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Chase Bank, Washington, DC

Entry Year: 2019
Entry Category: Economic Inclusion
Asset Size: Large
Program Name: Bank On National Data Hub Pilot

Program Summary:

This is a group application between Bank of America, JPMorgan Chase, US Bank, and Wells Fargo (submitting identical applications considered together), on behalf of the Bank On National Data Hub pilot project. The national Bank On initiative includes over 90 local coalitions comprised of financial institutions, regulatory agencies, and community partners working to expand safe and affordable banking access. Central to the Bank On movement are the first-ever Bank On National Account Standards and certification, a uniform benchmark for safe and affordable banking accounts, and collaboration with financial institutions and social service programs to connect consumers to certified accounts. Until recently, efforts to collect data on certified accounts had been difficult, inconsistent, and unreliable, often putting financial institutions in the position of being asked to satisfy divergent requests from different partners. Bank of America, JPMorgan Chase, U.S. Bank, and Wells Fargo were the first among the over 30 financial institutions with certified accounts. In 2017, they worked with the Federal Reserve Bank of St. Louis (FRStL) and national nonprofit Cities for Financial Empowerment Fund (CFE Fund), who leads the Bank On movement, to pilot a centralized data collection process for certified account usage and activity. The pilot showed this data could be collected in a consistent, centralized way, and demonstrated the high demand for and widespread use of these accounts.