This issue, Issue 10, includes updates on the Bank On initiative; a sneak peek of findings from the upcoming Financial Empowerment Center evaluation; and updates on the Summer Jobs Connect initiative.
This March 2017 press release details the Citi Foundation’s ongoing support; their $5 million investment will provide more than 2,400 low-income youth with summer jobs and access to financial education as part of Summer Jobs Connect in 2017.
This January 2017 press release announces a suite of new Bank On resources: Bank On National Account Standards, updated for 2017-2018; a free online Bank On account validation and certification process; and the opening chapters of the Bank On Coalition Playbook, a new resource to help equip local coalitions for banking access success.
The updated Bank On National Account Standards, identify critical product features for appropriate bank or credit union accounts. Core account features include low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay.
The CFE Fund leads a national movement that supports local Bank On coalition efforts to expand banking access for consumers outside the financial mainstream, including through municipal infrastructure.
The CFE Fund invites financial institutions with products they believe meet Bank On National Account Standards (2017 – 2018) to apply for validation, and invites local Bank On coalitions to connect financial institutions with whom they are considering partnering in their communities to do so.
The CFE Fund’s Bank On Coalition Playbook provides tools and resources that local coalitions can use to do their work more effectively. The CFE Fund will continue to release new chapters throughout the year; resources in the January 2017 release include chapters on Guiding Principles for the Bank On movement, as well as a template Statement of Principles for articulating partnership expectations between local Bank On Coalitions and financial institutions.
In addition to offering standardized and robust National Account Standards upon which coalitions and their financial institution partners may rely, the CFE Fund has worked with its National Advisory Board to develop model best practices for defining their successful relationship.
With support from the W.K. Kellogg Foundation, the CFE Fund seeks to identify mayoral or county administrations interested in partnering to build out a consumer financial protection division within their local government, working to create a fairer consumer financial marketplace.
This issue, Issue 9, includes updates on the Financial Empowerment Center initiative; an overview of the recent Summer Jobs Connect gathering in Chicago; and news and resources from the Bank On initiative.