COMMON MAPS
Map version new-york activity top-down
Main site Contact
Menu
↑ parent activity group ·
research dossier

CITIES FOR FINANCIAL EMPOWERMENT FUND INC
NEW YORK, NY · EIN 463612187 · Form 990 · FY2024 · NTEE S99 · Community Improvement · Large ($10M-$50M) · cfefund.org
revenue
$17.3M
expenses
$14.3M
net assets
$16.8M
employees
34
volunteers
6
program ratio
86%
mission · from form 990

HELP MUNICIPALITIES BUILD PROGRAMS AND STRATEGIES TO SUPPORT HOUSEHOLD FINANCIAL STABILITY.

profile · synthesized from sources

The Cities for Financial Empowerment Fund (CFE Fund) supports municipal governments in building programs and strategies to improve household financial stability. It provides funding, technical assistance, and policy guidance to help cities launch initiatives such as Financial Empowerment Centers, Bank On coalitions, and emergency financial preparedness programs. The organization focuses on embedding financial empowerment services into local government infrastructure across the United States.

irs program accomplishments · form 990 part iii · fy2024

What they reported doing

  1. #1 primary $1.21M
    CITY START THE CITYSTART INITIATIVE PROVIDES STRUCTURED SUPPORT TO HELP LOCAL GOVERNMENTS IDENTIFY FINANCIAL EMPOWERMENT GOALS, CONVENE RELEVANT STAKEHOLDERS, AND DEVELOP ACTIONABLE STRATEGIES, CULMINATING IN THE CREATION OF A "WEALTH EQUITY BLUEPRINT," ROOTED IN LOCAL INSIGHTS. THIS TWO-PHASE ENGAGEMENT COMBINES CRITICAL INSIGHTS ABOUT THE IMPACT OF FINANCIAL INSTABILITY ON MUNICIPAL GOVERNMENTS WITH TANGIBLE STRATEGIES TO HELP RESIDENTS BUILD FINANCIAL STABILITY. THE CFE FUND HAS SUPPORTED 50 MUNICIPALITIES THROUGH THE CITYSTART INITIATIVE.
  2. #2 $1.12M
    FINANCIAL EMPOWERMENT CITIES ACROSS 150 MUNICIPALITIES AND YEARS OF WORK, THE CFE FUND'S PROGRAMMATIC EXPERIENCE HAVE SHOWN THAT FINANCIAL EMPOWERMENT EFFORTS CAN ACHIEVE SUCCESSFUL OUTCOMES IN BOTH IMPACT AND SCALE WHEN THEY ARE LED BY LOCAL GOVERNMENT. THROUGH THE FINANCIAL EMPOWERMENT CITIES (FE CITIES) INITIATIVE, THE CFE FUND SUPPORTS MUNICIPALITIES TO MORE DEEPLY INVEST IN THEIR FINANCIAL EMPOWERMENT WORK BY CREATING A DEDICATED OFFICE OF FINANCIAL EMPOWERMENT (OFE). EACH COHORT OF FE CITIES LEADERS COMPLETES A TWO-YEAR TRAINING PROGRAM, WORKING WITH THE CFE FUND TO LAUNCH AND LEAD OFES IN THEIR RESPECTIVE MUNICIPALITIES. THE CFE FUND HAS SUPPORTED 10 MUNICIPALITIES THROUGH THE FE CITIES INITIATIVE.
named programs · 6 · from sources

What they call their work

Bank On
Provides national support to over 100 local coalitions to expand access to safe, affordable banking by setting national account standards, certifying financial products, and offering technical assistance and grants to local partners.
CityStart
Guides local governments through a two-phase process to develop a "Wealth Equity Blueprint" by identifying financial empowerment goals and building stakeholder coalitions; has supported 50 municipalities.
Emergency Financial Empowerment (EFE)
Integrates personal finance preparedness into local emergency management protocols to help individuals and families withstand financial shocks from disasters or public health crises.
Financial Empowerment Centers (FEC)
Supports cities in launching municipal Financial Empowerment Centers that offer free, one-on-one financial counseling; the model has served over 150,000 clients nationwide, helping reduce debt and increase savings.
Financial Empowerment Cities (FE Cities)
Helps municipalities establish dedicated Offices of Financial Empowerment through a two-year training and technical assistance program; has supported 10 cities to date.
Summer Jobs Connect
Partners with 22 municipal governments to integrate financial education and banking access into summer youth employment programs, leveraging paycheck opportunities for financial empowerment.
activities · 13 groups

