Robert Agnew <Robert.Agnew@occy.ok.gov>
State Agency, Credit Union Join Forces to Empower Homeless Youth and Youth Exiting State Care Toward Financial Independence
OKLAHOMA CITY, OK, (February 14, 2024) – Youth who are homeless or aging out of state care are on a path toward financial independence and stability thanks to a partnership between the Oklahoma Commission on Children and Youth (OCCY) and Oklahoma's Credit Union (OKCU).
'The partnership with Oklahoma's Credit Union is an example of how public and private sectors can work together to improve outcomes for at-risk youth,' said Annette Wisk Jacobi, OCCY's executive director. 'We are grateful for community leaders who are dedicated to ensuring Oklahoma's youth are on a path towards success.'
Homeless youth and youth transitioning out of state care can open savings and checking accounts at the credit union. It will provide financial literacy education and guidance, mobile banking options, and other services. The credit union has also offered to coordinate on-site enrollment with service providers throughout the state.
'We believe that every individual, regardless of their circumstances, deserves the opportunity to build a stable financial future. By extending a helping hand to Oklahoma’s youth, we're honored to be part of their journey towards independence,” said Luann Schmiedel, OKCU’s president/chief executive officer. “Oklahoma’s Credit Union’s mission goes beyond financial services; it's about fostering a sense of community and empowering Oklahomans to do more with their money. OKCU is humbled to play a role in making a meaningful difference in the lives of those we serve.”
The Strengthening Youth Custody and Transition Services Advisory Committee, supported by OCCY, identified access to banking services as a significant barrier to homeless youth and youth transitioning out of state care. The committee is a part of OCCY's Office of Planning and Coordination, which brings together service providers, private partners, and child advocates across the state to address systemic and transition issues.
'The issue of financial literacy and access to checking and savings accounts for kids in the foster care system has been a topic of discussion in our committee for some time. Often, kids who are aging out and don't have family connections cannot open accounts,' said Jason Charles, Chair of the Strengthening Youth Custody and Transition Services Advisory Committee.
He added, 'This leads to difficulty with direct deposits from work, direct withdrawals for bills, and loan opportunities to help them build credit. We are so excited that Oklahoma's Credit Union is willing to step into this gap and provide services for these young people. This kind of partnership makes a difference for Oklahoma's children and youth.'
– In 1982, the Oklahoma Legislature created the Oklahoma Commission on Children and Youth (OCCY) because of the 'Terry D. Case,' which exposed the horrific conditions children in state custody faced while living in state institutions. OCCY is an independent agency overseeing and supporting child-serving systems in Oklahoma. Learn more at oklahoma.gov/ occy.
About OKCU:
Oklahoma’s Credit Union has been happy to help Oklahomans for 70 years. Currently OKCU helps over 52,000 members across the state of Oklahoma do more with their money. Benefits of membership include low or no fees on services, higher rates on deposits and low rates on home or auto loans. Keep your money local and join a community that puts people first, not profits. Learn more at www.okcu.org.
About OCCY's Office of Planning and Coordination – In 1990, the legislature established the Office of Planning and Coordination for Services to Children and Youth at OCCY. The office facilitates collaboration between child-serving state agencies, other public and private sector service providers, and stakeholders to address these systems' deficits effectively.
About the Strengthening Youth Custody and Transition Services Advisory Committee – The Strengthening Youth Custody and Transition Services Advisory Committee, supported by OCCY, brings together service providers and child advocates from across the state to address systemic issues related to aging out of state custody. The committee works to change norms, improve standards in service delivery to youth in state custody, and increase youth