Step One: Partnerships

A successful Bank On program relies on partnerships among city officials, regulatory agencies, financial institutions and community-based organizations. Each partner brings important strengths, connections and areas of expertise to the table. For example, in the most successful models, municipal officials act as the conveners, publicly championing the program and providing staff time and other resources to coordinate the project. Community-based organizations (CBOs) play an outreach and referral role and provide financial education to participants. Financial institutions develop and provide a healthy, baseline Bank On account that meets the needs of unbanked consumers.

Local or State Government Leaders

Public officials often provide the initial spark for a Bank On campaign, and support of these officials and high-level city staff help the program garner clout and attention from financial institutions and CBOs. Successful programs often involve city or state staff representing an agency such as economic development or human services who can act as leaders or project facilitators. Connections with individuals at the state level also strengthen a Bank On initiative. Members of the state legislature can advocate for policies that protect consumers and expand access to mainstream financial services. Officials in state departments, such as the Treasurer’s Office or Department of Banking, can help inform the work and expand it within a larger statewide context.

Financial Institutions

Financial institutions are the main point of delivery for the Bank On program, and also have the necessary expertise in financial products and services. The earlier they are engaged, the more likely they will become involved with the program. Financial institution representatives who participate in the development of a Bank On initiative may be members of regional leadership teams, community development staff, branch managers or others within the bank or credit union. It is preferable to target high-level bank staff who are authorized to make decisions or representatives who have direct access to those staff.

Financial Regulators

Working with federal financial regulators can be extremely beneficial to the success of a Bank On initiative. The Federal Deposit Insurance Corporation (FDIC), Federal Reserve Bank, Office of the Comptroller of the Currency (OCC) and other regulators can clarify regulations, and provide strategic advice about financial products and services, and offer guidance on issues that affect Bank On programs. Regulators can also help identify financial institutions serving the community and assist with research and data tracking.

Community Organizations

Community groups such as faith-based organizations, neighborhood groups, financial education providers and local institutions of higher education are important members of a Bank On coalition. These partners not only provide expertise in research, financial education and other key aspects of the program, but also are often the most connected to un- and underbanked communities. Members of the population to be served by a Bank On initiative often see community organization staff as trusted messengers, making them good marketing partners.

Existing Coalitions

Many communities have existing coalitions that can be ideal partners in a Bank On campaign, such as Earned Income Tax Credit (EITC) or savings and asset-building coalitions. These collaboratives and their members already have considerable expertise in helping families achieve financial stability and are often already working with many other key partners. In many cases, Bank On programs emerge from the work of an existing coalition.

National Experts and Resources

A number of national organizations have become involved with local Bank On efforts either by providing communities with direct assistance or conducting research on underserved populations. Many of these organizations offer technical and research support. The National League of Cities Institute for Youth, Education and Families; U.S. Department of the Treasury; CFED; Pew Charitable Trusts; New America Foundation; and other organizations can provide helpful resources, sample documents and other assistance. Some charitable foundations have also provided limited funding to local Bank On efforts. In the future, federal grant opportunities may also be available to support communities’ Bank On programs.