Cities for Financial Empowerment Fund
The CFE Fund helps mayors with strategies developed for cities … by cities.
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. Read the full issue here.
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This issue of the Skyline (link) spotlights efforts in Illinois and Maryland to expand banking access by promoting and incentivizing direct deposits into safe bank and credit union accounts for unemployment payments. Previously, these payments were disbursed through paper checks or prepaid cards. Both states have ceased payments through prepaid cards, and focused instead onthe availability of safe banking accounts that meet the CFE Fund’s Bank On National Account Standards. These programs, and other similar efforts to connect large-scale public payments to safe banking access, have seen tremendous success—the FDIC found that 2021 saw the lowest national rate of unbanked people ever recorded, with over a third of those recently banked citing a government payment as the reason they opened an account. Read the full issue here and subscribe to the Skyline here.
This issue of the Skyline spotlights innovative ways that programs are using direct cash assistance as an opportunity to provide system-involved young people with banking access. In the past, direct cash transfers have often been disbursed via prepaid cards, preventing recipients from connecting to the financial mainstream. This Skyline piece highlights programs in Allegheny County, PA and Milwaukee, WI that pair direct cash payments with financial education and other financially stabilizing opportunities – including incentivizing safe banking access for program participants. These programs have seen powerful results, with the majority of youth participants opening accounts and working towards financial independence. Read the full issue here and subscribe to the Skyline here.
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. Additionally, the issue describes the launch of a “Legacy Planning” pilot integrating estate planning services into Financial Empowerment Centers; shares updates from the CityStart initiative; and over 300 accounts are now certified as meeting the Bank On National Account Standards. Finally, this issue features a guest column from ChexSystems President Ron Whyte, highlighting how the ChexSystems Bank On bundle works to reduce the traditional barriers of negative banking history for under- and un-banked people.
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. Additionally, the issue announces the second cohort of FEC Academy; shares updates from the Financial Navigators initiative; and details the latest updates for a new expansion of the CityStart initiative to incorporate a racial equity lens. Finally, this issue features a guest column from Tulsa Mayor GT Bynum, highlighting Tulsa’s commitment to Financial Empowerment work, and the success of its Financial Navigators and Financial Empowerment Center programs.
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. deposit marketshare. Additionally, the issue describes the launch of a new pilot, Small Business Boost, to bring FEC financial counseling to small business owners and entrepreneurs; shares updates from the Financial Navigators initiative; and details a new expansion of the CityStart initiative to incorporate a racial equity lens. Additionally, this issue features a guest column from ChexSystems President Ron Whyte, highlighting how the ChexSystems Bank On bundle works to reduce the traditional barriers of negative banking history for under- and un-banked people.
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 CFE Fund announced a $19 million investment from Bloomberg Philanthropies to: expand FEC financial counseling through the launch of FEC Academy; support the creation of a new pilot to embed FEC financial counseling into eviction prevention services; build out the Financial Navigators initiative; and invest in a racial-equity focused CityStart initiative. Additionally, this issue includes updates on the 2021 Bank On National Conference which took place in mid-November, with nearly 500 partners in attendance from across the country. This issue also features a guest column from Detroit Mayor Mike Duggan, highlighting the City’s Summer Jobs Connect initiative work providing summer jobs and financial education for Detroit youth.
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. Additionally, the Summer Jobs Connect initiative has launched its eighth summer, and the CFE Fund recently selected a new cohort of Financial Empowerment Center partners. This issue also features a guest column from Robin McKinney and Sara Johnson, from CASH Campaign of Maryland, highlighting their work with the Maryland Department of Labor to offer Bank On certified accounts for residents receiving unemployment payments.
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 also features a guest column from Nick Gradisar, the Mayor of Pueblo, CO, highlighting the key role the CityStart and Financial Navigators initiatives have had in Pueblo’s emergency response.
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. In addition, the CFE Fund announced the new cohort of Consumer Financial Protection Initiative grantees, who will focus first on a COVID-19 consumer awareness campaign and then plan for broader consumer financial protection capabilities within the city. This issue also features a guest column from the American Bankers Association (ABA) CEO and President, Rob Nichols, highlighting a recent partnership encouraging ABA partner banks across the country to offer Bank On certified accounts.