The Center for Financial Services Innovation Launches Second Grant Fund to Promote Financial Capability

CHICAGO--(BUSINESS WIRE)--Today, the Center for Financial Services Innovation (CFSI) announced the launch of the Financial Capability Innovation Fund (FCIF) II to provide financial and technical assistance to innovative and promising nonprofit-led programs designed to promote the financial capability of low-income and underserved consumers. CFSI will award approximately $2.5 million total to 7-10 grantees with an average award size of $250,000 - $350,000 through a competitive request for proposals (RFP) process. The RFP process begins today and closes on Friday, November 2, 2012, at 11:59PM EDT.

“Our investment in the Financial Capability Innovation Fund II seeks to stimulate change within the financial education field by promoting widespread adoption of successful strategies that empower consumers to make better financial decisions and begin building assets.”

“With the goal of helping consumers achieve better financial outcomes, our hope is nonprofit organizations and financial services providers will develop innovative strategies and interventions aimed at improving consumers’ financial capability,” said Sarah Gordon, VP, Nonprofit Investments, CFSI. “In 2010, CFSI launched the original Financial Capability Innovation Fund to identify, support, and evaluate promising strategies that deliver positive behavior change for low-income and financially-challenged consumers. Since then, a growing number of organizations have taken interest in this framework and CFSI is seeking to continue supporting promising interventions aimed at promoting financial capability with this second fund. By continuing to fund programs that explore new strategies for financial behavior change or build on proven ones, the FCIF II will continue the momentum that could potentially help millions of Americans take greater control over their financial lives.”

The Fund is supported by a collaborative of funders led by the Citi Foundation and also including Capital One Foundation, NYSE Euronext Foundation, Charles Schwab Bank, Charles Schwab Foundation, and Experian.

“The Citi Foundation has long supported innovative approaches to changing consumer behavior, because we know that is a key factor in helping low-income consumers achieve greater financial stability,” said Pam Flaherty, Citi Foundation President and CEO. “Our investment in the Financial Capability Innovation Fund II seeks to stimulate change within the financial education field by promoting widespread adoption of successful strategies that empower consumers to make better financial decisions and begin building assets.”

CFSI is accepting proposals through Friday, November 2, 2012, at 11:59PM EDT. For more information on the Fund or to download the request for proposals, visit the CFSI website at http://cfsinnovation.com/content/financial-capability-innovation-fund-ii.

About CFSI:

The Center for Financial Services Innovation is the nation’s leading authority on financial services for underbanked consumers. Since 2004, its programs have focused on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies. CFSI works with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com or follow us on twitter @cfsinnovation.