Bank on Los Angeles

Launched in 2008 as a joint effort of the Office of the Governor, the Office of the Mayor, the California Department of Consumer Affairs, the Federal Deposit Insurance Corporation, the United Way of Greater Los Angeles, local financial institutions and community-based organizations, Bank on Los Angeles aims to connect Los Angeles’ unbanked and under-banked populations to low-cost financial products and services and expand access to financial education.  To do so, participating banks and credit unions created low and no-cost products targeted toward first-time and “second chance” clients, expanded outreach strategies in low-income neighborhoods, and developed community-focused financial management training.  Participating community-based groups added financial education, free tax preparation, and other asset building programs to their program offerings.  To date, Bank on Los Angeles is credited with helping to open over 56,500 bank accounts.

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