United States Federal Reserve Bank System: Connecting Communities – Findings from the 2020 Bank On National Data Hub Report

February 8, 2022

 

Register today for, Connecting Communities: Findings from the 2020 Bank On National Data Hub Report at the Connecting Communities® website. Participation is free, but pre-registration is required.

Session Date: Thursday, February 10th 2022

Session Times: Hawaii: 9:00 a.m.; Alaska: 11:00 a.m.; Pacific: 12:00 p.m.; Mountain: 1:00 p.m.; Central: 2:00 p.m.; Eastern: 3:00 p.m.

Each year, the St. Louis Fed invites financial institutions with accounts certified as meeting the Bank On National Account Standards to report data to its Bank On National Data (BOND) Hub. The collected metrics were determined in consultation with the Cities Financial Empowerment (CFE) Fund and its Bank On National Advisory Board. Data are aggregated and released annually. The 2020 report (released in 2021) shows that over 3.8 million Bank On-certified accounts were open and active. The reports monitor the demand and usage of low-cost transaction accounts across the U.S.

Engaging the mainstream financial system helps individuals and households on their path to economic resilience and enables them to access a broad range of financial services to save, receive funds, and pay bills. In this session, we will share the findings from the 2020 data to better understand the demand and usage of Bank On-certified accounts. We will also hear the experiences of reporting financial institutions in working with Bank On products, submitting data to the BOND Hub, and noting how the report’s information helps their institutions.

Speakers:

  • Poonam Chawla, senior vice president, Wells Fargo
  • Amelia Erwitt, managing director, Cities for Financial Empowerment Fund, Inc.
  • Melinda Hunze, senior statistical analyst, Federal Reserve Bank of St. Louis
  • Violeta Gutkowski, lead analyst, Federal Reserve Bank of St. Louis
  • Matuschka Lindo Briggs, director of special projects and strategic support, Federal Reserve Bank of St. Louis (moderator)