HOUSE MEMORIAL 103

53rd legislature - STATE OF NEW MEXICO - second session, 2018

INTRODUCED BY

Deborah A. Armstrong

A MEMORIAL

REQUESTING THE CHILDREN'S COURT IMPROVEMENT COMMISSION TO CONVENE A TASK FORCE TO STUDY AND RECOMMEND CONCRETE POLICY CHANGES THAT COULD BE IMPLEMENTED TO PROVIDE YOUTH IN FOSTER CARE ACCESS TO BANK ACCOUNTS AND TO PROVIDE YOUTH IN FOSTER CARE OR WHO ARE CURRENTLY RECEIVING VOLUNTARY SERVICES FROM THE CHILDREN, YOUTH AND FAMILIES DEPARTMENT FINANCIAL LITERACY AND MONEY MANAGEMENT EDUCATION.

     WHEREAS, according to the children, youth and families department, there are currently more than four hundred youth ages fourteen to seventeen years who are likely to transition from foster care and more than four hundred youth ages eighteen to twenty-three years who are currently eligible to receive voluntary support from the department; and

     WHEREAS, many youth in foster care do not have opportunities to earn, spend and save their own money with adults to guide them; and

     WHEREAS, many youth aging out of foster care have no experience handling money and find it difficult to save for the future; and

     WHEREAS, youth who leave foster care often lack basic knowledge about finances as they transition to adulthood; and

     WHEREAS, financial capability and financial skills are linked to success across many life domains, including employment, education and housing; and

     WHEREAS, youth need bank accounts to safely keep their money, to have access to and control of their money and to build financial skills; and

     WHEREAS, youth in foster care typically do not have a parent or guardian to cosign for them to open a bank account; and

     WHEREAS, it is important for youth to have bank accounts, and it is equally important for them to have support in understanding how to safely use the bank account; and

     WHEREAS, input from financial institutions, foster youth and entities serving foster youth will help identify barriers to banking and financial literacy and help to ensure that youth in foster care and youth who recently aged out of foster care have bank accounts and the tools and financial knowledge needed to safely and responsibly use the bank accounts;

     NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the children's court improvement commission be requested to convene a task force and invite to participate on the task force representatives of the children, youth and families department; credit unions; state banks; national banks doing business in the state; New Mexico child advocacy networks; prosperity works; and current or former foster youth; and

     BE IT FURTHER RESOLVED that the task force study and recommend concrete policy changes that could be implemented to provide youth in foster care access to bank accounts without the consent of a parent, guardian, foster parent or person having legal custody and to provide youth in foster care or who are currently receiving voluntary services from the children, youth and families department financial literacy and money management education; and

     BE IT FURTHER RESOLVED that the task force report its findings and recommendations to the legislative health and human services committee no later than December 1, 2018; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the co-chairs of the children's court improvement commission; the secretary of children, youth and families; the chair of the board of directors of the credit union association of New Mexico; the New Mexico bankers association; the director of New Mexico child advocacy networks; and the president and chief executive officer of prosperity works.

- 4 -