CFE Fund Launches Fifth National Bank On Fellowship with Support from the Wells Fargo Foundation
The CFE Fund has awarded fellowships to five local Bank On coalitions, marking the fifth cohort of the national Bank On Fellowship. The five full-time Bank On Fellows will each serve a two-year term helping to connect consumers in their localities to safe, affordable banking accounts, demonstrating the power of dedicated coalition leadership. Read the full press release here.
New: Bank On National Data Hub 2024 Findings Highlight Exciting Progress for the Movement
New data from the Bank On National Data (BOND) Hub shows how Bank On certified accounts have brought millions of un- and underbanked households into the financial mainstream, generating billions of dollars in banking activity. 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. The newly released 2024 report features data from 45 reporting institutions representing nearly half of the US deposit market share. The report shows that over 14 million Bank On certified accounts are currently open, with more than 4.8 million accounts opened in 2024 alone; 84% of them were opened by customers new to the financial institution. Bank On account holders are not only opening new accounts, but keeping them open, directly depositing funds, making regular transactions, and accessing peer-to-peer and online banking. Account closures also dropped significantly.
Overall, the data reflects the growing momentum of the Bank On movement, with more than 500 certified accounts now publicly available at financial institutions representing over two-thirds of US deposit market share. Read the full report here.
The CFE Fund also recently updated our tool for exploring BOND Hub account data at the national; state; county; city; or zip code level.
The CFE Fund’s Skyline Newsletter Highlights Transit Banking Access Integrations
The Cities for Financial Empowerment Fund’s regular Skyline newsletter spotlights cutting edge financial empowerment work happening on the ground in cities and counties across the country. The latest issue highlights how two local transit agencies used the shift to contactless payment to help bring riders into the financial mainstream. Read the full issue here.
