Author: Katie Plat

Financial Empowerment Center Evaluation Webinars

Posted on by Katie Plat

 

An Evaluation of Financial Empowerment Centers: Building People’s Financial Stability As a Public Service
This webinar highlights key findings and lessons learned from the three-year evaluation that draws on data from 22,000 clients who participated in 57,000 counseling sessions across 5 cities. Findings include best practices for program integration and sustainability, factors affecting the likelihood of achieving outcomes, and more.

Watch the webinar here. View the presentation here.

Webinar Series: 15 Minutes of FEC

15 Minutes of FEC: Partnerships and Integrations
This webinar highlights evaluation findings on how the FEC model’s partnership and integration process worked in the five replication cities, as well as strategies used for client retention.

Watch the webinar here. View the presentation here. Read a brief on partnerships and integrations in the FEC model.

15 Minutes of FEC: Client Achievement
This webinar provides a snapshot of FEC clients and the counseling outcomes they achieved. It also highlights factors that made clients more or less likely to achieve outcomes, ranging from banking status to types of debt clients held.

Watch the webinar here. View the presentation here. Read a brief on FEC clients and what they achieved.

15 Minutes of FEC: Banking Status
Banking status mattered for FEC clients’ success. This webinar describes unbanked clients and what they achieved during counseling, banking outcomes for all FEC clients, and why products matter for programs seeking to improve banking access.

Watch the webinar here. View the presentation here. Read a brief on banking status and FEC clients.

15 Minutes of FEC: The Counseling Model
At the core of the FEC model is the relationship between the counselor and the client, which is critical to client engagement and outcome achievement. This webinar provides an overview of the FEC model’s counselor training requirements and approach, the counseling process, as well as how the relationship between FEC counselors and clients reinforced success.

Watch the webinar here. View the presentation here. Read a brief on the FEC financial counseling model.

Growing Banking Access Movement Stakeholders Gather in Washington, DC

Posted on by Katie Plat

The CFE Fund’s 2017 National Bank On Conference brought together key stakeholders from multiple sectors across the country.

Keynote addresses were delivered by Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency Senior Deputy Comptroller for Compliance and Community Affairs Grovetta Gardineer.

During the conference, the CFE Fund leaders revealed the growing list of financial institutions across the country offering safe and affordable transaction accounts certified as meeting Bank On National Account Standards; unveiled a national Bank On data portal into which financial institutions with certified accounts could report basic information underscoring the vitality of the accounts; and highlighted resources to help local Bank On coalitions better connect residents to safe, affordable mainstream banking products, including a coalition Playbook, coalition capacity grants, and a new national Fellowship opportunity.

Other discussion topics included innovations in safe and affordable financial products; strategies for banking access connectivity; and reflections on coalition banking access success strategies.

Wells Fargo and The CFE Fund Announce New Fellowship Program for Bank On Coalitions

Posted on by Katie Plat

In this April 2017 press release, the CFE Fund announced the Bank On Fellowship Program, generously funded by Wells Fargo. Through the program, the CFE Fund will provide match funding up to $45,000 per year for two years to as many as five Bank On coalitions to support a full-time Fellow to lead coalition’s activities. The CFE Fund will also provide intensive in-kind technical assistance support, training, and resources to the cohort of Fellows and host coalitions, and will assist the coalitions with additional fundraising for sustainability. Local coalitions can apply now through our online grant portal; watch the informational webinar, and read Frequently Asked Questions and their answers about the Fellowship opportunity.

Supervitamin Quarterly, Issue 10

Posted on by Katie Plat

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. It also includes an update on the CFE Fund’s Consumer Financial Protection initiative, and a guest column from JPMorgan Chase & Co., Bank On’s seed supporter.

Citi Foundation and CFE Fund Increase 2017 Summer Job Opportunities through Summer Jobs Connect

Posted on by Katie Plat

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. Since launching in 2014, the Citi Foundation has invested over $13 million in this initiative, which has provided nearly 6,200 low-income youth with summer work experience, access to financial education, and appropriate financial services, and builds these financial empowerment strategies into the infrastructure of the eight city partners’ Summer Youth Employment Programs. The announcement is part of the Citi Foundation’s global expansion of its Pathways to Progress initiative to invest $100 million to prepare 500,000 young people, ages 16-24, for today’s competitive job market.

The CFE Fund Launches Updated Bank On National Account Standards (2017-2018), New Account Certification Process, and Local Coalition Playbook

Posted on by Katie Plat

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.

Bank On National Account Standards (2017- 2018)

Posted on by Katie Plat

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. Notable changes in the 2017-2018 Standards include expanded allowable bill pay functionality: standard-meeting transaction accounts must either offer internal bill pay or instead provide consumers access to at least four free money orders or bank checks per month.

Bank On Guiding Principles

Posted on by Katie Plat

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. Based on local efforts and lessons learned, the CFE Fund put together these Bank On Guiding Principles to outline fundamental shared ideals of the Bank On movement and local coalition priorities.

Bank On Account Validation

Posted on by Katie Plat

The CFE Fund invites financial institutions with products they believe meet Bank On National Account Standards (2019 – 2020) 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.

Once verified by the CFE Fund’s third party evaluator, the National Consumer Law Center, as meeting Bank On Standards, financial institutions will receive a Bank On seal of approval for marketing and outreach purposes; national recognition highlighting the safety, affordability, and functionality of the account; and opportunities to partner with local Bank On coalitions in their footprint and other national Bank On stakeholders.

Account verification is free — please apply online here. Read Frequently Asked Questions, and their answers, about the process here.