Cy Pres Awards

Cy pres awards are designated by courts when there are unclaimed or residual funds from class action settlements. Under cy pres doctrine, a court can make funds available to an appropriate charitable organization to advance the core interests of the underlying class members.

Why the NFCC Is an Ideal Choice for Cy Pres

The National Foundation for Credit Counseling (NFCC) welcomes cy pres awards of unclaimed settlement funds. The NFCC is a particularly good fit for cy pres awards in cases where a court finds that a financial institution’s practices have harmed a class of consumers.  Our networks’ nation-leading provision of financial counseling services is well-aligned with the need to address consumer financial harm in such cases.

At our core, we are consumer advocates. Cy pres awards allow the NFCC to advance programs to improve consumer financial education, wealth-building through homeownership, and debt relief plans. With the U.S.’ largest network of nonprofit credit counseling agencies and NFCC Certified Financial Counselors on board, we offer the right programs and solutions to fulfill our mission of creating access to financial health for ALL people. We can readily tailor our financial counseling services to meet the needs of any particular class of impacted consumers. 

We strongly believe that diversity and inclusion are critical to the success of our mission. Diversity at all levels of the NFCC guides our efforts to reach traditionally underserved communities with programs that empower individuals to achieve their financial goals.  Our nationwide network of financial counselors provides counseling services in English and Spanish, with translation services available for additional languages.

The NFCC has served as a cy pres recipient in numerous cases by both state and federal courts. We are committed to utilizing cy pres funds to ensure that financial empowerment services and education are available to all consumers.

For more info contact: Matt Ribe mribe@nfcc.org