What they do

  • Financial Coaching and Credit Counseling 2 activities
    • Direct delivery of one-on-one financial counseling
      Supports the delivery of free, professional, one-on-one financial counseling embedded within municipal social services through the Financial Empowerment Center (FEC) model, which has expanded to 31 cities and counties and served over 150,000 clients, helping them reduce debt by $225 million and increase savings by $45 million.
    • Direct support to over 900,000 residents through financial programs
      Programs have directly supported over 900,000 residents through financial counseling, banking access, and emergency financial navigation services.
  • Flexible Grants to Grassroots Organizations 2 activities
    • Funding emergency financial empowerment initiatives
      Provides $150,000 grants and technical assistance to counties to integrate financial empowerment services into emergency preparedness and response systems, including through the Emergency Financial Empowerment initiative. Supported three counties in its second cohort and ongoing work in Sonoma County, Montgomery County, and Orange County.
    • Grantmaking to support youth financial empowerment and workforce programs
      Provides funding for youth job programs that integrate financial education and banking access, supporting 22 municipal partners and funding over 2,000 youth job slots annually through the Summer Jobs Connect program.
  • Policy Advocacy & Research 1 activity
    • Advancing financial empowerment policy at state and national levels
      Advocates for key financial empowerment policy priorities at the state and national levels, including supporting the establishment of a state Office of Financial Empowerment in Colorado and publishing regulatory guidance to expand low-cost banking access in New York.
  • Charitable Grantmaking to Specific Causes 1 activity
    • Aggregate funding and technical assistance to local governments
      Has granted over $75 million to city governments and their partners to support financial empowerment initiatives, including direct funding and capacity-building support across multiple programs.
  • Financial Literacy Education Programs 1 activity
    • Capacity building for youth workforce and banking access programs
      Works with over 50 local governments and youth workforce partners to connect youth ages 14–24 to bank accounts and deliver financial education through initiatives like the Youth Banking Connect Academy, which provides no-cost technical assistance to integrate banking access and financial education into youth programs.
  • Nonprofit Sector Research & Data Analysis 1 activity
    • Conducting and publishing financial empowerment research
      Produces and publishes research on state-level financial empowerment initiatives, including the report titled 'The Skyline' to inform policy and practice.
  • Credit Union Financial Services 1 activity
    • Developing and certifying safe banking products
      Certified over 250 bank and credit union accounts through the Bank On movement, contributing to the successful banking of 3.1 million previously unbanked residents and ensuring access to safe, affordable financial products.
  • Youth Workforce Readiness Programs 1 activity
    • Direct financial empowerment services for youth
      Provided over 16,500 young people with work experience and connected them to financial empowerment services, including access to bank accounts and financial education.
  • Community Capacity Building & Leadership Networks 1 activity
    • Founding and leading national financial empowerment coalitions
      Founded and co-chaired the Cities for Financial Empowerment Coalition to advance financial empowerment initiatives across municipal, state, and national levels, fostering collaboration and leadership among local governments.
  • Interest-Free Loan and Grant Support 1 activity
    • Funding and technical assistance for municipal financial empowerment programs
      Provides grants and technical assistance to city governments and mayoral administrations to develop, launch, and scale financial empowerment initiatives, including the creation of local Offices of Financial Empowerment and implementation of financial stability strategies. This includes multi-year support for program development and replication.
  • Endowment and Gift Fund Management 1 activity
    • Long-term asset building and legacy planning initiatives
      Oversees long-term asset building and legacy planning initiatives at the CFE Fund, including integrating free legacy planning services into the national Financial Empowerment Center model.
  • Community Resource Navigation and Support Services 1 activity
    • Operating financial navigator programs during emergencies
      Operated a pandemic-era financial navigator program across 31 cities and counties, where trained navigators helped thousands of residents access tailored public resources and financial support.
  • Uncategorized 5 activities
    • Bank On Fellowship program funding and support
      Provides funding and in-kind technical assistance to support dedicated leadership for Bank On coalitions through the Bank On Fellowship program, including a $1 million grant from the Wells Fargo Foundation to launch the fifth national cohort. The program deploys five full-time fellows in a two-year initiative to connect consumers to safe, affordable banking accounts.
    • Building municipal infrastructure for financial empowerment
      Supports municipal governments in launching and implementing Offices of Financial Empowerment through multi-year initiatives like the Financial Empowerment Cities initiative and CityStart, including training, stakeholder convening, and strategy development.
    • Developing national standards and infrastructure for safe banking access
      Released the first Bank On National Account Standards, created validation infrastructure for compliant accounts, and developed a data reporting platform to support 100 local coalitions in expanding access to safe, affordable banking services.
    • Grantmaking for municipal financial empowerment blueprints
      Provides $100,000 grants and technical assistance to cities and counties to develop municipal financial empowerment blueprints focused on equitable financial stability.
    • Supporting Bank On coalitions with technical assistance
      Provides technical assistance to Bank On coalitions nationwide to increase access to safe and affordable financial services in local communities, including certification of compliant bank accounts and infrastructure development.
financials · form 990 · fy2024
revenue
Total revenue$17.27M
Contributions & grants$16.35M95%
Program service revenue$00%
Investment income$892K5%
Other revenue$22K
expenses
Total expenses$14.32M
Program expenses86%
Admin / overhead8%
Fundraising6%
Salaries & benefits$5.07M
Grants paid out$4.85M
Largest expense lineCompensation
balance sheet
Total assets$27.13M
Cash$20.17M
Investments$0
Liabilities$10.35M
Net assets$16.78M
Liquid reserves16.9 mo
6 years on record · 2019–2024 · YoY revenue +330.9%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 10
NameTitleHours/wkCompensation
JONATHAN MINTZ PRESIDENT AND CEO 40 $476K
AMELIA ERWITT CHIEF OPERATING OFFICER 40 $312K
LISA NICOLLE GRIST CHIEF RESEARCH, EVALUATION & FINANCE 40 $237K
TAMARA LINDSAY CHIEF - STRATEGY 40 $219K
KAITLIN PLAT CHIEF- COMMUNICATIONS & DEVELOPMENT 40 $191K
DAVID ROTHSTEIN SENIOR PRINCIPAL 40 $186K
KANT DESAI SENIOR PRINCIPAL 40 $180K
VICTORIA SELKOWE SENIOR PRINCIPAL 40 $176K
ELISA LOPEZ SENIOR DIRECTOR 40 $142K
AARON HIRSH PRINCIPAL 40 $124K
board members · 7
  • CATHLEEN MAHON — SECRETARY
  • JOSE CISNEROS — TREASURER
  • KAREN FREEMAN-WILSON — BOARD CHAIR
  • LATIA CURRY HARRISON — BOARD MEMBER
  • LEIGH PHILLIPS — BOARD MEMBER
  • MARTIN GRUENBERG — BOARD MEMBER
  • NAOMI GENDLER CAMPER — BOARD MEMBER
relationships · 28

