$5.7M in expenses

Financial empowerment centersmunicipal 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 35 cities and counties, helping almost 190,000 clients reduce debt by over $315 million and increase savings by over $61 million; dozens of additional 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's fec academy entry point guides cities and counties through each step of planning to launch the model locally. Finally, the cfe fund is piloting new enhancements to the fec model ranging from connections to small business/entrepreneurship services to estate planning.

$1.7M in expenses

Bank onbank on provides central support to 100 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; a range of grant support to assist local coalitions... (continued on schedule o) 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.

$1.3M in expenses

Emergency financial empowerment natural disasters, public health crises, and other localized emergencies can have serious financial ramifications for individuals and families, due to unexpected expenses, loss of income, and limited access to relief supports and programs. The emergency financial empowerment (efe) initiative partners local emergency management leadership with government and other community financial empowerment resources to ensure that emergency response protocols incorporate critical personal finance preparedness and response.

$1.8M in expenses

Additional cfe fund programs include: supporting the cfe coalition, an invitation-only group of 19 cities on the cutting edge of municipal financial empowerment; developing consumer financial protection capacity and offices of financial empowerment within local government; 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; and using the scale and infrastructure of municipal summer youth employment programs to integrate targeted financial education and banking access strategies.