National Bank On Initiative Convenes Stakeholders to Take Stock of Growth of Movement; Celebrates 160+ Certified Safe Banking Products and 90 Local Banking Access Coalitions
On the first of the two-day virtual conference, federal regulator partners and
In her keynote address, Chairman McWilliams highlighted the
"Today's Conference marks a new chapter in the Bank On movement," said
During the COVID-19 pandemic, the
Additionally, a recent study from
Other discussion topics included discussions on communicating the value of Bank On accounts directly to consumers; perspectives from small and large financial institutions on how offering a certified account creates multiple opportunities for success; and strategies for banking access connectivity and integrating banking access into community programs.
"Sound financial health is the foundation for strong households and communities, but is out of reach for too many people," said
"
"As an early adopter of the Bank On Standards, Citi is proud to play a role in helping consumers enter the banking mainstream with an affordable and safe account to manage their finances," said
"At Truist our purpose is to inspire and build better lives and communities," said
"
Bank On works to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs. Core account features include low costs, no-overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay.
About the Cities for
About Bank On
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of over 90 coalitions in cities across the country, offering national account standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.
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