Bank On National Account Standards (2023-2024)
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.
Intergenerational Wealth Transfer through FEC Counseling: A Multi-City Legacy Planning Pilot
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.
Boosting Sustainable Homeownership in Detroit: Adding Financial Counseling to Property Tax Relief Programs
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 Supervitamin Quarterly Newsletter, Issue 26
In this issue, Issue 26, the CFE Fund celebrates its 10-year anniversary and provides updates on the CFE Fund’s and partner cities’ financial empowerment efforts, including an announcement that the Bank On movement has certified over 250 bank and credit union accounts, helping newly bank 3.1 million residents.
CFE Fund Comment Letter on Community Reinvestment Act Reform
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).
The Citi Foundation and CFE Fund Launch Ninth Year of Summer Jobs Connect
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.