Category: Press Release

Citi Foundation Supports Summer Jobs Connect with $5 Million

Posted on by Katie Plat

This press release announces the Citi Foundation’s generous contribution of $5 million in funding to the CFE Fund to provide more than 2,400 low-income youth with summer jobs and access to financial education as part of Summer Jobs Connect (SJC) in 2018.

Summer Jobs Connect enhances municipally-led summer youth employment programs by integrating structural linkages to safe and appropriate banking products, services, and education. Since launching in 2014, the Citi Foundation has invested over $23 million in this initiative, which has provided nearly 11,000 low-income youth with summer work experience, access to financial education, and appropriate financial services; SJC city partners have built these financial empowerment strategies into the infrastructure of their Summer Youth Employment Programs.

Wells Fargo and CFE Fund Expand Access to Free Financial Counseling

Posted on by Katie Plat

This March 2018 press release announces a $1 million investment from Wells Fargo in the CFE Fund’s replication of its proven Financial Empowerment Center (FEC) model in 12 cities under the FEC Public platform. These funds will enable the CFE Fund and its municipal partners to reach more residents with high-quality, one-on-one financial counseling as a free public service. Since 2008, FEC counseling services have helped 80,000 clients reduce debt, improve credit, open safe bank accounts, and save for the future.

The CFE Fund selected twelve local governments as initial grantees of the expanded FEC program: Akron, OH; Detroit, MI; Greenville County, SC; Houston, TX; Miami, FL; New Haven, CT; Pittsburgh, PA; Sacramento, CA; San Francisco, CA; Memphis, TN; Shreveport, LA; and Syracuse, NY. The CFE Fund will select additional municipalities for future grant cohorts.

To learn more about FEC Public, visit www.fecpublic.org.

CFE Fund to Expand Free Financial Counseling to 50 Cities Through FEC Public Platform

Posted on by Katie Plat

This November 2017 press release announces th­­e first cohort of 12 local government partners selected to develop plans to replicate the proven Financial Empowerment Center (FEC) model under the CFE Fund’s new FEC Public platform.

Twelve local governments (Akron, OH; Detroit, MI; Greenville County, SC; Houston, TX; Miami, FL; New Haven, CT; Pittsburgh, PA; Sacramento, CA; San Francisco, CA; Memphis, TN; Shreveport, LA; and Syracuse, NY) were selected as initial grantees of the expanded program.

These municipalities will be the first 12 of up to 50 cities to work to with the CFE Fund to launch free, high-quality one-on-one financial counseling for low-income residents, thanks to generous support from Bloomberg Philanthropies as part of its American Cities Initiative. To learn more about FEC Public, visit www.fecpublic.org.

 

First Cohort of Bank On Fellows Launches

Posted on by Katie Plat

This November 2017 press release announces the launch of the Bank On Fellowship program, supported by Wells Fargo.

The release announces the selection of five Bank On fellowships to advance local Bank On coalition operations and generate best practices on expanding access to safe and appropriate financial products and services. Fellowships were awarded to coalitions in Houston, TX (Bank On Houston); Mobile, AL (Bank On South Alabama); New Haven, CT (Bank On New Haven); Summit County, OH (Bank On Rubber City); and Tampa, St. Petersburg, and Sarasota, FL (Bank On Suncoast).

Visit the Bank On website to learn more.

National Evaluation of Municipal Financial Counseling Model Shows Financial Counseling Works as Public Program

Posted on by Katie Plat

This August 2017 press release highlights findings from a new three-year evaluation of the Financial Empowerment Center model. The evaluation draws on data from 22,000 clients and 57,000 counseling sessions across the first 5 city replication partners and shows that financial counseling worked as a public program in a variety of city contexts. City partners were Denver, CO; Lansing, MI; Nashville, TN; Philadelphia, PA and San Antonio, TX. View or listen to the CFE Fund’s presentation highlighting key findings and lessons learned from the evaluation.

The CFE Fund held a series of webinars about the evaluation; click here for informational resources from these webinars.

