Target populations and underserved communities:
The Division of Financial Regulation serves all Oregonians. The division’s goals are to improve public awareness of DFR’s consumer advocacy services and to improve Oregonians’ financial resiliency through financial and insurance education. Five priority groups are underserved communities that need more information, education, and advice on how to make good decisions about insurance and financial services.
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The first group is immigrants and refugees learning how to safely navigate the financial products and services and insurance products and services industries in Oregon. Within that group, recently arrived immigrants and refugees, and people for whom English is not their mother tongue, are most vulnerable to exploitation. They are likely to be unbanked or underbanked and credit invisible. They are vulnerable to affinity fraud.
Current partners include: Consulate of Mexico, Centro Cultural, Centro Prosperidad, Centro Latino, APANO, Migrant education, Hacienda CDC, Familias en Accion, Familias Unidas, and Latino Professional Network. -
The second group is people of color who face systemic racial disparities that create barriers to financial stability. Within that group, women, seniors, and people ages 18 to 34 are the most likely to be unbanked and underbanked, credit invisible, use payday loans, rent to own, and pay for alternative financial services such as check cashing. They are also more likely to be victimized by fraud, especially debt-related and income related fraud.
Current partners include: Those in point 1 plus; African American Alliance for Homeownership, Urban League, Portland Community Reinvestment Initiative, and Metropolitan Family Services. -
The third group is American Indian people who face systemic racial disparities that create barriers to financial stability. Within that group, women, seniors, and people ages 18 to 34 are the most likely to be unbanked and underbanked, credit invisible, use payday loans, rent to own, and pay for alternative financial services such as check cashing. They are also more likely to be victimized by fraud, especially debt-related and income related fraud.
Current partners include: Tribal authorities and Native American Youth and Family Services. -
The fourth group is young people (ages 18 to 30) aging into adulthood with barriers to financial stability. Barriers may be due to systemic disparities, growing up in the foster care system, family engagement in the justice systems, or other causes. They are the most likely to not participate in the financial services sector, for example, be unbanked or underbanked and credit invisible.
Current partners include: Financial Beginnings, Junior Achievement, and middle and high schools with more than 51 percent of students who qualify for free or reduced lunch. -
The fifth group is older Oregonians, age 65 or older, who are vulnerable to scams, fraud, and exploitation. They are often isolated, have limited online access, and may be too quick to trust and be polite. They are entering retirement without sufficient retirement income. If they are homeowners, that may be where most of their wealth is stored. This population has more women than men due to longevity.
Current partners include: AARP, DHS APS, SHIBA, financial planners, and the Oregon Treasurer.
Regional structure and outreach
The five-member outreach team serves four regions: Portland metro (2 people), north valley and coast, south valley and coast, and Cascades east. Two members of DFR’s outreach team are fluent Spanish speakers and serve Spanish-speaking communities across the state, besides their assigned regions. One member of the outreach team serves as DFR’s tribal liaison.
List of some events:
- Native Caring Conference
- Consulate of Mexico – Personal finance
- African American Alliance for Homeownership – Mortgage lending
- AARP – Scam Jams and virtual town halls on COVID-19 scams
- DevNW – Avoiding fraud in the time of COVID-19
- Nonprofit Association of Oregon – DFR consumer advocacy services
- Hacienda CDC – Homeownership, insurance, and consumer advocacy
- Neighborhood Partnerships – Managing credit in the time of COVID-19
- Neighbor Impact – Financial literacy training
- Bethlehem Inn, Homeless shelter – Financial literacy training
- West Albany High School – Auto and renters insurance
- Adult Protective Services –DFR Advocacy services, financial exploitation prevention
- Urban League: Renters insurance
Any other information you think it could be helpful(events, presentations, fairs, etc.):
Much of 2020 was dedicated to the financial and insurance impacts caused by COVID-19, and the wildfires. In April, three DFR outreach employees were assigned to the state’s Incident Command Center to respond to the COVID-19 pandemic. One led the Mass Care Operations Team, one led the Financial Exploitation Prevention Workgroup, and one served the Migrant and Seasonal Farmworkers Taskforce. In September, two DFR outreach employees, who are both fluent in Spanish, were assigned to provide consumer support to the COVID-19 Temporary Paid Leave Program. In September and October, four team members deployed to wildfire-affected communities, evacuation shelters, and wildfire resource centers to provide insurance information and answer questions.
Plans through June 2021: Continue working with partners in the five priority populations to provide information on homeownership protection, insurance management, financial exploitation prevention, and consumer finance. Expand consumer education on disaster preparedness and recovery. Expand Spanish content on the website and in publications.
Plans July 2021 to June 2023: Continue with plans for July 2020 to June 2021, and partner with more community groups and nonprofits who serve the five priority populations.