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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Bank On Fellowship
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 is currently seeking proposals for a new cohort of Bank On Fellows, and will share best practices from these Fellow’s efforts with the broader Bank On coalition community on a regular basis. The CFE Fund recently held an informational webinar on the Fellowship opportunity; view the webinar here.
Bank On Capacity Grant
The CFE Fund’s Bank On Capacity Grant aims to assist leadership of local Bank On coalitions in expanding banking access. The CFE Fund invites proposals from existing local Bank On coalitions; applicants should be coalition leaders, from either city or local government agencies, or nonprofit community organizations working in concert with local government. These capacity building grants support local coalitions in the adoption of the Bank On National Account Standards and for the ongoing operations of local Bank On efforts. The CFE Fund makes Capacity Grants of up to $25,000 on a rolling basis; in their proposal, applicants should commit to a staff member spending at least 50% (0.5 FTE) of their time leading the Bank On coalition. The CFE Fund is accepting applications on a rolling basis.
The CFE Fund’s Bank On Startup Grant supports new or newly re-launched Bank On Coalitions in laying the foundation and developing the necessary infrastructure for coalition success. These capacity building grants will support local coalitions in the adoption of the Bank On National Account Standards and in launching or relaunching local Bank On initiatives. The CFE Fund is currently accepting applications for this funding opportunity, and will make grants of up to $5,000 on a rolling basis.
The CFE Fund seeks proposals for innovative programmatic approaches to helping unbanked people open safe and affordable accounts when they enter or re-enter the workforce. As part of the Bank On initiative, and building off the success of the Summer Jobs Connect program, Wages Connect will assist local partnerships to connect workers to the financial mainstream. Applicants must manage existing workforce development programs or employment opportunities, and must have identified one or more potential banking partners with accounts certified as meeting the Bank On National Account Standards prior to submitting their application. Awardees will receive up to $50,000 to support banking access integration into a workforce development/employment program; technical assistance; and the opportunity to attend the CFE Fund’s 2019 Bank On National Conference.
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.