The CFE Fund and the Federal Reserve Bank of St. Louis partnered to create the Bank On National Data (BOND) Hub, which aggregates national Bank On account activity related to account openings, usage and consistency, and online access. 35 reporting financial institutions shared their 2022 data, which is highlighted in a recent report, The Bank On National Data Hub: Findings from 2022. To date, more than 17.4 million Bank On certified accounts have been opened by consumers across the county; customers have opened these accounts in 87% of US zip codes. Further, 85% of Bank On accounts opened in 2022 were opened by customers who were new to the financial institution, demonstrating that Bank On accounts are bringing new customers into financial institutions and the financial mainstream.
The CFE Fund also recently released a new tool for exploring BOND Hub account data at the national; state; county; city; or zip code level.
Today at the 2023 Bank On National Conference, keynote addresses by Federal Deposit Insurance (FDIC) Corporation Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency’s (OCC’s) Acting Comptroller Michael J. Hsu – two of the nation’s top federal banking regulatory agencies – highlighted Bank On movement progress. There are now over 375 Bank On nationally certified accounts, offered by banks and credit unions representing over 60% of the domestic deposit market; more than half (53%) of all US bank branches offer a Bank On certified account. Federal and state agencies from the FDIC to the Internal Revenue Service to state Departments of Labor are pointing consumers to Bank On accounts to receive payments, as are local programs across the country. There are 100 local Bank On coalitions working to advance this national movement, including an increasing number of statewide coalitions. Check out the Conference agenda here.
Registration is now open for the 2023 Bank On National Conference – register now to save your seat! Our biennial Bank On National Conference will be held at the National Press Club in Washington D.C. on May 23rd, 2023, with keynote addresses by Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency’s Acting Comptroller Michael J. Hsu. The biennial Bank On National Conference brings together hundreds of local Bank On coalitions, financial institutions, banking regulators, elected officials, and other partners from across the country to share best practices in serving unbanked and underbanked populations, reflect on the progress of the Bank On initiative, and inform future Bank On efforts — we hope you’ll join us! Check out the agenda here.