AEI Regional Initiatives - San Francisco Region

FDIC Community Affairs staff in the San Francisco Region are building on the efforts of several local initiatives in the City of Los Angeles. The AEI was unofficially introduced September 2006, with an official launch in June 2007. The AEI-Los Angeles Steering committee was formed in March 2007, with four working groups focusing on youth and financial education, asset-building products targeted to unbanked and underbanked Angelinos, and a home preservation/foreclosure solutions coalition and small business development. The Steering Committee is comprised of 75 participants representing financial institutions, community-based organizations and local and federal municipal entities. A campaign, “Everybody Wins!,” is underway with 16 participating banks and credit unions to count the number of new account opened in the city of Los Angeles between July 2007 and December 2008. The first goal of 1,000 new account openings has been achieved, and the initiative is working to reach the second goal of 20,000 new accounts opened over 18 months. The AEI-Los Angeles banking initiative will become a component of the Bank on California campaign led by California Governor Schwarzenegger which was announced on December 12.

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