Sound Outreach Awarded National Fellowship To Expand Pierce County Banking Access
Full-Time Bank On Fellow Will Lead Coalition of Government Leaders, Community Organizations, and Financial Institutions in Pierce County to “Bank the Unbanked”
June 29, 2021 – Sound Outreach and national nonprofit the Cities for Financial Empowerment Fund (CFE Fund) announced Rachel McHugh as Pierce County’s Bank On Fellow for a two-year term to advance banking access efforts. Pierce County is one of six Bank On coalitions across the country whose work will be supported by this cohort of the Bank On Fellows initiative. The goal of the national Bank On program is to provide safer access for those habitually excluded from conventional banking and financial services. Secure banking is a crucial part of financial growth and stability, entry into home-ownership, and exit from crisis and uncertainty.
The Bank On program defines banking standards and core account features including low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay. These standards are have been adopted by nearly 100 banks and credit unions across the country at over 32,5000 branches, comprising nearly 50% of the U.S. deposit market share. Nearly 90 local Bank On coalitions across the country, led by or working closely with local government, are working to expand access to these financial products to the over 36 million people outside of the mainstream financial system through programming opportunities including stimulus payments, tax credits, unemployment insurance, and more. And now Sound Outreach is ready to increase the banking access here in Pierce County.
Now in its third Wells Fargo-supported cohort, the national Bank On Fellowship Program provides funding to six Bank On coalitions to support a full-time staff position— a “Fellow” — for two years 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. In addition, Bank On Pierce County had a matching funder, Washington Department of Financial Institutions.
”We have seen just how difficult it is for people to make progress when they have been excluded from mainstream financial services,” said James Taylor, Director of Financial Counseling at Sound Outreach, a non-profit specializing in financial health throughout Pierce County. “Whether this exclusion is related to access, affordability, or trust, it forces these potential banking customers to rely on higher-cost alternatives that can easily trap them in a cycle of debt. That is why Bank On is so essential in strengthening our community.”
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, financial institutions, and community organizations.
“The importance of a safe account for everyday financial needs—like receiving funds and paying bills—has never been clearer,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Particularly throughout the COVID-19 pandemic, Bank On coalitions across the country have done critical work helping consumers access certified mainstream bank and credit union accounts to receive stimulus payments and other emergency supports, pay bills, and manage their finances. We know that dedicated staff leadership will supercharge coalition efforts. We are proud to partner with Wells Fargo to support Bank On Pierce County and their new full-time Fellow Rachel McHugh in helping Pierce County residents connect to safe financial products.”
Bank On Pierce County will be housed with Sound Outreach’s main office located on the Hilltop in Tacoma. The program will start out working remotely and will be transition back to in-person along with other Sound Outreach staff. The Pierce County Fellow Rachel McHugh earned a Master of Science in Sustainability, Planning and Policy from Cardiff University in Wales in 2005 and a Bachelor of Arts in Political Science in 1999. Rachel brings a wealth of experience as a coalition builder, non-profit leader, researcher and direct service provider. She has recently relocated from New Mexico.
“I am excited to be the Bank On Fellow for Pierce County assisting in advancing inclusive banking and financial services that seeks to address the real, systemic barriers preventing individuals and families from participating in financial services.” Rachel McHugh, newly appointed Pierce County Fellow for Bank On.
“The high number of unbanked households is a complex and long-standing challenge and we want to help more people gain access to affordable, mainstream banking services, whether through Wells Fargo or another provider,” said Darlene Goins, head of Financial Health Philanthropy for Wells Fargo. “This year as part of our new Banking Inclusion Initiative, we’ll also be collaborating closely with CFE Fund and our Fellows to pilot new strategies and approaches that help reduce barriers to banking access in several markets with high concentrations of unbanked households.
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 to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties representing 75 million people, and has disbursed over $52 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Sound Outreach
Sound Outreach helps Pierce County residents experiencing low and/or fixed-incomes build financial security through financial coaching, job training, and other connected services. Our Financial Coaches provide guidance and tools focused on increasing household income, attaining relief from predatory loans, improving credit scores, achieving high-wage jobs, and realizing long-term financial goals. Our services are always free; it is our mission to stabilize, elevate, and motivate our clients to greater heights.
Media Contact: Bryan Flint
bryan@soundoutreach.org, 253-208-7496
Sound Outreach is grateful for 