In this November 2023 press release, the CFE Fund announced the fourth cohort of Bank On Fellows, with funding from the Wells Fargo Foundation. The Wells Fargo Foundation’s investment will support six full-time Bank On Fellows for two years to help connect the more than 24 million people living outside of the U.S.
Since it launched in 2020, the City of Detroit’s Financial Empowerment Center (FEC), as part of the CFE Fund’s national FEC Public initiative, has helped homeowners with low incomes avoid property tax foreclosure and stay in their homes.
The Small Business Boost pilot, with generous support from Principal Foundation, explored how FEC financial counseling can support the personal financial needs of small business owners and better position them to achieve their business goals.
In this July 2023 press release, the CFE Fund announced the expansion of Summer Jobs Connect (SJC) through Summer Jobs Connect Academy, a new entry point for connecting banking access and financial education to Summer Youth Employment Programs (SYEPs).
In this April 2023 press release, the CFE Fund announced that a second cohort of eight cities and counties have been chosen to join the CityStart initiative, with a specialized focus on racial wealth equity.
The CFE Fund recently submitted a comment letter to the Federal Deposit Insurance Corporation (FDIC) on the proposed changes to the rules governing the use of their official sign and statements about deposit insurance.
Working closely with our Bank On National Advisory Board and other key stakeholders, the CFE Fund released the Bank On National Account Standards. These standards provide local programs with a benchmark for account partnerships with financial institutions, and include both core and recommended features.
This issue, Issue 27, provides updates on the CFE Fund’s and partner cities’ financial empowerment efforts, including a focus on our in-person convenings enhancing our work.
The CFE Fund recently submitted a comment letter to the U.S. Department of Treasury on the proposed revisions to the Community Development Financial Institution (CDFI) certification application.
The lack of intergenerational wealth transfer is a driving force preventing residents with low incomes from building wealth. Additionally, in many localities, because of both historic and current systemic racism and other barriers, Black residents and other residents of color experience more financial instability than White residents: as just one example, Black households have an average of one-fifth of the assets of White households.