Requests For Proposals and Information

Issued by: Washington Workforce Association (WWA)

Issue Date: April 26, 2024

Technical Assistance: April 26, 2024 – May 6, 2024

Deadline: May 10, 2024, at 11:59pm

Announcement: May 24, 2024

Contract Execution: June 1, 2024

Contract Period: June 1, 2024 – June 30, 2025

Americans with Disabilities Act (ADA)

WWA is in compliance with the Americans with Disabilities Act (ADA). Applicants can contact the Program Development Manager to indicate accommodation needs.

1. Purpose

The Washington Workforce Association (WWA) is Requesting Proposals for a qualified banking partner to collaborate on the development and implementation of Individual Development Accounts (IDA) and/or matched savings accounts. The selected banking partner will serve two primary roles:

• Supporting statewide policy, process, and contract template development through a contract with WWA.
• Serving as a statewide banking partner option to hold IDA/matched savings accounts (MSA).
• Provide 1:1 financial coaching/fiscal literacy for all individuals receiving an IDA/matched savings account as needed across the State.

2. Eligibility

Applicants must be banks or credit unions that are licensed to operate statewide in the State of Washington and are in good standing with all applicable regulatory bodies. Further, applicants must share how their mission aligns with the project scope.

3. About the Organization and this Initiative

The Washington Workforce Association (WWA) is a nonprofit nonpartisan membership organization of the Local Workforce Development Boards (LWDB) of Washington State. The LWDBs are business-led boards that coordinate and leverage workforce investments and strategies with stakeholders from education, economic development, labor, and community-based organizations to advance the economic health of their respective communities through a skilled and competitive workforce.

This IDA/matched savings account (MSA) program is being implemented as part of the Community Reinvestment Fund (CRF) Program that was developed by Washington State’s Department of Commerce (Commerce), in partnership with the Office of Equity and community partners to address the racial, economic, and social disparities in Washington communities disproportionately harmed by the historical design and enforcement of state and federal criminal laws and penalties for drug possession (the war on drugs). WWA will be working with LWDBs, Commerce, and Washington’s Employment Security Department to draft statewide program guidance and support implementation through the twelve LWDBs across the state. Through this program, community members will build savings for specific assets, such as education, housing or starting/growing a business.

4. Scope of Work

The selected banking partner will be responsible for the following bodies of work:

1. Supporting Statewide Policy, Process, and Contract Template Development – WWA will contract with the banking partner to support development and refinement of statewide policies, processes, and Memorandum of Understanding (MOU) templates that provide comprehensive governance and standardized procedures across the program. This includes, but is not limited, to the following deliverables:
   1. Supporting state and local partner engagement on state and federal guidelines for IDA/MSA, with a focus on opportunities to minimize unintended tax burdens and negative impacts on public benefits for program participants.
   2. Providing ongoing technical support to statewide leads to continually improve program delivery and adapt to challenges and opportunities as needed.
   3. Policy guidance for Local Workforce Board implementation.
   4. Policy guidance for banking partner requirements.
   5. Required standards for financial coaching.
   6. IDA/Matched savings guidance and summary of implications for customers.
   7. A set of contract templates to facilitate contracting between banking partners and LWDB implementers.

1. Partnership with the 12 Local Workforce Development Boards (LWDBs) – The selected banking partner will enter into direct contracts with any of the 12 LWDBs that choose to contract with the banking partner to provide either or both of the services below in their region, based on the statewide fee structure negotiated with WWA.
   1. Account Management and Administration:
      1. Commit to a defined statewide rate structure for account holding and maintenance fees that is consistent across all contracts with LWDBs
      2. Universal Account Provision - Guarantee that every participant under the program will receive an IDA/MSA account, as well as opportunities to open checking and other accounts as appropriate, affirming the program’s commitment to inclusivity and equal opportunity.

• Overseeing savings accounts - Including effective transaction handling, account activity reporting, and delivering exceptional customer service.

1. Providing Excellent Customer Service - Offer a dedicated support structure to assist participants with account management issues, providing culturally sensitive and inclusive guidance. Ensure multilingual customer service is available to cater to Washington's diverse population, making the program accessible to all.
2. Technological Infrastructure - Deploy a robust technological framework to support the creation, management, and maintenance of digital banking solutions, ensuring secure online account management and data protection.
3. Regulatory Adherence and Reporting - Maintain a rigorous compliance structure to ensure adherence to all relevant state and federal laws and policy guidance, particularly those affecting IDAs and MSAs. Generate detailed reports on account transactions, participant engagement, and fund utilization, providing crucial data to program administrators and regulatory bodies.

1. Financial Coaching/Financial Literacy:
   1. Provide financial education and counseling, covering essential fiscal management topics to participants, based on agreed upon financial coaching standards.
   2. Commit to a defined statewide hourly rate for financial coaching and related customer and partner coordination that is consistent across all contracts with LWDBs.

• Maintain platforms for conducting educational sessions and offering personalized advice, ensuring participants are well-equipped to manage their finances effectively.

