#USA #Washington, D.C. #financial empowerment #CFE Fund #Bank On

A Decade of Banking Access

In Washington, D.C., a historic gathering unfolded at the National Press Club on May 28, 2025, marking an exciting milestone in the movement towards better banking access for all. The Cities for Financial Empowerment Fund (CFE Fund) hosted the 2025 Bank On National Conference, bringing together over 200 representatives from financial institutions, government agencies, community nonprofits, and various stakeholders. This year’s conference celebrated ten years since the launch of the Bank On initiative, which was designed to connect consumers, especially the unbanked and underbanked, to safe and affordable bank accounts.

The keynote address was delivered by Grovetta N. Gardineer, Senior Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). Gardineer emphasized the importance of collaborative efforts across sectors, highlighting how these partnerships have significantly improved banking access, thus integrating more people into the financial system. "More than a decade into this work, we have seen time and again how cross-sector partnerships supercharge banking access efforts,” Gardineer stated, noting the clear evidence of success in reducing the national unbanked rate.

The statistics speak for themselves. Since the inception of the movement, the rate of unbanked households has dropped by over 50%, a remarkable achievement considering the challenges faced in accessing financial services. The Federal Deposit Insurance Corporation (FDIC)’s National Survey in 2023 indicated that only 4.2% of U.S. households are currently unbanked, a significant reduction from 8.2% in 2011.

At the heart of the Bank On movement are the Bank On National Account Standards, which introduced key criteria for what qualifies as a safe and affordable banking account. Currently, approximately 500 accounts offered by a variety of financial institutions have achieved national certification under these standards. With over 58% of bank branches now providing a Bank On certified account, accessibility has greatly improved. Additionally, the initiative has catalyzed the establishment of over 100 local Bank On coalitions aimed at further enhancing community engagement and outreach.

The conference not only celebrated achievements but also served as a platform for discussion and planning for future initiatives. Attendees participated in plenary sessions focused on leveraging data to illustrate the movement's impact, as well as strategizing on how to reach underserved populations. Notable discussions highlighted how digital tools and community outreach can positively influence account openings and improve financial literacy among consumers.

Jennifer Roberts, CEO of Chase Consumer Banking, expressed her firm belief in the link between thriving communities and financial empowerment. "We are very proud of our partnership with CFE Fund to improve access to safe and secure banking solutions,” she noted. Bonnie Wallace, head of financial health philanthropy at Wells Fargo, echoed similar sentiments, stating that ensuring banking access is crucial for individuals aiming for financial success.

A staggering 4 million Bank On certified accounts were created in 2023 alone, marking a significant milestone in the movement’s expansion. Moreover, it was reported that a notable 84% of these accounts were opened by new customers, demonstrating the movement’s appeal to those traditionally left out of the banking system.

The findings from the Federal Reserve Bank of St. Louis further reiterated that Bank On certified accounts are accessible to consumers in 89% of U.S. zip codes, ensuring that help is within reach.

The core features of Bank On certified accounts include low costs associated with opening and maintaining the account, no overdraft fees, and essential services such as online bill pay and debit card access. These standards ensure that individuals and families are equipped with the necessary tools to manage their finances effectively.

In summary, the 2025 Bank On National Conference served as a powerful reminder of how far the movement has come and the collaborative spirit that has driven it forward. With the concerted efforts of government entities, financial institutions, and nonprofit organizations, there is a sustained commitment to ensuring that everyone, regardless of socioeconomic status, can gain access to essential banking services. As we look ahead, the momentum built over the past decade sets a strong foundation for continued advocacy and improvement in financial access for all.

To learn more about the Bank On initiative and how it can help you or your community, visit CFE Fund or check their social media for the latest updates.