Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, is pleased to share mid-year results from its partnership with Operation Hope: HOPE Inside Cross River, which “provides financial literacy education and financial planning to empower local small business owners and individuals on their path to financial stability and freedom.”
Nicole Henderson, Head of Community Affairs at Cross River, said:
“More than ever, consumers need support in managing their financial wellness. We’re proud of the results we’ve achieved through our long-standing partnership with Operation Hope. Together, we are making a profound impact on the lives of our community members by empowering them to take control of their finances for future financial success.”
While the Federal Reserve’s Consumer Credit Report recently found that consumer credit and revolving credit increased during the second quarter, HOPE Inside Cross River has “helped 50% of clients to reduce their revolving debt during the first half of 2023.”
The financial coaching program works with hundreds of local NY and NJ small business owners and individuals, many which are underbanked, to improve their financial health.
Operation HOPE founder, chairman and CEO, John Hope Bryant said:
“We applaud Cross River’s leadership for their commitment to the financial wellbeing of their clients. Our shared goal is to grow the bottom line for every American’s personal business plan by reducing debt and increasing savings. Even in the face of rising debt and cost-of-living increases, this partnership demonstrates that our award-winning coaching model works.”
In addition to reducing debt, 86% of clients in the program also increased their savings and 81% improved their credit scores by 30 points.
Financial literacy is “a strong indicator of positive financial outcomes for the future but a 2020 FINRA study found differing levels of financial literacy among Americans may contribute to widening inequality among different segments of the population.”
Cross River and Operation Hope are working “to close the inequality gap in financial education.”
Cross River and Operation HOPE have been partners since 2019, “expanding the community’s financial wellness through their two locations.”
Since opening its doors in 2008, Cross River has been “committed to developing innovative, secure and responsible financial products and services with the goal of providing access to financial resources to those in need.”