About Bank On Providence

Bank on Providence is a comprehensive program intended to connect the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services, with affordable and appropriate mainstream financial services.

Bank on Providence was launched by Providence Mayor David N. Cicilline to respond to a finding in the Pathways to Opportunity report (513 KB PDF).

That report included the following two recommendations to which Bank on Providence directly responds:

Create Affordable Financial Services for Low-Wage Residents
Develop a partnership between the City and the financial services sector that brings together banks and credit unions in order to create and implement a strategy for providing more financial services to low-wage working customers in Providence.

Increase Financial Education and Financial Counseling
Increase access to home ownership counseling, one-on-one financial counseling, and higher-level financial planning classes for low-income adults, youth and families in order to help people avoid unnecessary high cost mortgages and predatory lending practices, make sound investment decisions, and plan for the future.

Now, every Providence resident has the opportunity to open an account with the bank or credit union that works best for them, and to start saving for the future.

Our goal is to open 2,000 new accounts in the first two years of Bank on Providence.

Cities for Financial Empowerment
The City of Providence has joined with other cities nationwide that recognize the potential in efforts like Bank on Providence, Cities for Financial Empowerment (CFE).

Launched by New York City and San Francisco, CFE seeks to expand the vision of what municipal government can and should do on behalf of its residents with low and moderate incomes.

CFE member cities (Miami, New York, San Antonio, San Francisco, Savannah, Chicago, Providence, Los Angeles, and Seattle) are committed to leveraging local opportunities, resources and powers to improve the financial health of their citizens .

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