sources and/or develops financial products that offer better choices than “fringe” financial services and high fee bank accounts. We work with our partner financial institutions to leverage our intimate understanding of the financial lives of low-to-moderate income families and apply cost-saving technology to introduce beneficial products with lower prices and increased value for consumers. CFR’s products demonstrate best practices for how financial institutions can better serve low-income communities. CFR builds financial products into financial education programs. Our own product-based financial education curriculum is designed to incent participants to demonstrate beneficial financial behaviors, such as using direct deposit, automating bill payments, saving, and improving creditworthiness. We build the capacity of our partner community organizations to connect their constituents to appropriate financial products and services and then help clients develop income and wealth-building strategies by integrating financial education, financial product enrollment, and financial product coaching into existing service or community engagement programs. With a staff composed of banking industry veterans and economic justice activists, we focus on serial product innovation and consumer awareness. CFR is unique in the field of poverty alleviation. While banking institutions talk about moving the unbanked into mainstream banking, CFR initiates financial service innovations that satisfy the needs of low-income and transnational families, transforming banking from a market-driven commodity into a human service.