5. Implementation Timeline

June 1, 2024 – June 30, 2024 – Supporting Statewide Policy, Process, and Contract Template Development.

July 1, 2024 – June 30, 2025 – Supporting WWA with ongoing technical assistance of statewide program leaders.

July 1, 2024 – June 30, 2025 – Contracts in place with LWDBs, that choose to contract with the banking partner, to provide the following services:

• Maintaining IDA/MSAs for all enrolled program participants.
• Providing 1:1 financial coaching for all program participants.

6. Proposal Requirements

Proposals submitted must include the following specific information:

1. General Qualifications
   1. Overview of your organization and explanation of your capacity to provide statewide program support, account management, and financial coaching.
   2. Technological Infrastructure - Detail the technological infrastructure in place for securing banking operations and customer data protection, demonstrating your capability to support digital and secure account management.
   3. References - Submit three references from entities that have engaged your bank's services for similar financial projects, demonstrating your experience and reliability in managing such accounts.

1. Supporting Statewide Policy, Process, and Contract Template Development
   1. Describe your organization’s knowledge of federal and Washington State guidance and regulations on IDAs and other MSA options that limit tax liabilities and impacts on public benefits.
   2. Describe your experience providing IDAs and/or other MSA options that limit tax liabilities and impacts on public benefits.
   3. Describe how you would support implementation of IDAs and/or MSAs in this context, including:
      1. What are the key risks and how would you manage them?
      2. What steps would you take to minimize the tax liability and impacts on public benefits for participants?

• In addition to the required deliverables identified above, what other tools, guidance, or supports should be considered?

1. Individual Development Accounts (IDA)/Matched Savings Accounts (MSA)
   1. Describe your organization’s prior experience providing IDAs or other similar MSA options to customers.
   2. Describe the processes and structures you would put in place to partner with local program implementers to offer IDAs or other similar MSA options for this program.

1. Financial Coaching
   1. Describe your organization’s experience with providing financial coaching and education.
   2. Describe your organization’s capacity to provide financial coaching statewide and how you would provide culturally appropriate financial coaching across the diverse regions of Washington State, including how you would utilize in-person and remote options.
   3. Describe how you would effectively partner with Local Workforce Boards and their local implementation partners to provide financial coaching.

1. Commitment to Equity
   
   43. Describe your institution's commitment to promoting equitable practices within all aspects of the IDA/MSA program implementation, as outline by the 3 principles of equity in RCW 43.06D.020 .

NOTE: the three principles of equity include:

• Developing, strengthening, and supporting policies and procedures that distribute and prioritize resources to those who have been historically and currently marginalized, including tribes
• The elimination of systemic barriers that have been deeply entrenched in systems of inequality and oppression
• Procedural and outcome fairness, promoting dignity, honor, and respect for all people

1. Budget
   1. Provide a detailed budget for a contract with WWA that includes:
      1. All costs associated with supporting statewide policy, process, and contract template development.
      2. All costs associated with on-going statewide program technical assistance and support.
   2. Provide a detailed rate structure for contracts with Local Workforce Development Boards that includes:
      1. A detailed breakdown of the pricing structure for the proposed banking services, highlighting any setup fees, transaction fees, ongoing maintenance costs, and other associated fees.
      2. An outline of your rate structure to provide financial coaching, including the hourly rate and any other associated fees.

Proposals should comprehensively address all requirements, clearly demonstrating the institution’s capabilities, strategic approach, and commitment to the IDA/MSA program goals. Ensure that your submission is concise and does not exceed 10 pages to facilitate straightforward evaluation.

7. Evaluation Criteria

Proposals will be reviewed and evaluated on the following criteria.

• General Qualifications (10%)
• Supporting Statewide Policy, Process, and Contract Template Development (25%)
• Individual Development Accounts (IDA)/Matched Savings Accounts (MSA) (20%)
• Financial Coaching (20%)
• Commitment to Equity (10%)
• Budget (15%)

8. Submission Guidelines

Deadline for Submission: Proposals must be submitted by May 10, 2024, at 11:59pm.

Length of Proposal: Ensure that your proposal does not exceed 10 pages to maintain clarity and conciseness.

Submission Format: Proposals should be submitted electronically as a PDF to Olivia Hickerson at [email protected] - Subject line: Agency Name: RFP Statewide Banking Partner.

Questions: All inquiries related to this RFP should be directed to Olivia Hickerson at [email protected].

NOTE:

• Responses to questions will be available to all interested potential applicants at the following link: https://washingtonworkforce.org/requests-for-proposals-and-information/
• Questions will be accepted through May 3, 2024 at 11:59. Final responses will be posted to the link above by 5pm on May 6, 2024.

9. Terms and Conditions

Confidentiality: All information provided in the RFP will be treated as confidential.

Reservation of Rights: Washington Workforce Association reserves the right to reject any proposals, waive any informality or irregularity in a proposal received, and accept the proposal deemed most advantageous to the program.

Washington Workforce Association Contact Information:

John Traugott

Executive Director

[email protected]

Olivia Hickerson

Program Development Manager

[email protected]