Just Released: Bank On National Data Hub 2020 Data

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 across three categories of metrics: Account Opening, Account Usage and Consistency, and Online Access.

The latest BOND Hub report, The Bank On National Data Hub: Findings from 2020, includes key takeaways from the 2020 data collection featuring 17 reporting financial institutions. The report found that 3.8 million accounts were open and active in 2020, representing about 80% of U.S. ZIP codes, and that 82% of Bank On accounts opened in 2020 – more than 4 out of 5 accounts – were opened by customers who were new to the financial institution.

Read the report now, and learn more about reporting your Bank On certified account data to the BOND HUB.

Thank You for Joining Us at the 2021 Bank On National Conference!

The CFE Fund’s Bank On National Conference was held virtually on November 15 and 16, 2021, and brought together almost 500 Bank On stakeholders including Bank On coalition leaders, financial institutions, regulatory agencies, local government officials, and other partners. The Conference was recorded, and all sessions can be viewed at our Bank On National Conference channel. Conference highlights included a keynote address from Federal Deposit Insurance Corporation Chairman Jelena McWilliams; sector leader conversations with CFE Fund CEO Jonathan Mintz and Acting Comptroller Michael Hsu of the Office of the Comptroller of the Currency, US Representative Ed Perlumutter (CO-07), American Bankers Association President Rob Nichols, and Brookings Institution Senior Fellow Aaron Klein; and sessions on banking integrations at true scale, racial equity and banking, and communicating to the unbanked.

CFE Fund Announces More Than 100 Bank On Certified Accounts

The CFE Fund announced that there are now more than 100 bank and credit union accounts nationally certified as meeting the Bank On National Account Standards. Banks and credit unions offering certified accounts comprise over 50% of the U.S. deposit market share, and 40% of all US bank branches offer a certified account; nearly two million Bank On certified accounts were opened in 2019. With the certification of BMO Harris’ Smart Money™ Account, BOM Bank’s EZ Checking account, Rio Grande Credit Union’s Fresh Start Checking, US Eagle FCU’s Flex Checking account, and Wintrust Community Banks’ Money Smart Checking account, there are now 108 accounts certified as meeting Bank On National Account Standards. These accounts can expand access to safe and appropriate transactional accounts to the almost 36 million people outside of the mainstream financial system, and can be used to receive and manage the federal Child Tax Credit and other emergency payments.