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Some newcomer populations who identify with Islam adhere to Sharia-compliant finance principles. These principles prohibit interest (riba), late fees, undue speculation, and investments made in certain industries, including tobacco, pork, and alcohol. Sharia-compliant finance emphasizes transparency, ethical investments, and fee-based loans as an alternative to products that carry interest. Unfortunately, bad actors frequently exploit specific […]
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This blog post, produced by Switchboard with assistance from the Consumer Financial Protection Bureau (CFPB), describes how service providers can help clients prevent and report fraud, identifies common scams that often affect refugees and newcomers, and shares resources to build newcomers’ financial literacy. This blog post accompanies Switchboard’s information guide Reporting Scams and Fraud to […]
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A refugee’s resettlement journey involves not only acclimating to a new environment, but also learning the intricacies of a new financial system often vastly different from that of their home country. Navigating personal finance is thus a challenging task for many newcomers. Gaining a thorough understanding of the U.S. financial system empowers newcomers with the […]
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Refugee and newcomer clients may be eligible for Supplemental Security Income (SSI) depending on their age or health condition. However, applying for SSI is a long and complicated process. With contributions from Kara Friesen, Bayle Conrad, Dr. Andrea Green, and Dr. Meera Siddharth, this blog post answers some of the most common FAQs about SSI […]
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Asset building and self-sufficiency are important goals for newly resettled refugees in the United States. Individual Development Accounts (IDAs) can play a vital role in developing financial literacy and independence through matching funds and building assets. This resource, created by Switchboard, will assist service providers in understanding IDAs, their benefits, and provide additional resources.
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Refugee and immigrant service providers play a critical role in protecting newcomers from scams and fraud. By encouraging reporting to the Federal Trade Commission (FTC), adopting trauma-informed approaches, understanding common scams targeting immigrants, and offering additional wraparound support, service providers can help clients navigate the challenges they face and empower them to make informed decisions […]
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Limited but strong evidence supports financial capability interventions.
Studies with low-income populations find that financial capability interventions lead to numerous positive outcomes such as increased income and savings, better job placement and retention, higher credit scores, and progress toward financial self-sufficiency.
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For newcomers adjusting to life in a foreign country, financial insecurity often emerges as one of the most pressing and difficult challenges to overcome. To support successful integration of newcomers and empower them to build financial stability, service providers must equip clients with the necessary knowledge and tools to navigate the financial system here in […]
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Recently arrived newcomers to the United States and the service providers who support them face many barriers in navigating personal finance and avoiding predatory practices. This training will explain the role of the Consumer Financial Protection Bureau (CFPB) and the ways in which service providers can rely on CFPB’s suite of personal finance resources and its complaint/reporting mechanism to empower and protect immigrants, refugees, and other newcomers.
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People who are new to the United States may have many adjustments to make. Getting acquainted with the U.S. financial system can be one important component that supports successful integration. The Consumer Financial Protection Bureau (CFPB) has a wealth of information that resettlement staff can share with refugee, immigrant, and migrant communities, to help people […]
