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.
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 had a special focus on assisting homeowners at risk of property tax foreclosure.
The CFE Fund recently submitted a comment letter to the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) on their proposal to amend the regulations implementing the Community Reinvestment Act (CRA).
This press release announces an additional $3.5 million in support from the Citi Foundation to provide more than 145,000 low-income youth with summer jobs and access to financial education as part of Summer Jobs Connect in 2022; the Summer Jobs Connect initiative is also supported by The Skillman Foundation and the PNC Foundation.
In this May 2022 press release, the CFE Fund announced that three new cities have been chosen to join the next CityStart cohort, with a new focus on racial wealth equity.
This issue, Issue 25, provides updates on the CFE Fund’s and partner cities’ financial empowerment efforts, including an announcement that the Bank On movement has certified more than 200 bank and credit union accounts, with partner financial institutions comprising 56% of the U.S.
In this March 2022 press release, the CFE Fund announced the selection of five local governments to offer small business owners and entrepreneurs one-on-one Financial Empowerment Center (FEC) financial counseling.
In this November 2021 press release, the CFE Fund announced its latest partnership with Bloomberg Philanthropies that will greatly expand local government-led financial stability efforts across the country over the next three years.
This issue, Issue 24, provides updates on the CFE Fund’s and partner cities’ financial empowerment efforts, including an announcement of a new partnership with Bloomberg Philanthropies to help grow the municipal financial empowerment field.
This issue, Issue 23, provides updates on the CFE Fund’s and partner cities’ financial empowerment efforts, including those related to COVID-19 recovery.
In advance of the newly expanded federal Child Tax Credit monthly payments, the CFE Fund and Bank On coalitions are highlighting the availability of safe and affordable Bank On certified accounts; the CFE Fund recently announced that there are over 100 accounts certified as meeting the Bank On National Account Standards.