“The Cities for Financial Empowerment Fund (CFE Fund) announced today that there are now more than 100 bank and credit union accounts nationally certified as meeting the Bank On National Account Standards . Banks and credit unions offering certified accounts comprise over 50% of the U.S. deposit market share, and 40% of all US bank branches offer a certified account; nearly two million Bank On certified accounts were opened in 2019… 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.”

“As part of its goal to provide unbanked and underbanked consumers affordable digital access to financial services through a single application, BlocPal International Inc. has partnered with OneFeather, a Victoria, British Columbia-based provider of digital services to indigenous people in Canada, to introduce the OneFeather app in that country. The app is intended to be a single platform for access to myriad digital services such as banking, election and voting services, data sovereignty and community engagement among indigenous people, says Sushant Trivedi, chief marketing officer for Vancouver, British Columbia-based BlocPal.”

“McWilliams discussed the FDIC’s multi-pronged approach to tackle the issue of financial inclusion, which includes: (i) looking at financial innovations in the private sector; (ii) taking steps, including hosting tech sprints, to identify solutions; (iii) coordinating with Minority Depository Institutions and Community Development Financial Institutions; and (iv) conducting targeted public awareness campaigns on the importance of having a banking relationship. In explaining the initiatives, McWilliams pointed out that encouraging the use of alternative data that is not usually found in consumer credit files can “help firms evaluate the creditworthiness of consumers who might not otherwise have access to credit in the mainstream credit system.””

“Senate Banking Committee Chairman Sherrod Brown has spent months advocating for his legislation to offer all consumers free government-backed digital bank accounts available through bank branches and U.S. Postal Service offices. While the proposal has been met with widespread opposition from the banking industry, Brown argues the legislation will not only bring new customers into bank branches, but also help smaller banks build their technology infrastructure… Brown’s bill would give all consumers access to free digital bank accounts, known as FedAccounts, that would be held at the Federal Reserve and accessible at bank branches and post offices. Fed-member banks would be required to offer the accounts, and nonmember banks have the option to do so, also. The Fed would reimburse banks with assets under $10 billion each quarter for the costs they incur to set up and operate the accounts; the amount of reimbursement has not been specified.”

“The FDIC announced a competition today for companies to explore new technologies for banks to meet the needs of unbanked individuals. The “tech sprint” asks participants to identify better tools to help banks get unbanked households into the banking system and keep them banked. The FDIC is inviting banks, nonprofit organizations, academic institutions and private sector companies to participate. Organizations will have two weeks to submit applications requesting participation, after a review of submissions, the FDIC will invite a select number of teams to participate. Selected teams will have three weeks to work on their proposed solution and then the FDIC will host a demo day, inviting teams to make short presentations to a panel of experts who will evaluate their submission.”