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Media Contact:
Christy Finsel
cfinsel@oknativeassets.org
405.401.7873
OKLAHOMA NATIVE ASSETS COALITION, INC. AWARDED FELLOWSHIP TO EXPAND NATIVE COMMUNITY BANKING ACCESS
National Bank On Fellowship Will Support Multi-Year Project Around Removing Barriers to Financial Health For Thousands of Unbanked or Underbanked
May 15, 2019– Oklahoma City The Oklahoma Native Assets Coalition, Inc. (ONAC) and national nonprofit the Cities for Financial Empowerment Fund (CFE Fund) announced JR Webster (Muscogee-Creek) as ONAC’s Bank On Manager for a two-year term to advance banking access efforts. ONAC is one of five Bank On coalitions across the country whose work will be supported by the Bank On Fellows initiative. The goal of the national Bank On program is to ensure that everyone has access to safe and affordable financial products and services. Approximately 90 local Bank On coalitions across the country, largely led by or working closely with local government, work to expand access to appropriate financial products and services to the over 63 million people outside of the mainstream financial system who rely on alternative, costly financial services.
The national Bank On Fellowship Program provides funding to five 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 Wells Fargo, 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.
“ONAC is grateful for this support to lead the first Native-led Bank On Coalition in the country. We are excited to link Bank On certified accounts to our other existing asset building programming with Native-led nonprofits and tribal governments,” said Christy Finsel (Osage), ONAC Executive Director. “We look forward to expanding our partnership with ONAC and to connecting the tribal citizens we work with to Bank On approved accounts so they may have a safe and affordable bank account,” said Anna Knight (Cherokee), Executive Director, Cherokee Nation Commerce Group.
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, tribal governments, financial institutions, and community organizations.
“For millions of adults, meeting basic financial needs—like paying bills or depositing and using their paychecks—is a costly struggle,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “Bank On coalitions across the country do critical work helping consumers access safe, affordable accounts, but we know that dedicated staff leadership can supercharge their efforts. We are proud to support Bank On ONAC and their new full-time Fellow, JR Webster, in helping tribal citizens connect to safe financial products."
The Oklahoma Native Assets Coalition (ONAC) is an American Indian-led nonprofit with a mission to build and support a network of Native people, throughout the country, who are dedicated to increasing self-sufficiency and prosperity in their communities through asset-building strategies. ONAC serves representatives of tribes and Native-led nonprofits by designing and implementing asset-building programs such as Children's Savings Accounts, family emergency savings accounts, financial literacy, and Voluntary Income Tax Assistance (VITA) programs. As part of ONAC's programming, the coalition is starting a Native-led Bank On Coalition. The Bank On ONAC Manager will work statewide in Oklahoma, as well as provide outreach to tribal communities throughout the United States. JR Webster brings experience generating financial education curriculum and teaching financial education throughout Oklahoma, as a prior financial educator for a credit union. Additionally, in his role at the credit union, he worked with a tribal government to offer safe and affordable bank accounts to tribal citizens. "I'm incredibly honored to work with ONAC and the CFE Fund to bring access to financial services to tribal citizens. I have seen firsthand how a lack of access can lead to a lifetime of struggle. It is exciting to have this opportunity to make a difference in Indian Country," said JR Webster.
“This funding and new position focuses on positively impacting Indian Country to make many lives better by putting individuals and families on a path to greater financial health,” said Shelley Marquez, Senior Vice President, Community Relations at Wells Fargo. “The Bank On Fellows program is unusual in that it gives an asset building coalition a dedicated resource who can help remove economic barriers and customize solutions for tribal communities. The work can leave a lasting legacy.”
Wells Fargo’s $1 million investment in the Bank On initiative also supports additional CFE Fund resources to local coalitions, boosting its efforts to expand access to safe and affordable financial products and services. The CFE Fund provides funding and technical assistance to help coalitions improve availability of appropriate low-cost, low-fee transactional bank accounts that are certified as meeting the Bank On National Account Standards. Accounts meeting the Bank On National Account Standards are now available at 31 banks and credit unions with over 21,600 branches in all 50 states and Washington, D.C.
The Bank On National Account Standards, updated for 2019 – 2020, 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. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders in almost 70 cities to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Bank On
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; tribal governments; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of dozens of coalitions in cities across the country, offering national account standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2017 rankings of America's largest corporations. The Chronicle of Philanthropy ranked Wells Fargo No. 3 on its most recent list of the top corporate cash philanthropists. In 2016, Wells Fargo donated $281.3 million to 14,900 nonprofits and Wells Fargo team members volunteered 1.73 million hours with 50,000 nonprofits. Wells Fargo's corporate social responsibility efforts are focused on three priorities: economic empowerment in underserved communities, environmental sustainability, and advancing diversity and social inclusion. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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