Step Three: Steering Committee and Subcommittees
Bank On initiatives should have a clear organizational structure. Many programs use a two-tiered committee structure to plan and inform their Bank On activities. A steering committee works to provide oversight, develop overarching goals and identify specific tasks needed to achieve your desired results. Subcommittees or working groups, chaired by committed leaders, help programs engage a wide net of stakeholders with needed expertise and resources. For a sample committee structure, see this chart.
Forming a Steering Committee
Many programs have created a leadership team or steering committee composed of the partners who are best positioned to provide leadership and direction for the Bank On initiative. These committees then engage additional partners to play specific roles in the planning and implementation process. A high-level municipal staff person often leads the steering committee. In some cities, this individual works in the office of the mayor or another elected official. In addition to including the primary organizers and program planners, the leadership team should reflect the diversity of stakeholders involved in the initiative. For example, the steering committee should have representatives from city government, financial institutions and community organizations.
Forming Subcommittees
Subcommittees should be structured around the needs and goals of the program. At this level, participants discuss variations in program strategy and make recommendations to the steering committee. Examples of subcommittees used by other programs include:
- Product Development
This subcommittee is primarily responsible for developing baseline criteria for the Bank On product and negotiating with financial institutions to ensure that they provide a safe, high-quality product. This subcommittee may also lead the way in building relationships with financial institutions, developing participation agreements, and ensuring that financial institution staff are trained and knowledgeable about the Bank On program. Representatives from local banks and credit unions often make up the majority of this subcommittee and/or chair the group. - Marketing and Outreach
This subcommittee should focus on developing an effective campaign for promoting the program, as well as garnering the resources needed to implement the marketing strategy. This group may also be responsible for accessing market-based research to understand the target population; securing services from marketing and printing professionals; developing a strategy for disseminating information about the program; forming partnerships for outreach; and asking for contributions from participating financial institutions to support marketing of the program. - Financial Education
This subcommittee incorporates financial education services into the program. Typical members include banks and credit unions, financial education providers and community organizations. The subcommittee often must consider how to provide Bank On accountholders with financial education opportunities and how to ensure that financial education providers make their services accessible and relevant to the target population. - Data Tracking and Evaluation
This subcommittee is responsible for developing and implementing a system to collect program data from participating banks and credit unions and using the data to evaluate the effectiveness of the program. Staff from FDIC or Federal Reserve Bank branches are well-positioned to lead this group since they are able to encourage banks and credit unions to report data in a timely manner. Regulatory agency staff can also answer questions about what type of information banks and credit unions are allowed to share with outside organizations.
