California's Central Valley Clamors for Asset Building

I had the incredible opportunity to give a presentation on asset building policies today at the United Way of Kern County's Professional Development Conference. An annual gathering for a wide range of Valley advocates, the conference drew hundreds of participants- and this year's focus was Maximizing Assets.

Sheryl Lane of EARN started the Asset Building 101 Panel, with an informative overview of the importance of assets to families and the economy. My presentation (soon available online) focused on the policies we've helped develop and advance, with an emphasis on the importance of locally-based solutions and advocacy. 

Introducing Banking Development Districts, the inequitable distribution of federal incentives to build wealth, and the importance of the EITC in local economies to new, interested, and eager ears is not just a pleasure- it's a responsibility. Participants wondered aloud why more isn't done to keep people in Bakersfield from paying to have their taxes done, and why there isn't a 'Payday Plus Bakersfield.'

And the only thing left for these local actors is to look at the models of what's been done, get connected, and then start the (sometimes hard) slog of actually bringing these innovations to their city. Easier said than done, but they have just a few friends to turn to for help along the way.

During the later session on Payday Lending, the San Francisco Office of Financial Empowerment, the Center for Responsible Lending, the Micro-Branch of Self Help Credit Union, and Progreso Financiero presented different takes on payday lending alternatives and improvements. Again, it was clear that the Valley is more than ready for their own share of these actions- those listening were vowing to kick out payday lenders and take names... they practically formed a coalition mid-panel. 

Which was exactly the point, of course. The San Francisco Federal Reserve Bank, whose Valley representative Darryl Rutherford helped bring the assets focus to this year's conference, hopes to bring more vigor and vim to the South Valley Assets Coalition as a result of these conversations.

This local coalition, especially with its new connections to the statewide EITC/Assets coalition we are helping develop, can act as the formal voice for improvements to the area's financial empowerment, education, and access.