The Social Policy Institute welcomes Kathy Kraninger, the director of the Consumer Financial Protection Bureau, who will be giving remarks on the importance of promoting financial security and financial well-being and discussing a new savings initiative from the Consumer Financial Protection Bureau (CFPB). Co-sponsored by the Clark-Fox Policy Institute, the Gephardt Institute for Civic & Community Engagement and the CFPB.
To provide the opportunity for the Consumer Financial Protection Bureau (the Bureau) Tax Time Savings Initiative Cohort partners to meet in person and share ideas on ways that Volunteer Income Tax Assistance (VITA) programs can increase economic stability through the improved use of savings products and services.
Low- and moderate-income (LMI) households lack sufficient liquid assets to address unexpected emergencies and dips in income (McKernan, Ratcliffe, & Vinopal, 2009; Pew Charitable Trusts, 2015). Receiving tax refunds is an opportunity for recipients of the Earned Income Tax Credit (EITC) to build emergency savings to help cope with these financial shocks.