Asset building groups have advanced over 80 positive policy changes in the last year and half, according to CFED’s Assets & Opportunity Scorecard Progress Report. These policies are bringing an additional $325 million towards asset building and asset preservation programs throughout the United States. Key policy victories include enacting state Earned Income Tax Credits, reforming asset tests for public assistance, and curbing predatory lending.

For example:

Washington became the first state without an income tax to enact a State Earned Income Tax Credit (EITC). 3 other states passed legislation also enacting a State EITC.

New Hampshire passed a bill capping interest rates for payday and title loans at 36%

California along with 7 other states significantly raised asset limits or exempted categories of assets to help more families qualify for public assistance.

9 states took up substantive mortgage lending reform bills though only 6 states successfully enacted legislation. California introduced a comprehensive package of predatory lending, foreclosure reform bills but only one (SB 1137) passed.

California asset building advocates and policy makers introduced ambitious bills earlier this year to address the foreclosures crisis, retirement savings, and financial literacy, but due to the widening $16 billion state budget deficit, all but a few bills stalled in the legislature.