Eastern Kentucky Community Financial Access Pilot (CFAP) Community Profile

Community Overview:  The Eastern Kentucky region encompasses the heart of the Appalachian Mountains, a unique geographic region known for both its rich cultural history and its persistent economic challenges.  Eastern Kentucky's lower-income families tend to pay higher fees and prices than average for basic necessities and financial services depending on where in the region they live and the combination of services they utilize.  The yearly fees for these basic services such as check cashing, loans, tax services, cars, car loans, insurance, home loans, furniture, appliances, electronics, and other services can easily add up to hundreds, even thousands of dollars in added expenses for limited-income individuals and families that can least afford it.  Having access to more information may enable Eastern Kentuckians to make more informed financial decisions and over time build savings and assets.

Strategy Overview:  The Eastern Kentucky Community Financial Access Pilot consists of two projects focused on providing financial education and financial access in Eastern Kentucky counties. The first project is the development of a Financial Literacy Certificate Program and certified trainers by Eastern Kentucky University, (EKU).  The second project consists incorporating a financial education component and account opening opportunities for specified groups enrolled in the Kentucky Community & Technical College System (KCTCS), Ashland campus.  Partners for both projects include banks, businesses, the Federal Reserve Bank of St. Louis, Louisville Branch, the Federal Reserve Bank of Cincinnati, FDIC, Treasury's Office of Financial Education, employers, and other organizations serving lower-to-moderate income individuals and families.

EKU's Financial Education Certificate Program is being developed in collaboration with industry sources and advisors, U.S. Treasury's Office of Financial Education, and educators from EKU's Business and Technology College and other university sectors.  The program will assist to develop a pool of "home grown" certified financial educators that may provide financial education training to nonprofits, employers, schools, community centers, and other organizations located in Eastern Kentucky counties.   

KCTCS will pilot their financial education and financial access initiative at their Ashland campus with the intention to roll out the initiative to other colleges located in Eastern Kentucky.  The initiative will provide a financial education session and access to a low-cost account to adult students, general students, and participants in career training programs.  This partnership is expected to provide a financial education foundation and access to a financial account to thousands of Kentuckians.


For more information contact: Sonia Klukas, Community Consultant at Sonia.Klukas@treasury.gov





Last Updated: September 10, 2009