Working closely with our Bank On National Advisory Board and other key stakeholders, the CFE Fund has released these 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. The Standards were inspired by the 2012 Federal Deposit Insurance Corporation’s Model Safe Accounts Template.
The CFE Fund supports local Bank On coalitions through best practices found in our Bank On Coalition Playbook. Chapters cover a range of topics, including Guiding Principles for the Bank On Movement; the Bank On National Account Standards (2017-2018); a template Statement of Principles for partnerships between local Bank On coalitions and financial institutions ; information on the Bank On National Account validation process; local Strategies for Navigating Financial Institution Partnerships and Account Certification; a Bank On Coalition Logic Model; a checklist for Launching or Relaunching a coalition, a handout for financial institutions on the benefits of Bank On National Account Standard Certification, and details on the new Bank On Listserv.
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The CFE Fund’s Bank On Capacity Grant Fund, with seed support from JPMorgan Chase & Co., aims to assist leadership of local Bank On coalitions in expanding banking access. The CFE Fund invites proposals from existing or new local Bank On coalitions; applicants should be coalition leaders, either from city or local government agencies, or nonprofit community organizations working in concert with local government. These capacity building grants will support local coalitions in the adoption of the Bank On National Account Standards (2017-2018) and in support of the ongoing operations of local Bank On initiatives. The CFE Fund will make grants of up to $10,000 on a rolling basis. Read the Request for Proposals and start the application process here. Click here to watch an informational webinar about the grant; click here to read frequently asked questions, and their answers, about the grant.
The CFE Fund supports a number of innovative local and multi-city efforts to improve banking access. Combined with our robust learning community, lessons learned from these investments provide key insights for the field. The Innovation Fund Grant supports the development of replicable, large-scale programs that connect underserved populations to certified accounts to enable households to preserve their earnings and build assets. The CFE Fund will make grants of up to $50,000 on a rolling basis to implement programs or pilot projects that test new, innovative methods of reaching underserved markets, particularly through local government service channels – apply now. See past Innovation Fund grants here.
The CFE Fund’s Bank On Fellowship Program provides match funding of up to $45,000 per year for two years to Bank On coalitions to support a full-time staff position (a “Fellow”) to lead their coalition’s activities. As part of this multi-city cohort of local leaders, the CFE Fund provides intensive technical assistance support, training, and resources both individually and to the group. The CFE Fund will share best practices from these Fellow’s efforts with the broader Bank On coalition community on a regular basis. This Fellowship is possible thanks to the generous support of Wells Fargo.