First Nations Development Institute Releases Native Financial Capability Report

LONGMONT, Colorado (January 27, 2015) – Tribes and Native American nonprofits are pioneering new and innovative financial capability programs that empower tribal citizens to take control of their financial futures. First Nations Development Institute (*First Nations* [ http://www.firstnations.org ]), working in partnership with the *Northwest Area Foundation* [ http://www.nwaf.org ], has just released a new report documenting these programs and identifying promising practices and areas for growth. Titled "Building Assets and Building Futures: Financial Capability Programs in Native Communities," this report provides an overview of recent research on financial literacy and financial services in Native communities, and then presents data on financial capability programs serving a broad range of communities in the Northwest Area Foundation region.

Financial capability programs increase financial knowledge and also provide financial services that are affordable, easy to use, and safe. For example, the Northern Eagle Federal Credit Union, a financial institution recently launched by the Bois Forte Band of Chippewa Indians, offers affordable savings accounts and other financial services to tribal members. Staff members also conduct financial education workshops for tribal employees, high school students and other community members to help people build their financial knowledge and skills. In addition, they provide financial counseling services. A staff person shared, "I have had a few success stories from band members who have met with the counselor … thinking there was no hope for climbing out of debt … after meeting with the credit counselor they found that bankruptcy was not the answer. They tell me they have paid off cars, credit cards and are on their way to financial freedom. " The programs and services offered by the Northern Eagle Federal Credit Union are helping people regain control of their financial lives and move toward financial stability. The director of Northern Eagle Federal Credit Union served on the advisory committee for this report.

Among the 75 Native nations in the Northwest Area Foundation region, at least half are served by some type of financial education program, 20 have an Individual Development Account program, 48 have a Volunteer Income Tax Assistance (VITA) program, and at least 33 are served by community development financial institutions (CDFIs).

First Nations will be conducting a webinar in partnership with the Corporation for Enterprise Development (*CFED* [ http://cfed.org ]) on February 12, 2015, to discuss this report and share best practices and model programs. To register for the webinar, *follow this link* [ https://attendee.gotowebinar.com/register/3043137387139288066 ].

"We are honored to work with Northwest Area Foundation and to raise up the innovative and successful programs serving Native nations in the Northwest," said First Nations President Michael E. Roberts. "We hope this report helps others who are thinking of developing their own programs."

For a copy of the "Building Assets and Building Futures: Financial Capability Programs in Native Communities" paper, visit *First Nations' Knowledge Center* [ http://www.firstnations.org/knowledge-center/financial-education/research ].

*About First Nations Development Institute*

For 35 years, using a three-pronged strategy of educating grassroots practitioners, advocating for systemic change, and capitalizing Indian communities, First Nations has been working to restore Native American control and culturally-compatible stewardship of the assets they own – be they land, human potential, cultural heritage or natural resources – and to establish new assets for ensuring the long-term vitality of Native American communities. First Nations serves Native American communities throughout the United States. For more information, visit *www.firstnations.org* [ http://www.firstnations.org ].

*About Northwest Area Foundation*

The *Northwest Area Foundation* [ http://www.nwaf.org ] supports organizations driven by a spirit of innovation to build shared and lasting prosperity – so that individuals, families and communities get the chance to thrive on their own terms. We fund champions of change who advance programs and policies that help people build assets by creating good, local jobs – and developing financial capability, the skills they need to succeed in the workplace, save for their futures and launch businesses of their own. Our grantees reflect the distinct cultural strengths of the eight states and 75 Native nations of our region. We are committed to listening to, learning from, and leading others to their transformative work. Their tireless spirit of innovation has guided us since 1934 – and will continue to inspire our collective journey toward prosperity.