2017 – “Rock On With Bank On”
In 2017, Irene Fong and Joanne Nguyen, both Academy of Finance students at Boone High School, Orlando, Florida, served as the summer interns for Florida Prosperity Partnership. Irene and Joanne were tasked with research on banking products available in Florida, using guidelines from Cities for Financial Empowerment’s (CFE) Bank On 2.0.
CFE and FPP are two organizations that envision a future beyond stability, to one of financial security, for all individuals.
To reach this goal, the researchers used Bank On 2.0 and FDIC guidelines to discover the potential financial deposit and credit products of banks in Florida as an option to alternative financial services (AFS).
Irene and Jo’s impressive research results indicate:
- Approximately 225 banks exist in the state of Florida.
- More than 10% of Florida banks meet the Bank On 2.0 standards in all four researched areas of deposit products, small dollar loans, credit-building products and alternative car loans.
- The research data was gathered via websites, direct phone calls and live chats; live chats proved the most immediate and reliable source for data collection.
- Some Florida banks have worked diligently within their communities to serve customers with poor credit ratings, as unstable credit is a significant factor in access to financial products.
- Financial institutions have demonstrated movement in offering products that meet the Bank On 2.0 standards; those brands that meet the standard have been able to successfully attract a market segment in Florida communities otherwise drawn to alternative financial services.
2016 – “An Inventory of Florida Credit Unions and Community Development Financial Institution (CDFI) Alternative Loan Products”
2016 – “Where Transportation and Health Care and Meet”
In 2016, Kiara Zabrana, an Academy of Finance student at Boone High School, Orlando, Florida, served as the summer intern for Florida Prosperity Partnership. Kiara was tasked with research on the unique challenges low-to moderate-income (LMI) households face with health care and transportation in their respective communities across the state of Florida.
Kiara’s impressive research results indicate:
- Health care options do exist in Florida for low- to moderate-income (LMI) households.
- Gaps in access to free and reduced-cost health care options are evident in rural areas more than metropolitan areas.
- Stable health, achieved in part through adequate health care, is a critical component of a Floridian’s movement from financial crisis to stability, security and well-being.
- Reliable transportation is needed to access health care options in all areas; this is even more of a need in rural areas of the state.
- Reliable transportation is available, and needs improvement and enhanced marketing efforts in rural parts of Florida to wholly meet the needs of those seeking health care and financial stability.