Cities For Financial Empowerment Fund Inc

HELP CITIES BUILD PROGRAMS AND STRATEGIES TO SUPPORT HOUSEHOLD FINANCIAL STABILITY.

FINANCIAL EMPOWERMENT CENTER (FEC) REPLICATION:MUNICIPAL FINANCIAL EMPOWERMENT CENTERS (FECS) OFFER PROFESSIONAL, ONE-ON-ONE FINANCIAL COUNSELING AS A FREE PUBLIC SERVICE. THE MODEL, FIRST PILOTED IN NEW YORK CITY, IS NOW ACTIVE IN 27 CITIES AND COUNTIES, HELPING OVER 128,000 CLIENTS REDUCE DEBT BY OVER $183 MILLION AND INCREASE SAVINGS BY OVER $35 MILLION; ANOTHER 16 LOCAL GOVERNMENTS ARE WORKING TO LAUNCH A LOCAL FEC INITIATIVE. EACH PARTNER HAS SEEN INCREDIBLE DEMAND FOR FEC SERVICES AND HAS QUICKLY REALIZED THE IMPORTANCE OF THIS WORK; MANY HAVE TRANSITIONED SUCCESSFULLY FROM PRIVATE INVESTMENT INTO ONGOING PUBLIC FUNDING SUSTAINABILITY. (CONTINUED ON SCHEDULE O)THE CFE FUND RECENTLY LAUNCHED FEC ACADEMY, A NEW EXPANDED ENTRY POINT TO GUIDE CITIES AND COUNTIES THROUGH EACH STEP OF PLANNING TO LAUNCH THE MODEL LOCALLY. IN ADDITION, INFORMED BY THE FEC MODEL, THE CFE FUND LAUNCHED A NEW FINANCIAL NAVIGATORS INITIATIVE IN 31 CITIES AND COUNTIES TO HELP RESIDENTS DEAL WITH THE FINANCIAL IMPACT OF THE COVID-19 PANDEMIC, PROVIDING PHONE-BASED REMOTE ASSISTANCE IN NAVIGATING CRITICAL FINANCIAL ISSUES AND MAKING REFERRALS TO OTHER SOCIAL SERVICES AND RESOURCES.

SUMMER JOBS CONNECT (SJC):THROUGH SUMMER JOBS CONNECT, THE CFE FUND AND ITS 22 MUNICIPAL GOVERNMENT PARTNERS HAVE DEVELOPED A NATIONAL MODEL FOR USING THE SCALE AND INFRASTRUCTURE OF MUNICIPAL SUMMER YOUTH EMPLOYMENT PROGRAMS TO INTEGRATE FINANCIAL EMPOWERMENT STRATEGIES AND ACHIEVE GREATER IMPACT. IN ADDITION TO DIRECTLY FUNDING OVER 2,000 YOUTH JOB SLOTS EACH SUMMER, THE CFE FUND IS SUPPORTING MUNICIPALITIES IN DEVELOPING TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES THAT TAKE ADVANTAGE OF THE PAYCHECK OPPORTUNITY.

BANK ON:BANK ON PROVIDES CENTRAL SUPPORT TO ALMOST 90 LOCAL COALITIONS AND LIAISES NATIONALLY WITH BANKING, REGULATORY, AND NONPROFIT ORGANIZATION PARTNERS TO ENSURE THAT EVERYONE HAS ACCESS TO SAFE, AFFORDABLE BANKING. PROGRAM ACCOMPLISHMENTS INCLUDE: THE RELEASE OF THE FIRST-EVER BANK ON NATIONAL ACCOUNT STANDARDS, AND THE ACCOMPANYING MOVEMENT OF THE MARKET TO MEET THE STANDARDS; THE CREATION OF AN INFRASTRUCTURE TO EVALUATE AND VALIDATE ACCOUNTS THAT MEET THE STANDARDS; THE CREATION OF A PLATFORM TO FACILITATE AND AGGREGATE FINANCIAL INSTITUTION REPORTING OF DATA ABOUT BANK ON ACCOUNTS; (CONTINUED ON SCHEDULE O) A RANGE OF GRANT SUPPORT TO ASSIST LOCAL COALITIONS IN BUILDING THEIR CAPACITY AND EXPANDING BANKING ACCESS, INCLUDING THROUGH THE DEVELOPMENT OF REPLICABLE, LARGE-SCALE PROGRAMS THAT CONNECT UNDERSERVED POPULATIONS TO CERTIFIED ACCOUNTS; THE ESTABLISHMENT OF THE BANK ON FELLOWSHIP TO DEMONSTRATE WHAT FULL-TIME COALITION LEADERSHIP CAN ACCOMPLISH; AND ADDITIONAL TECHNICAL ASSISTANCE EFFORTS AIMED AT HELPING FINANCIAL INSTITUTIONS AND MUNICIPAL LEADERS UPGRADE AND REINVIGORATE LOCAL BANK ON PROGRAMS.

ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 18 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; PROMOTING EFFORTS TO PROFESSIONALIZE AND EXPAND FINANCIAL COUNSELING AS A PUBLIC SERVICE; DEVELOPING CONSUMER FINANCIAL PROTECTION AGENCIES WITHIN LOCAL GOVERNMENT; AND PROVIDING INTENSIVE TECHNICAL ASSISTANCE TO HELP CITIES AND OTHER GOVERNMENT LEADERS EMBED FINANCIAL EMPOWERMENT STRATEGIES INTO PROGRAMS AND INFRASTRUCTURE, FOCUSING ON THE NEEDS OF BLACK RESIDENTS.

