Banking on a Certification to Reach the Underserved

Downtown San Bernardino, Calif. (Source: AdobeStock)

As the credit union movement continues its quest to lift up the financial lives of under- and unbanked consumers, a new partnership aimed at convincing California and Nevada credit unions to embrace an account certification process could go a long way – not just in meeting underserved consumers’ needs, but in strengthening credit unions’ brands and membership growth strategies.

The California and Nevada Credit Union Leagues announced in August a partnership with the Cities for Financial Empowerment Fund (CFE Fund), a 501(c)3 corporation that works with local governments to implement programs focused on bringing financial stability to low- and moderate-income U.S. households. Together, the organizations will encourage more credit unions in the two states to participate in Bank On, a CFE Fund project, by getting deposit accounts geared toward individuals who are new to a traditional financial institution certified as Bank On accounts.