August 30, 2021
The CFPB has opened the application period for the Tax Time Savings Initiative. Please consider joining and better connecting VITA efforts to other financial empowerment opportunities.
The Consumer Financial Protection Bureau (Bureau) invites Volunteer Income Tax Assistance (VITA) programs to join the Tax Time Savings Initiative 2022 cohort. The goal of the tax time savings initiative is to provide opportunities for consumers to save while filing their tax returns. We are seeking approximately 75 VITA programs from across the country that are interested in starting or expanding their savings initiatives within their tax preparation programs for the 2022 tax season.
- Most recent Audited Financial Statements
- IRS Form 990
- Non-discrimination policy (not necessary for returning VITA programs)
- Accessibility policy (not necessary for returning VITA programs)
- Listing of major funders connected with the financial services industry
- Annual Report (if available)
Programs that meet the following criteria will be considered for selection:
- Knowledge about the benefits of saving. Demonstrate an understanding of the benefits of promoting saving at tax time and interest in how to integrate savings promotion into existing VITA programs.
- Staff capacity. Demonstrate capacity to dedicate staff or volunteer time directly to savings promotion.
- Marketing saving. Have an interest in promoting saving to clientele before and during tax season through marketing and other consumer information channels.
- Target population. We are seeking a diverse set of VITA programs so that the cohort serves a broad range of consumers; special consideration will be given to programs serving traditionally underserved or hard to serve tax filers.
- Information sharing. Commit to sharing aggregated, de-identified data regarding returns and saving activity after the end of the 2022 tax season.
All applications will receive written confirmation of receipt. If you submit an application and do not receive a response within 48 hours, please email firstname.lastname@example.org.
The Bureau will work with the selected programs to implement promising practices identified from our work with VITA programs across the country over the past seven years. Through this project, we hope to help your program implement practices and approaches to encourage saving and to learn more about the effectiveness of these practices in increasing saving during tax time. You can read about the promising practices in our report, Tax Time: An opportunity to Start Small and Save Up.