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A bank and a homeless man teamed up to help the unbanked get their COVID stimulus checks
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Kenneth Moss uses the ATM at the Key Bank on Canal Street in Stamford, Conn. on Monday, October 12, 2020. Moss friend Leon Standly, a Pacific House Shelter resident, helped Moss get a hassle free account at the bank after developing a relationship with a bank manager.Brian A. Pounds / Hearst Connecticut MediaShow MoreShow Less
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Leon Standly, left, and Kenneth Moss at the Key Bank on Canal Street in Stamford, Conn. on Monday, October 12, 2020. Standly, a Pacific House Shelter resident, helped Moss get a hassle free account at the bank after developing a relationship with a bank manager.Brian A. Pounds / Hearst Connecticut MediaShow MoreShow Less
Bank On Certified Accounts Help Hundreds of Thousands of Residents Receive Stimulus and Other Emergency Payments Safely and with Social Distance
Sixty Banks and Credit Unions Across Every State in the Country Offer Products Certified as Safe, Appropriate by National Nonprofit Cities for Financial Empowerment Fund
Bank On s 2021-2022 Standards Require Low Costs, No Overdraft Fees, Spending and Bill Payment Features, and Newly Adds Digital Financial Institutions to those With Branches
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NEW YORK, Jan. 27, 2021 /PRNewswire/
National nonprofit organization the Cities for Financial Empowerment Fund (CFE Fund) announced today that 60 financial institutions with over 28,000 branches across the entire country now offer accounts certified as meeting newly updated Bank On National Account Standards (2021-2022). These bank and credit union accounts support local Bank On coalition efforts to expand access to safe and appropriate financial products an
Nichols Discusses Role of Regulators in Innovation on
As community banks continue to innovate a task that has only become more important since the COVID-19 pandemic began regulators play two key roles in that process, ABA President and CEO Rob Nichols said during a virtual industry event today. First and foremost, regulators “need to provide the clarity that banks need to adopt new technologies,” Nichols said, adding that the agencies “have done a nice job” in this area.
The second key role regulators play, according to Nichols, is ensuring “that the innovations are delivered responsibly in a way that protects consumers.” That includes taking a cautious approach to entities “that want to walk and talk like banks without being subject to same level of oversight and supervision,” he said. “This is where I think the regulators have an important role to be thoughtful and deliberate and be cautious so that we don’t introduce risk into the system.”