The situation at the national level is equally grim. A recent report shows that the median household retirement savings is only $3,000, and more than a quarter of current retirees rely on Social Security as their sole source of retirement income. Without policy solutions that increase savings access and make saving easy, many workers will retire into a significantly reduced standard of living or poverty.
The Consumer Financial Protection Bureau’s Steve Antonakes will kick things off at lunch on October 2. Deputy Director Antonakes will talk about how the CFPB is changing the marketplace for consumers and shed light on the CFPB’s upcoming agenda, including prepaid debit cards, mobile banking, payday, and deposit advance products. Many of these products are being regulated at the federal level for the very first time.
CGI is an initiative of the Clinton Foundation founded by former President Bill Clinton to “turn ideas into action.” The Commitment to Action represents the key feature of the Initiative, lending the Foundation’s name to build awareness, identify partners, and share results for ideas that address some of the world’s biggest problems in a new way.
The negative impact of the lack of adequate retirement savings will fall not only on the individual workers involved; it will also have adverse impacts on the rest of the economy.
The percentage of assets deposited in banks and thrifts, which have community reinvestment obligations under CRA, has declined dramatically. When the CRA was enacted in 1977, households held 25 percent of their financial assets at CRA-regulated institutions. By 2007, that share had declined to 15 percent.
One recent proposal, introduced by Congresswoman Tsongas (D-MA) and Congressman Petri (R-WI), promises to remove the savings disincentive. Currently, potential SSI recipients are disqualified if they have as little as $2,000 in savings for an individual or $3,000 for a couple and are required to spend down retirement savings. The SSI Savers Act of 2010 (H.R.