Asian Americans for Equality, Inc. (AAFE) has been selected as one of 10 sites across the country to host an innovative financial coaching program developed by Points of Light, the world’s largest organization dedicated to volunteer service, in partnership with Bank of America, one of the world’s largest financial institutions.
The Financial Opportunity Corps will utilize trained AmeriCorps VISTA members to work with organizations like AAFE to provide financial coaching to low- and moderate-income families in the communities they serve. Financial Opportunity Corps members will train community-based volunteers – including employees at local Bank of America branches – to be “financial coaches.” Through one-on-one or small group coaching sessions, Financial Opportunity Corps volunteers will help community members develop strategies to reduce debt, improve credit, start saving for emergencies, access benefits and build assets for long-term financial health.
“The power and potential of the Financial Opportunity Corps stems from our community-driven approach and volunteer-led outreach,” said Delores Morton, President of Programs at Points of Light. “Organizations like AAFE know the needs of their communities better than anyone, and the Financial Opportunity Corps will provide them with the financial training and volunteer resources to help meet those needs.”
“Financial wellness is core to our company’s purpose,” said Kerry Sullivan, President, Bank of America Charitable Foundation. “Through this partnership with Points of Light, we are supporting financial education efforts that can be scaled and sustained at the local level, leveraging the service of AmeriCorps VISTA members and our own employees to create positive change. That means customized solutions that put low and moderate income people – and their communities – on the pathway to long-term economic success.”
“This program could not come at a better time,” said Christopher Kui, Executive Director, AAFE. “While many think that all of New York City has recovered from the recent recession, the reality is that almost half of New Yorkers are making less than 150% of the poverty threshold according to NYC’s Center for Economic Opportunity. This program will help address the growing poverty in our community through establishing our first financial coaching program specifically designed for low-income residents.”
AAFE is currently accepting applications for full-time AmeriCorps VISTA members to be trained as Financial Opportunity Corps leaders. For information on how to apply, visit www.aafe.org.
About Points of Light
Points of Light – the world’s largest organization dedicated to volunteer service – mobilizes millions of people to take action that is changing the world. Through affiliates in 250 cities and partnerships with thousands of nonprofits and corporations, Points of Light engages 4 million volunteers in 30 million hours of service each year. We put people at the center of change. For more information, go to www.pointsoflight.org.
About Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 52 million consumer and small business relationships with approximately 5,400 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
About AmeriCorps VISTA
AmeriCorps VISTA is a program of the Corporation for National and Community Service, a federal agency that engages more than five million Americans in service through its AmeriCorps, Senior Corps, Social Innovation Fund, and Volunteer Generation Fund programs, and leads the President’s national call to service initiative, United We Serve. With passion, commitment, and hard work, AmeriCorps VISTA members create or expand programs designed to bring individuals and communities out of poverty. For more information, visit NationalService.gov.