Cities, counties, states, and community organizations who provide government-connected models of free financial counseling and coaching into a national professional learning community are invited to apply to join the FEC Affiliates Network. The CFE Fund will convene Affiliates both in-person and remotely to further partnerships, highlight best practices, and catalog lessons unique to integrating financial counseling and coaching within government programs. Applications are being accepted on a rolling basis. Click here to apply.

Growing Banking Access Movement Stakeholders Gather in Washington, DC

Posted on by Katie Plat

The CFE Fund’s 2017 National Bank On Conference brought together key stakeholders from multiple sectors across the country.

Keynote addresses were delivered by Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency Senior Deputy Comptroller for Compliance and Community Affairs Grovetta Gardineer.

During the conference, the CFE Fund leaders revealed the growing list of financial institutions across the country offering safe and affordable transaction accounts certified as meeting Bank On National Account Standards; unveiled a national Bank On data portal into which financial institutions with certified accounts could report basic information underscoring the vitality of the accounts; and highlighted resources to help local Bank On coalitions better connect residents to safe, affordable mainstream banking products, including a coalition Playbook, coalition capacity grants, and a new national Fellowship opportunity.

Other discussion topics included innovations in safe and affordable financial products; strategies for banking access connectivity; and reflections on coalition banking access success strategies.

Wells Fargo and The CFE Fund Announce New Fellowship Program for Bank On Coalitions

Posted on by Katie Plat

In this April 2017 press release, the CFE Fund announced the Bank On Fellowship Program, generously funded by Wells Fargo. Through the program, the CFE Fund will provide match funding up to $45,000 per year for two years to as many as five Bank On coalitions to support a full-time Fellow to lead coalition’s activities. The CFE Fund will also provide intensive in-kind technical assistance support, training, and resources to the cohort of Fellows and host coalitions, and will assist the coalitions with additional fundraising for sustainability. Local coalitions can apply now through our online grant portal; watch the informational webinar, and read Frequently Asked Questions and their answers about the Fellowship opportunity.

Citi Foundation and CFE Fund Increase 2017 Summer Job Opportunities through Summer Jobs Connect

Posted on by Katie Plat

This March 2017 press release details the Citi Foundation’s ongoing support; their $5 million investment will provide more than 2,400 low-income youth with summer jobs and access to financial education as part of Summer Jobs Connect in 2017. Since launching in 2014, the Citi Foundation has invested over $13 million in this initiative, which has provided nearly 6,200 low-income youth with summer work experience, access to financial education, and appropriate financial services, and builds these financial empowerment strategies into the infrastructure of the eight city partners’ Summer Youth Employment Programs. The announcement is part of the Citi Foundation’s global expansion of its Pathways to Progress initiative to invest $100 million to prepare 500,000 young people, ages 16-24, for today’s competitive job market.

The CFE Fund Launches Updated Bank On National Account Standards (2017-2018), New Account Certification Process, and Local Coalition Playbook

Posted on by Katie Plat

This January 2017 press release announces a suite of new Bank On resources: Bank On National Account Standards, updated for 2017-2018; a free online Bank On account validation and certification process; and the opening chapters of the Bank On Coalition Playbook, a new resource to help equip local coalitions for banking access success.

Next Generation Municipal Financial Empowerment Award Given to Five U.S. Mayors: Award Recognizes, Supports Emerging Municipal Financial Empowerment Leaders

Posted on by Soliant Admin

The CFE Fund’s Next Generation Municipal Financial Empowerment Award grows the municipal financial empowerment field by cultivating and supporting innovative ideas from new mayoral administrations. This May 2015 press release announces the five city leaders chosen through a competitive RFP process to receive this award: Boston Mayor Martin J. Walsh, New Haven Mayor Toni N. Harp, Oakland Mayor Libby Schaaf, San José Mayor Sam Liccardo, and Shreveport Mayor Ollie Tyler.

The award, generously sponsored by Capital One, includes both a planning grant and dedicated technical consulting from the CFE Fund. Together, awardee mayors, their teams, and the CFE Fund will develop innovative local government strategies to address poverty through programs such as financial counseling, access to safe and appropriate banking products, asset-building opportunities, and consumer financial protections.