RAISE TEXAS

Programs aimed at building financially healthy families must address the systems that keep people from getting ahead, along with helping people successfully navigate existing systems. RAISE Texas supports programs and policies that help families save for emergencies in the near-term, as well as medium-term (vacation, appliances) and long-term goals (home ownership, retirement, post-secondary education, etc.). We recognize that the barriers to saving are complex and largely shaped by forces outside an individual’s financial control. We support solutions that help families build savings and achieve financial stability while addressing the many systems and barriers that work against them.

Our strategies include: advocating for consumer protections and policies that promote savings and financial health for low and moderate income families; providing resources and technical assistance for community-based organizations working to increase the financial health of their clients and communities; testing and evaluating new financial products and services; and expanding access to high-quality financial coaching in Texas.

Founded in 2007, RAISE Texas has extensive experience working with community-based organizations that provide financial capability services, including matched savings accounts, free tax preparation, health insurance enrollment, healthcare navigation and alternatives to predatory loans. We benefit from a strong Board of Directors with deep expertise in financial services and supports for low to moderate income families. Our statewide work is guided by a Community Leadership Team, comprised of community leaders from organizations all over Texas. Our statewide coalition represents a broad network of private, public and nonprofit organizations that support our mission.

Financial Coaching:
RAISE Texas is improving the quality of financial coaching in Texas through the Statewide Financial Coaching Hub. In 2020, the Hub was key to helping Texas financial coaches pivot to virtual services and connect clients to new COVID-related resources. In 2021, the Hub expanded high-quality financial coaching services by providing two affordable regional trainings for new financial coaches, nine continuing education courses on timely topics with 902 participants, and ongoing technical support services for Texas financial coaches.

Small Dollar Consumer Loans:
For over a decade, RAISE Texas has supported the growth of better short-term loan products and sought regulation of high cost payday and auto-title loans. This included establishing criteria for small dollar loan products, fintech models and savings platforms that will benefit Texans and support their financial health. In 2020, 2021 and 2022, RAISE Texas prepared amicus briefs in defense of the local ordinances in 46 communities across Texas that rein in the worst abuses of payday and auto title lenders.

Prize-Linked Savings:
During the 2017 Texas legislative session, RAISE Texas was a key partner in the passage of legislation and a constitutional amendment allowing credit unions and banks to offer prize-linked savings. Save to Win is one of the prize-linked savings programs now available in Texas. For next steps, we are working to expand the number of participating credit unions and credit union members.

Children's Savings Accounts (CSA) for College:
Based on lessons learned from previous pilots and rigorous research into financial vehicles and CSA models, a new Dollars for College Program launched in two school districts in the Dallas area in 2019. Using the my529 account platform and different incentives, the program is successfully helping families open college savings accounts. For next steps, we continue to provide guidance and technical assistance to the Dallas program and are working on ways to make that model sustainable and replicable.