Regulatory requirements to verify a customer’s identity have posed notable barriers to banking for those who may not have traditional government-issued IDs. But local government leaders and community organizations around the country are partnering with financial institutions to flexibly connect consumers to safe banking.
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.
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.
This issue, Issue 22, provides updates on CFE Fund’s and partner cities’ COVID-19 response efforts. Since the pandemic began, 31 cities and counties have launched Financial Navigators initiatives to provide phone-based financial triage and resource referrals; 35 municipal Financial Empowerment Center (FEC) partners are offering, or are working to launch, one-on-one financial counseling through FEC programs; and more than 80 Bank On coalitions are working to connect their communities to safe and affordable banking products so they can safely receive and use stimulus payments, unemployment benefits, wages, and more.
This issue, Issue 21, details how the CFE Fund and our city partners continued to respond to COVID-19. Financial Empowerment Center initiative partners received CFE Fund support to meet increased demand due to the COVID-19 pandemic; the CFE Fund continued building out its newest program, the Financial Navigator initiative, to help cities provide remote financial triage and referrals; and the CFE Fund released the 2021-2022 Bank On National Account Standards.