Miami-Dade Legislative Item
File Number: 152270
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File Number: 152270 File Type: Resolution Status: Adopted
Version: 0 Reference: R-1004-15 Control: Board of County Commissioners
File Name: PROVIDE PROGRAMMING SUPPORT TO BANKON MIAMI Introduced: 9/30/2015
Requester: NONE Cost: Final Action: 11/3/2015
Agenda Date: 11/3/2015 Agenda Item Number: 11A9
Notes: Title: RESOLUTION SUPPORTING BANKON MIAMI, A COLLABORATION BETWEEN THE UNITED WAY OF MIAMI-DADE COUNTY AND THE COUNTY; DIRECTING THE COUNTY MAYOR OR THE COUNTY MAYOR’S DESIGNEE TO PROVIDE PROGRAMMING SUPPORT TO BANKON MIAMI AND TO INCLUDE INFORMATION ABOUT BANKON MIAMI ON THE COUNTY’S WEBSITE AND IN APPROPRIATE COUNTY LITERATURE
Indexes: SUPPORTING
Sponsors: Jean Monestime, Co-Prime Sponsor
  Daniella Levine Cava, Co-Prime Sponsor
  Barbara J. Jordan, Co-Prime Sponsor
  Audrey M. Edmonson, Co-Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed

Legislative History
Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail
Board of County Commissioners 11/3/2015 11A9 Adopted P
Economic Prosperity Committee 10/15/2015 2I Forwarded to BCC with a favorable recommendation P
REPORT: Chairman Suarez introduced the foregoing proposed resolution into the record. Board of County Commissioners’ (BCC) Chairman Monestime explained the intent of the foregoing proposed resolution. Assistant County Attorney Terrence Smith noted that there was an amendment to the foregoing proposed item. Chairman Suarez opened the public hearing; and upon seeing no one appear; closed the public hearing. Commissioner Levine Cava advised her colleagues that as a co-prime sponsor of the foregoing proposed resolution she had proposed a friendly amendment which she hoped was acceptable to the other co-prime sponsors. She acknowledged the presence of the Director for United Way of Miami, Ms. Vanessa Benavides, at today’s (10/15) meeting, and noted that Ms. Benavides would oversee the initiative proposed in the foregoing item. Assistant County Attorney Juliette Antoine read the proposed amendments into the record. She stated that the foregoing proposed resolution would be amended to: ~ Include in the title of the foregoing proposed item, the phrase “the Miami-Dade Financial Coalition,” line 2, after the word “collaboration;” ~ Include the language “working in conjunction with the Miami-Dade Financial Coalition,” in the 1st Whereas Clause, Page 5, and Line 3; ~ Add a new “Whereas Clause” which would read, “Whereas several community organizations function in conjunction with United Way through the Miami-Dade Financial Coalition offering a range of vital financial services.” Commissioner Sosa recommended the Committee members consider the foregoing proposed item as presented and amend the item at a later date. She noted that one of the co-prime sponsors was not present at today’s (10/15) meeting and the additional time would allow Commissioners to become more familiar with the proposed amendments. Commissioner Levine Cava advised her colleagues that she had verified that the proposed amendments could be made in the absence of one of the co-prime sponsors. She noted that the proposed amendments were minor in nature and she was prepared to provide an explanation. Commissioner Sosa stated that she would no longer “second” the foregoing proposed item. Commissioner Edmonson “seconded” the item to facilitate discussion. Commissioner Levine Cava explained the intent of the amendment to the foregoing proposed resolution. Board of County Commissioners’ (BCC) Chairman Monestime suggested an amendment to the foregoing proposed item at the upcoming Board of County Commission meeting. Commissioner Levine Cava agreed with BCC Chairman Monestime’s suggestion and withdrew her request to amend the foregoing proposed resolution. Commissioner Barreiro requested Miami-Dade Financial Coalition’s submit paperwork providing information about the organization to the Commissioners before the item was considered by the BCC. Commissioner Edmonson requested to be added as a co-prime sponsor. There being no further questions or comments, the Committee proceeded to vote on the foregoing proposed resolution, as presented.
County Attorney 9/30/2015 Assigned Juliette Antoine 10/5/2015
County Attorney 9/30/2015 Referred Economic Prosperity Committee 10/15/2015
Legislative Text

