Full-Time Bank On Fellow Will Lead Coalition of Government Leaders, Community Organizations, and Financial Institutions in the Inland Empire to Bank the Unbanked
November 15,2023 – Millions of Americans across the country are outside of the stabilizing financial mainstream, without a safe banking account to manage their money and build towards a stronger financial future. Across the country, Bank On coalitions work to connect residents to safe, affordable accounts – and Bank On Inland SoCal just received a new grant to supercharge these efforts. Inland SoCal Housing Collective and national nonprofit the Cities for Financial Empowerment Fund (CFE Fund) announced Jay Miller as the Inland SoCal’s Bank On Fellow for a two-year term to advance banking access efforts at scale, including through identifying opportunities to connect access to safe accounts to programs and payments. Inland SoCal is one of six Bank On coalitions across the country whose work will be supported by this cohort of the Bank On Fellows initiative. The goal of the national Bank On movement is to ensure that everyone has access to safe and affordable financial products and services.
Now in its fourth Wells Fargo Foundation-supported cohort, the national Bank On Fellowship Program provides funding to six Bank On coalitions to support a full-time staff position for two years — a “Fellow” — to lead coalition activities. Launched in 2017 with generous support from the Wells Fargo Foundation, it is the first national initiative focused on building experienced banking access leaders across the country, equipping them with the training, tools, and resources to make significant advancements in local banking access efforts while at the same time generating best practices for other coalitions. Dedicated local leadership is critical to moving beyond general education and literacy efforts and instead into identifying systemic integration points – from unemployment insurance to tax refunds to other program and payment streams – to connect unbanked people to safe, affordable accounts at scale.
“The Inland SoCal Housing Collective builds their regional strategies for safe, decent and affordable housing within four pillars.” said Melanie Steele, Executive Director. “The Wealth Building and Preservation Pillar, focused on financial education and tools to build and preserve generational wealth, will support the Bank On coalition amplifying the safe bank accounts and leverage their collective partners to deepen the impact for financially stable individuals and families.”
The CFE Fund leads the national Bank On movement, supporting local coalitions working to connect individuals and families to the financial mainstream through partnerships between local governments, financial institutions, and community organizations. The Bank On National Account Standards define characteristics of a safe, affordable, and fully functional consumer account; accounts certified as meeting Bank On Standards are available at over 400 banks and credit unions across the country in over 46,000 branches, comprising 60% of the U.S. deposit market share.
“Banking access is foundational to financial stability,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “A safe, affordable, mainstream account is critical to helping people manage their money and improve their financial health. Bank On coalitions across the country connect people to safe accounts at scale, and a dedicated coalition leader will only supercharge this work. We are proud to partner with the Wells Fargo Foundation to support Bank On Inland SoCal and their new full-time Fellow Jay Miller in helping Inland Empire residents connect to safe financial products.”
“We’re excited to support the continuation of our partnership with CFE Fund and welcome our fourth cohort of Bank On Fellows to lead banking inclusion efforts in markets with high concentrations of unbanked households,” said Bonnie Wallace, head of Financial Health Philanthropy at Wells Fargo.
The Bank On Inland SoCal Coalition serves both Riverside and San Bernardino Counties. Partnered and integrated into the work of the Inland SoCal Housing Collective, the coalition will be led by a regional leader, with deep understanding of the diversity within 27,000 sq. mile geographic areas and the local banking challenges and strengths of the region.
