ATLANTA, Oct. 7, 2019 /PRNewswire/ -- The SunTrust
Foundation has awarded a $500,000
grant to the National Foundation for Credit Counseling® (NFCC),
doubling its initial commitment to the organization in 2018, to
support a large-scale program for improving the financial wellness
of Hispanic and Latino families. The grant will allow the NFCC to
expand its services for Hispanic/Latino consumers beyond its
original scope of Florida,
Georgia, North Carolina and the Houston, Texas, metropolitan area to include
all of Texas and Ohio.
"The SunTrust Foundation's grant helped us provide advanced
financial counseling and education for thousands of Hispanic and
Latino consumers in 2018," said NFCC President and CEO Rebecca Steele. "We can expand our pilot program
with this funding and generate significant public awareness while
reaching more people."
Using the NFCC's Sharpen Your Financial Focus®
(Sharpen) counseling and education program, Hispanic/Latino
consumers received a customized, one-on-one financial review with
an NFCC certified counselor. They were then given targeted
education sessions related to their specific situation, followed by
individualized financial e-coaching with their personal financial
coach through emails or text messages.
The grant's pilot program included enhanced financial education
materials in Spanish and a dedicated NFCC Spanish language webpage.
Through in-depth, quarterly reporting on initial counseling
outcomes, client demographics and behavioral profiles, the pilot
program was able to further the NFCC's and the overall financial
counseling and banking industry's knowledge about the Latino
consumer population. New impact reporting is expected this year
that will outline post-counseling outcomes on how Sharpen financial
counseling and education improved Hispanic/Latino clients'
financial health over time.
"The SunTrust Foundation is proud of our partnership with NFCC
to help more people access financial confidence-building
resources," said Stan Little,
president of the SunTrust Foundation. "We're pleased with the
results of the pilot program and look forward to its continued
success."
The Sharpen program has been proven to have a profound impact on
participants' financial well-being. In 2016, independent
researchers from The Ohio State
University released their findings from an extensive
assessment of the Sharpen program's credit counseling. This
evaluation showed that Sharpen participants had dramatic reductions
in their total debt, revolving debt and account delinquencies and
made meaningful progress on their credit scores when compared to a
group of non-counseled individuals.
Consumers interested in improving their financial situation or
planning for a better tomorrow can call 800-388-2227, or visit
www.nfcc.org to connect with an NFCC Member Agency.
About the NFCC
Founded in 1951, the National
Foundation for Credit Counseling® (NFCC®) is the nation's first and
largest nonprofit dedicated to improving people's financial
well-being. With a national network of member offices serving 50
states and Puerto Rico, our NFCC®
Certified Credit Counselors are financial advocates, empowering
millions of consumers to take charge of their finances through
one-on-one financial reviews that address credit card debt, student
loans, housing decisions and overall money management. Make one of
the best financial decisions of your life. For expert guidance and
advice, call 800-388-2227 or visit www.nfcc.org today.
About SunTrust Foundation
The SunTrust Foundation is
committed to SunTrust Bank's (NYSE: STI) purpose of Lighting the
Way to Financial Well-Being by engaging with local and national
organizations to advance financial confidence. Grants and
activities focus primarily on financial education, financial
counseling, career readiness and small business/entrepreneurship,
in addition to local community grants. The SunTrust Foundation
supports American Red Cross disaster relief efforts and contributes
as a United Way Global Corporate Leader. Established in 2008, the
SunTrust Foundation has proudly provided grants totaling more than
$170 million throughout the United States.
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SOURCE SunTrust Foundation