With generous support from Wells Fargo, the CFE Fund’s Bank On Fellowship Program will provide match funding of up to $45,000 per year for two years to as many as five Bank On coalitions to support a full-time staff position (a “Fellow”) to lead their coalition’s activities. In addition, the CFE Fund will provide intensive in-kind technical assistance support, training, and resources individually and to the cohort of Fellows and host coalitions, and will assist the coalitions with additional fundraising for sustainability.
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 Account verification and certification process; 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.