TITLE
RESOLUTION SUPPORTING BANKON MIAMI, A COLLABORATION BETWEEN THE UNITED WAY OF MIAMI-DADE COUNTY AND THE COUNTY; DIRECTING THE COUNTY MAYOR OR THE COUNTY MAYOR�S DESIGNEE TO PROVIDE PROGRAMMING SUPPORT TO BANKON MIAMI AND TO INCLUDE INFORMATION ABOUT BANKON MIAMI ON THE COUNTY�S WEBSITE AND IN APPROPRIATE COUNTY LITERATURE

BODY
WHEREAS, the Chairman�s Council for Prosperity Initiatives was created to address the severe income inequality that exists in Miami-Dade County; and
WHEREAS, access to banking and credit building products is critical to achieving financial stability; and
WHEREAS, the Federal Deposit Insurance Corporation estimates that more than 8 percent of households in the Miami-Fort Lauderdale-Miami Beach metropolitan service area (Florida MSA) are unbanked, and approximately 21 percent of households are underbanked and rely on alternative financial services, including non-bank money orders, non-bank check cashing, payday lending, or pawn shop lending; and
WHEREAS, according to the Florida Prosperity Partnership, people are unbanked for a variety of reasons, including fear of minimum balance requirements, lack of understanding about fees and other charges, mismanagement of past accounts, fear of stringent ID requirements, cultural or generational distrust of financial institutions, lack of basic knowledge or financial education being clustered in lower socio-economic neighborhoods; and
WHEREAS, a low wage worker who never utilized mainstream financial services over a 40 year full time work history would likely spend $40,000 on check cashing services; and
WHEREAS, if the $40,000 paid to check cashing services had been regularly invested in savings bonds, that low-wage worker may have accrued a $360,000 retirement fund; and
WHEREAS, without a bank account, individuals don�t have a safe place to store their money, which makes them more likely to be the victims of theft and unable to safely access money during emergencies; and
WHEREAS, unbanked individuals do not have a way to save and build a personal safety net or to build the positive credit history needed to access affordable credit and succeed in today�s increasingly complex consumer marketplace; and
WHEREAS, the County wishes to support the development of a BankOn initiative in Miami-Dade County to address these realities; and
WHEREAS, a BankOn initiative is a partnership among local government, communitybased organizations and financial institutions and regulators to create innovative solutions to reach unbanked and underbanked individuals, including encouraging the development of safe, affordable financial products; creating pathways and supports to assist targeted populations to utilize these products; and conducting outreach campaigns to inform the public about these opportunities; and
WHEREAS, since the first BankOn initiative was created by the City of San Francisco in 2006, over 30 more cities and four states, including the State of Florida, have officially launched BankOn programs; and
WHEREAS, the United Way of Miami-Dade County, in consultation with the Office of the Chair (on behalf of the Chairman�s Council for Prosperity Initiatives), has agreed to partner with the County to form a BankOn initiative in Miami-Dade County (�BankOn Miami�); and
WHEREAS, the BankOn Initiative will have a County-wide focus and a County-wide benefit; and
WHEREAS, the United Way of Miami-Dade County currently operates the United Way Center for Financial Stability which offers a full range of services and support, including financial coaching, free tax preparation, benefits enrollment, employment assistance and credit counseling; and
WHEREAS, the United Way Center for Financial Stability and its financial education function is a central component of BankOn Miami; and
WHEREAS, the County�s role will be to endeavor to inform County residents of BankOn Miami; and
WHEREAS, the County will also assist in attracting and engaging financial institutions and community organizations; and
WHEREAS, the United Way will bear the financial costs associated with the development of BankOn Miami; and
WHEREAS, this Board recognizes that it is in the best interest of the County to partner with the United Way of Miami-Dade County to create BankOn Miami, and to direct the County Mayor or the County Mayor�s designee to provide programming support to the development of BankOn Miami and to include information about BankOn Miami on the County�s website and in future county publications, where appropriate,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The foregoing recitals are approved and incorporated in this Resolution.
Section 2. This Board hereby supports the BankOn Miami initiative by collaborating with the United Way of Miami-Dade County to: (i) encourage financial institutions and regulators to create innovative products and solutions to reach unbanked and underbanked individuals and (ii) inform the public about these opportunities.
Section 3. The County Mayor or the County Mayor�s designee is directed to provide these programming support services to BankOn Miami and to include information about BankOn Miami on the County�s website and in future County literature, where appropriate.


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