October 08

Fall 2008 Update

Quantitative Data- Our team has chosen the factors that we will be analyzing and we have begun running the regression to find correlations between different factors. Additionally, we are in the process of coding the surveys we distributed.

Qualitative Data- We finished conducting focus groups through the Spanish Catholic Center in Langley Park. Currently we are reviewing the data we collected and analyzing how it correlates with the quantitative data. Additionally, we are looking into conducting a few focus groups in Washington, DC.

Thesis- We have already written a few chapters of our thesis and are in the process of completing it. We are looking for people to read our thesis and provide comments on our project. We are also looking for people involved in providing financial services to Latino immigrants to serve as experts for our thesis presentation.

About Team Answer Poverty

    Undergraduate Researchers

  • Maira Fonseca

    Maira is a senior double majoring in General Biology and Spanish Business. After graduating college, she hopes to attend medical school and concentrate on public health. Besides her involvement with Team ANSWER Poverty, she volunteers at the University Health Center and interns at the Food and Drug Administration, participating in microbiology research.

  • Jason George

    Jason George is a senior Government & Politics and Economics major with a minor in Statistics at the University of Maryland. He hopes to one day become a lawyer with specialties in labor and election law. Jason also volunteers with local Democratic politicians.

  • Maryann Girgis

    Maryann is a Neurobiology and Physiology major with a minor in Spanish in her fourth year at the University of Maryland. She currently works in ER and aspires to one day become a doctor. She truly enjoys working with ANSWER Poverty and has faith that the outcome of the project can play a helpful role in improving the financial situations of many in the Langley Park and Berwyn Heights areas.

  • Miriam Langer

    Miriam Langer is an English Language and Literature major with a Spanish Language and Cultures minor in her fourth year at the University of Maryland. She hopes to become a pediatrition, working closely with the underserved and uninsured. In addition to her participation in Team ANSWER Poverty, Miriam volunteers at the University Health Center and is involved with various social justice groups at the University.

  • Alex Mont

    Alex Mont is a senior computer science and math major. He has previously worked as a computer programmer at Microsoft and also with Dr. Bill Pugh at the University of Maryland. He also likes video games, comedy, and writing. For this project, he is responsible for geographical and data analysis as well as helping to maintain the team’s web site.

  • Shaun Robinson

    Shaun Robinson is a senior finance major. When he's not biking, he's designing and building websites (including this one), mostly for non-profits.

  • Matt Sriram

    Matt Sriram is a senior finance and operations research double major at the University of Maryland's R.H. Smith School of Business. He serves as Team ANSWER Poverty's treasurer and is responsible for all IRB issues related to the group. In his free time, Matt enjoys cooking, reading and the Washington Redskins.


    Our Mentors

  • Brian Beard

    Brian Beard has eleven years of experience in the field of microenterprise development. He is currently the Lead Trainer and Help Desk Facilitator for the USAID Poverty Assessment Tools project at the IRIS Center at the University of Maryland. Brian’s work at the IRIS Center also includes providing training and technical assistance for the Assessing the Impact of Innovation Grants in Microfinance project for the Bill and Melinda Gates Foundation, as well as researching and developing a new Islamic microfinance product in collaboration with FINCA Tajikistan. Additionally, Brian is overseeing the development and testing of an evaluation monitoring system for FUNDAP, a large NGO in Guatemala that provides a wide range of training and technical assistance, in addition to microfinance services.

  • Jerry Grossman

    Jeremiah Grossman is a legal and regulatory microfinance specialist with nearly 10 years of experience and education in law and international development. A lawyer with a Master’s degree in international relations, Mr. Grossman analyzes legal and regulatory constraints to access to finance for the poor; drafts microfinance regulations; and directs the Microfinance Regulation and Supervision Resource Center, an online database of microfinance-related legal and regulatory information developed through a collaboration between IRIS and the Consultative Group to Assist the Poor (CGAP).

Our Research

Individuals who lack access to formal financial services are often subject to transaction fees, sub-prime interest rates and other hurdles between them and long-term asset building. A review of literature covering access to formal financial services suggests that of these susceptible individuals, an inordinate number are recent immigrants to the United States hailing from Latin and South America.

Given the rich cultural landscape surrounding College Park including highly Spanish-speaking neighborhoods, Langley Park, Maryland [map], Berwyn Heights and Columbia Heights, we are uniquely suited to determine if local immigrants indeed lack access to formal banking and, if so, reasons why these individuals lack access. Our research seeks to identify barriers to the access of the formal financial sector in select communities located in the DC metropolitan area. By coupling national and local homeowner, income and education data with rich financial portraits of local communities, this research is designed to improve the access that recent immigrants have to formal financial institutions.

Ultimately, this research will be used as a vehicle for local financial institutions (both formal and informal), non-government organizations and community groups to better serve local communities and allow residents to better generate wealth and build assets.

Access this page periodically in the upcoming days to access our official research proposal and review of literature which will soon be available in full.

Literature

DIGITALJOURNAL: Will Cell Phones Replace Banks?

September 30th, 2008

Of the 6.6 billion people walking the Earth today, close to 5 billion do not have sufficient access to banking resources. Cell phones, according to a report by Juniper Research, may hold the solution.

Read the full article...

LATIMES: Washington Mutual's free checking -- give or take $5

September 25th, 2008

Washington Mutual Inc., which has made free checking a cornerstone of its marketing campaign, is about to start imposing a $5 fee on noncustomers who come into a branch and cash a check drawn on a WaMu personal account.

In other words, let's say you're a WaMu customer and you write a $30 check to your buddy Bob for his collection of vintage Peter Frampton records. If Bob, who doesn't have a checking account, cashes the check at his local WaMu branch, he'll only get $25.

Read the full article...

FDIC Chairwoman worries about financial literacy

September 11th, 2008

The wheels may have fallen off 11 U.S. banks this year, but that’s not why the woman who runs the industry’s insurance agency was in Texas on Wednesday.

Instead, Sheila Bair, the Federal Deposit Insurance Corp. chairwoman, who was recently called the second-most powerful woman in the world by Forbes magazine, traveled to Dallas to celebrate the FDIC’s 75th anniversary and promote consumer education.

Read the full article...

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