This issue, Issue 15, highlights the findings from the CFE Fund and Federal Reserve Bank of St. Louis’ 2017 Bank On Data Pilot; along with new Bank On resources; updates on the scaling of the Financial Empowerment Center initiative under the FEC Public platform; early successes seen from CFE Fund’s CityStart initiative; updates on Consumer Financial Protection efforts; and highlights from the fifth year of the Summer Jobs Connect initiative. It also includes local updates from the CFE Coalition, and a guest column from Daniel Davis, Assistant Vice President and Community Affairs Officer at the Federal Reserve Bank of St. Louis.
This report, The Present and Future of Bank On Account Data: Pilot Results and Prospective Data Collection, details the Bank On Data Pilot, which collected and measured quantitative data on 2017 Bank On account usage at four pilot financial institutions with certified accounts: Bank of America, JPMorgan Chase, U.S. Bank, and Wells Fargo. The CFE Fund partnered with the Federal Reserve Bank of St. Louis (FRBSTL) for this pilot, which reveals the kinds of relevant account data that can be collected, how it might be collected, and what it might show; as well, this pilot highlights the benefits of a central reporting system for financial institutions with Bank On certified accounts and for their coalition partners across the country.
The anonymized dataset at the zip code level is available for download here. Want to play with the data yourself? A newly published Bank On Coalition Playbook Chapter,2017 Bank On Data Pilot: Accessing the Data, details how Bank On coalitions can use the Local Bank On Data Tool to produce reports of this data locally to support their work to expand banking access and the availability of Bank On accounts locally.
The CFE Fund and Federal Reserve Bank of St. Louis hosted a webinar on this report and the Data pilot. Click here to watch the webinar.
Chapter 10 of the Bank On Coalition Playbook, Programmatic Banking Access Integration Best Practices, outlines the role that Bank On coalitions play in helping develop banking access program integrations.
Chapter 7 of the Bank On Coalition Playbook is the Bank On Coalition Logic Model, which provides a framework for Bank On coalition leaders to follow and organize their efforts for local success, providing a tool for planning and implementation as well as for fundraising and evaluation. The CFE Fund’s Bank On Coalition Playbook provides tools and resources that local coalitions can use to do their work more effectively.
This November 2017 press release announces the launch of the Bank On Fellowship program, supported by Wells Fargo.
The release announces the selection of five Bank On fellowships to advance local Bank On coalition operations and generate best practices on expanding access to safe and appropriate financial products and services. Fellowships were awarded to coalitions in Houston, TX (Bank On Houston); Mobile, AL (Bank On South Alabama); New Haven, CT (Bank On New Haven); Summit County, OH (Bank On Rubber City); and Tampa, St. Petersburg, and Sarasota, FL (Bank On Suncoast).
Visit the Bank On website to learn more.