Banking On Opportunity: A Scan of the Evolving Field of Bank On Initiatives
Posted by on November 21, 2011
Two New Resources on Expanding Access to the Financial Mainstream through Bank On Programs
Since the launch of the Bank On San Francisco program in 2006, cities across the country have adopted the Bank On model, linking residents with low-cost bank accounts, financial education and other asset-building opportunities. Bank On initiatives help residents reduce their reliance on high-cost check cashers, and other fringe financial service providers, and enable them to save and build credit. Two new resources released this past week highlight the growth of the Bank On field and offer tools for city leaders working to help families become financially stable.
Banking On Opportunity: A Scan of the Evolving Field of Bank On Initiatives
NLC’s Institute for Youth, Education and Families has prepared a new report, under contract with the U.S. Department of the Treasury and CFED, on “Banking On Opportunity: A Scan of the Evolving Field of Bank On Initiatives.” The report traces the growth of the Bank On model within the broader financial access field, examines the current landscape of Bank On programs, highlights common features, successes and challenges facing these initiatives, and includes case studies on programs in Savannah, Ga., and Seattle-King County, Wash.
The report finds that, as of April 2011, 32 cities, four states and two regions had fully implemented a Bank On program, with an estimated 20 additional programs to be launched by the summer of 2012. These cities report that they have collectively opened more than 300,000 new accounts since 2006, and are using their Bank On initiatives as the foundation of broader financial stability agendas.
JoinBankOn.Org Online Portal
City officials can find a wide range of tools to help residents gain access to mainstream financial services and enhance families’ economic well-being at the revamped JoinBankOn.org online portal. The site focuses specifically on helping communities adopt the Bank On model. Users can find information on the number and proportion of unbanked residents in their community, guidance for launching a Bank On program, and opportunities to network with other Bank On professionals.
JoinBankOn.org was relaun ched by CFED in partnership with the San Francisco Office of Financial Empowerment, the National League of Cities and the New America Foundation, with support from the U.S. Department of the Treasury. The site is managed by CFED. JoinBankOn.org was originally created by the San Francisco Office of Financial Empowerment. The website draws heavily on a YEF Institute toolkit for municipal leaders, entitled, “Bank On Cities: Connecting Residents to the Financial Mainstream.”
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