FINANCIAL EMPOWERMENT CENTER (FEC) REPLICATION:MUNICIPAL FINANCIAL EMPOWERMENT CENTERS (FECS) OFFER PROFESSIONAL, ONE-ON-ONE FINANCIAL COUNSELING AS A FREE PUBLIC SERVICE. THE MODEL, FIRST PILOTED IN NEW YORK CITY, IS NOW ACTIVE IN 27 CITIES AND COUNTIES, HELPING OVER 128,000 CLIENTS REDUCE DEBT BY OVER $183 MILLION AND INCREASE SAVINGS BY OVER $35 MILLION; ANOTHER 16 LOCAL GOVERNMENTS ARE WORKING TO LAUNCH A LOCAL FEC INITIATIVE. EACH PARTNER HAS SEEN INCREDIBLE DEMAND FOR FEC SERVICES AND HAS QUICKLY REALIZED THE IMPORTANCE OF THIS WORK; MANY HAVE TRANSITIONED SUCCESSFULLY FROM PRIVATE INVESTMENT INTO ONGOING PUBLIC FUNDING SUSTAINABILITY. (CONTINUED ON SCHEDULE O)THE CFE FUND RECENTLY LAUNCHED FEC ACADEMY, A NEW EXPANDED ENTRY POINT TO GUIDE CITIES AND COUNTIES THROUGH EACH STEP OF PLANNING TO LAUNCH THE MODEL LOCALLY. IN ADDITION, INFORMED BY THE FEC MODEL, THE CFE FUND LAUNCHED A NEW FINANCIAL NAVIGATORS INITIATIVE IN 31 CITIES AND COUNTIES TO HELP RESIDENTS DEAL WITH THE FINANCIAL IMPACT OF THE COVID-19 PANDEMIC, PROVIDING PHONE-BASED REMOTE ASSISTANCE IN NAVIGATING CRITICAL FINANCIAL ISSUES AND MAKING REFERRALS TO OTHER SOCIAL SERVICES AND RESOURCES.

SUMMER JOBS CONNECT (SJC):THROUGH SUMMER JOBS CONNECT, THE CFE FUND AND ITS 22 MUNICIPAL GOVERNMENT PARTNERS HAVE DEVELOPED A NATIONAL MODEL FOR USING THE SCALE AND INFRASTRUCTURE OF MUNICIPAL SUMMER YOUTH EMPLOYMENT PROGRAMS TO INTEGRATE FINANCIAL EMPOWERMENT STRATEGIES AND ACHIEVE GREATER IMPACT. IN ADDITION TO DIRECTLY FUNDING OVER 2,000 YOUTH JOB SLOTS EACH SUMMER, THE CFE FUND IS SUPPORTING MUNICIPALITIES IN DEVELOPING TARGETED FINANCIAL EDUCATION AND BANKING ACCESS STRATEGIES THAT TAKE ADVANTAGE OF THE PAYCHECK OPPORTUNITY.

BANK ON:BANK ON PROVIDES CENTRAL SUPPORT TO ALMOST 90 LOCAL COALITIONS AND LIAISES NATIONALLY WITH BANKING, REGULATORY, AND NONPROFIT ORGANIZATION PARTNERS TO ENSURE THAT EVERYONE HAS ACCESS TO SAFE, AFFORDABLE BANKING. PROGRAM ACCOMPLISHMENTS INCLUDE: THE RELEASE OF THE FIRST-EVER BANK ON NATIONAL ACCOUNT STANDARDS, AND THE ACCOMPANYING MOVEMENT OF THE MARKET TO MEET THE STANDARDS; THE CREATION OF AN INFRASTRUCTURE TO EVALUATE AND VALIDATE ACCOUNTS THAT MEET THE STANDARDS; THE CREATION OF A PLATFORM TO FACILITATE AND AGGREGATE FINANCIAL INSTITUTION REPORTING OF DATA ABOUT BANK ON ACCOUNTS; (CONTINUED ON SCHEDULE O) A RANGE OF GRANT SUPPORT TO ASSIST LOCAL COALITIONS IN BUILDING THEIR CAPACITY AND EXPANDING BANKING ACCESS, INCLUDING THROUGH THE DEVELOPMENT OF REPLICABLE, LARGE-SCALE PROGRAMS THAT CONNECT UNDERSERVED POPULATIONS TO CERTIFIED ACCOUNTS; THE ESTABLISHMENT OF THE BANK ON FELLOWSHIP TO DEMONSTRATE WHAT FULL-TIME COALITION LEADERSHIP CAN ACCOMPLISH; AND ADDITIONAL TECHNICAL ASSISTANCE EFFORTS AIMED AT HELPING FINANCIAL INSTITUTIONS AND MUNICIPAL LEADERS UPGRADE AND REINVIGORATE LOCAL BANK ON PROGRAMS.

ADDITIONAL CFE FUND PROGRAMS INCLUDE: SUPPORTING THE CFE COALITION, AN INVITATION-ONLY GROUP OF 18 CITIES ON THE CUTTING EDGE OF MUNICIPAL FINANCIAL EMPOWERMENT; PROMOTING EFFORTS TO PROFESSIONALIZE AND EXPAND FINANCIAL COUNSELING AS A PUBLIC SERVICE; DEVELOPING CONSUMER FINANCIAL PROTECTION AGENCIES WITHIN LOCAL GOVERNMENT; AND PROVIDING INTENSIVE TECHNICAL ASSISTANCE TO HELP CITIES AND OTHER GOVERNMENT LEADERS EMBED FINANCIAL EMPOWERMENT STRATEGIES INTO PROGRAMS AND INFRASTRUCTURE, FOCUSING ON THE NEEDS OF BLACK RESIDENTS.