Municipal financial empowerment is a fundamental aspect of help and recovery. As city governments and others help residents navigate the financial impacts of the COVID-19 crisis, the following resources sheets can provide guidance on safe financial measures during this tumultuous time. The CFE Fund will continue to develop resources and add them to this page.
Banking Messaging Toolkit:We hope you will customize the components within this Banking Messaging Toolkit for your own communications efforts, and also share the toolkit with any other organizations whose clients might benefit from safe banking during this time.Contact us for access to the toolkit!
This toolkit includes an array of resources that can be used and customize locally including:
Template social media language;
Social media graphics;
A template press release for coalitions, local governments, or other partners to use in announcing their efforts; and
Examples of ways that local governments, Bank On coalitions, and others already are highlighting the importance of banking access to receive payments and guiding residents to certified Bank On accounts.
Importance of Banking Access During COVID-19: It has never been more important to have a banking account. This tip sheet outlines the importance of a safe and affordable mainstream bank or credit union account for managing your money remotely, including to receive wages and government benefits securely through direct deposit and make payments remotely.
The CFE Fund submitted a comment letter to the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in response to their request for comment on the proposed reform of the Community Reinvestment Act (CRA). The letter expresses the CFE Fund’s concern that a change to the CRA evaluation methodology that focuses purely on quantifiable CRA activities may undermine support for broader financial inclusion efforts that are more difficult to value, such as increasing access to safe and affordable banking accounts and investments in account opening partnerships.
This issue, Issue 19, includes new highlights from the second CityStart cohort, exciting program updates from the growing Financial Empowerment Center (FEC) and Bank On national movements, as well as grant opportunities for the CFE Fund’s Local Consumer Financial Protection, Summer Jobs Connect, and newly-launched Wages Connect initiatives. This issue also features a guest column from the City of Rochester, New York’s Mayor Lovely Warren, highlighting the momentum established during Rochester’s CityStart engagement, which ultimately led to the creation of an Office of Community Wealth Building and the launch of the City’s Financial Empowerment Center (FEC) as part of the CFE Fund’s FEC Public movement.
Across the country, many local leaders have launched Offices of Financial Empowerment (OFEs) or similar municipal offices that serve as a home for financial empowerment programming efforts. This brief details why municipal leaders have invested in this critical work, outlines the work of OFEs, and highlights how a number of cities launched their OFEs.
This issue, Issue 11, includes an update on the Financial Empowerment Center initiative and a new funding opportunity; news from Bank On and the recent conference; and an overview of the CFE Fund’s CityStart initiative. It also includes an update on the Consumer Financial Protection initiative’s progress, as well as a guest column from the Senior Deputy Comptroller at the Office of the Comptroller of the Currency.
The CFE Fund’s Bank On Listserv is an online community for Bank On coalition members, financial institutions, academics, and other stakeholders interested in banking access efforts. Members can ask questions and share resources with the community. Join now!
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.
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.
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.