The Treasury Department last week announced that it will award “First Accounts” grants totaling $8.35 million to 15 projects designed to help unbanked Americans open accounts at insured financial depository institutions. One grant recipient is the Center for Law & Human Services, 120 E. Jackson Blvd., which will receive $686,566 to connect 1,000 unbanked low- and moderate-income individuals in Chicago and Detroit to insured accounts at insured depository institutions over two years.
“We were very pleased at the large number of high-quality and innovative proposals we received,” said Treasury Assistant Secretary for Financial Institutions Sheila C. Bair. “Our hope is that these projects will serve as models for others in their efforts to reach the one in ten American households that are unbanked.”
The Illinois and Detroit-based project is a partnership of The Center for Law & Human Services, Accounting Aid Society, ShoreBank, National Consumer Law Center, and Consumer Federation of America. The project seeks to attract individuals who will have their tax returns prepared free-of-charge and allow them to open bank accounts into which their income tax refund can be deposited.
Individuals initially open a savings account, followed by financial education and an opportunity to open a checking account. Year-round financial literacy classes will be offered to provide the necessary skills to maintain and manage the new accounts. The project focuses on using the earned income tax credit and free tax preparations to encourage opening accounts. Each of the partners will make in-kind contributions to the project.
Be a coach
Volunteer coaches are needed for t-ball and baseball at the following parks: Chase Park, 4701 N. Ashland Ave., Gill Park, 825 W. Sheridan Rd., Oz Park, 2021 N. Burling St., Pulaski Park, 1419 W. Blackhawk St., Wrightwood Park, 2534 N. Greenview Ave. Call (312) 742-4775 to volunteer.
Printable Version