SHARE:  

To ensure proper formatting, view this email online.

Member Newsletter

November 2023



In this Issue:


A Message From CEO Mike Croxson


November Member Town Hall


New Community Reinvestment Act Rule


NFCC Fundraising Guidelines for Members


NFCC and Members in the News

A Message From the CEO

Colleagues,

 

If you attended our recent Town Hall, thank you! You can view the recording below if you were unable to join us or if you'd like to share with your own teams.


We're proud of what we've accomplished this year. First and foremost, we remain committed to protecting and modernizing our core business--supporting you, our Member Agencies, in educating and solving financial challenges for consumers.


Although tools and tactics may change, our goals look similar for 2024. We'll continue to enhance member and creditor engagement by providing new resources and increased Locator volume; broaden our reach to serve more consumers; strengthen the breadth and depth of funding sources while meeting organizational financial goals; and continue to build awareness of nonprofit credit counseling in a world currently dominated by debt settlement.

 

NFCC Board and CMA members Sam Hohman and Christopher Camaione-Lind provided an excellent overview of the impacts of debt settlement on our own work. It's imperative that we explore the choices we have as nonprofits to offer consumers the products they clearly are demanding. To that end, we've formed a task force, which CMA Vice Chair Jill Feldman has graciously offered to lead. We'll examine the role(s) we may play as the debt settlement industry continues to evolve, as creditors request that we become an option they can consider, and as consumers increasingly seek reputable help. The CMA will publish a charter and expectations for task force members in the coming days and then seek volunteers.This will very likely be some of the most important work we'll do next year.


Wrapping up the Town Hall, NFCC COO Jenn Pizi shared some of our other initiatives underway, all of which are designed to improve the ways we can serve you. We're proud to announce that the option of Video Chat is now available through the NFCC website and our Locator. Please let us know if you'd like more information about how your agency can participate. Next up: the launch of the NFCC Consumer Debt Score and an improved Member Website.


We wish you and your families a Happy Thanksgiving! We are grateful to end 2023 knowing that, together, we are truly making a difference in the lives of those who need us most.

 

Sincerely,

November Member Town Hall

Our November Town Hall was attended by more than 80 members and provided an opportunity for the NFCC leadership team to provide updates around technology enhancements and what we're planning for CONNECT 2024. That, of course, was in addition to a lively discussion around debt settlement.


Click below to view the Town Hall in its entirety.

New CRA Rule Includes Credit Counseling

On October 31, federal banking regulators published a Final Rule updating the Community Reinvestment Act (CRA). Among other changes, the new Rule clarifies that creditor support for financial and credit counseling services qualify for CRA credit under the “Community Development Services Test.” Specifically, the new Rule states: Activities that promote financial literacy are those that assist individuals, families, and households, including low- or moderate-income individuals, families, and households, to make informed financial decisions regarding managing income, savings, credit, and expenses, including with respect to homeownership.” This revised language is broader than the previous rule, which implied that only grants supporting housing counseling services qualified for credits under the CRA.


Interestingly, the official commentary included in the publication of the new Rule also included discussion of fee-for-service counseling programs. These comments make clear that fee-for-service payments from creditors to counseling agencies for specific programs can qualify for CRA credits. These payments often come from the business units of creditors to support counseling that results in a consumer’s enrollment in a creditor product or service. While the rule specifically mentions pre-purchase counseling programs such as Envisioning Homeownership, the NFCC is evaluating whether this same approach could apply to Fair Share payments as well.


Please direct any questions or feedback to Matt Ribe at mribe@nfcc.org.

NFCC Publishes New Fundraising Guidelines for Members

The NFCC fundraising team has published new guidelines designed to help Member Agencies identify and pursue fundraising opportunities in their respective communities. We have included general information for new fundraisers, as well as proprietary studies that can be used to demonstrate the impact of credit counseling for those who are already writing grant proposals.


"Prospecting for grant funding is a critical activity for nonprofit credit counseling agencies," said NFCC Development Manager Eric Griffith, who co-authored the new guidelines. "We've provided a step-by-step approach to assist agencies in identifying, contacting, and securing grant funding through powerful, data-driven proposals."


Click on the image to download the document. Contact Eric Griffith with any questions, egriffith@nfcc.org.

In the News

NFCC and/or its Member Agencies appeared in numerous articles or broadcast pieces recently, including:

This Expert Shares How We Can Navigate the Rent Hike Crisis

Essence.com


Three Things You Can Do If Deposit Delays Hurt Your Ability to Pay Your Bills

CNN.com


Greenland Woman Repairs Credit, Earns Award While Dealing With Life’s Circumstances

ArkansasOnline.com

MEMBER SPOTLIGHT:

Consumer Credit Counseling of the Mid-Ohio Valley


Consumer Credit Counseling Services Raising Money With Murder Mystery Dinner

NewsandSentinel.com

Facebook  LinkedIn  Twitter  YouTube