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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 Supervitamin Quarterly Newsletter, Issue 25

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.

The Supervitamin Quarterly Newsletter, Issue 24

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. 

The Supervitamin Quarterly Newsletter, Issue 23

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.

CFE Fund Announces More Than 100 Bank On Certified Accounts

In this press release, the CFE Fund announced that there are now more than 100 bank and credit union accounts nationally certified as meeting the Bank On National Account Standards.

CFE Fund Comment Letter on Community Reinvestment Act Modernization

The CFE Fund recently submitted a comment letter to the Federal Reserve Board on Community Reinvestment Act (CRA) modernization. Citing experiences from the Bank On movement, as well as the FECPublic initiative, the CFE Fund recommended that the CRA examination process should credit financial institutions’ provision of safe and affordable banking accounts and support for meaningful financial inclusion efforts.

The Supervitamin Quarterly Newsletter, Issue 22

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.

Bank On National Account Standards (2021-2022)

The updated Bank On National Account Standards identify critical product features for bank or credit union accounts appropriate to those currently outside of the mainstream banking system.

The Supervitamin Quarterly Newsletter, Issue 21

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.

The Supervitamin Quarterly Newsletter, Issue 20

This issue, Issue 20, details the CFE Fund’s and city partners’ response to COVID-19. Financial Empowerment Center initiative partners pivoted to remote counseling; the CFE Fund announced a new program, the Financial Navigator initiative, to help cities provide remote financial triage and referrals; and Bank On coalition partners shared information about safe bank and credit union accounts that could be used to receive stimulus and other emergency payments.