Who they work with

  • 22 Municipal Government Partners Partner — Collaborates with 22 municipal governments through the Summer Jobs Connect program to integrate financial empowerment strategies into youth employment initiatives.
  • Bank On Network — Hosts the national Bank On platform and supports local Bank On coalitions through funding and technical assistance.
  • Bloomberg Philanthropies Partner — Partnered with the CFE Fund to grow the municipal financial empowerment field.
  • Citi Foundation Funder — Supportive funder of Youth Banking Connect
  • Cities for Financial Empowerment Coalition Network — Co-founded and co-chaired by the CFE Fund to bring together municipal governments advancing financial empowerment initiatives.
  • City of Cincinnati Partner — Collaborated with the CFE Fund on the CityStart initiative to develop a municipal financial empowerment blueprint.
  • City of Newark Partner — Collaborated with the CFE Fund on the CityStart initiative to develop a municipal financial empowerment blueprint.
  • Colorado Office of the Attorney General Partner — Supported the establishment of a state Office of Financial Empowerment to expand financial empowerment initiatives.
  • Consumer Financial Protection Bureau Government — Submitted comment letter in response to Request for Comment on overdraft lending regulations.
  • Federal Deposit Insurance Corporation Government — Submitted letter regarding Bank-FinTech partnerships.
  • Federal Reserve System Government — Submitted comment letter on proposed interchange fee regulations.
  • KeyBank Foundation Funder — Supportive funder of Youth Banking Connect
  • Montgomery County Partner — Partnered to integrate financial stability resources into local emergency response plans through the Emergency Financial Empowerment initiative.
  • National Association of State Workforce Agencies Government — Submitted comment letter on the Open Unemployment Insurance Initiative.
  • New York City Coalition — Member and co-chair of the CFE Coalition, advancing municipal financial empowerment initiatives.
  • New York State Department of Financial Services Partner — Collaborated on issuing guidance for low-cost banking and expanding banking access.
  • Office of the Comptroller of the Currency Government — Submitted letter regarding Bank-FinTech partnerships.
  • Orange County Partner — Partnered to integrate financial stability resources into local emergency response plans through the Emergency Financial Empowerment initiative.
  • PNC Foundation Funder — Supportive funder of Youth Banking Connect
  • San Francisco Coalition — Member and co-chair of the CFE Coalition, advancing municipal financial empowerment initiatives.
  • Skillman Foundation Funder — Supportive funder of Youth Banking Connect
  • Sonoma County Partner — Partnered to integrate financial stability resources into local emergency response plans through the Emergency Financial Empowerment initiative.
  • Sonoma County Partner — Partnered with the CFE Fund starting in 2026 to support financial empowerment initiatives.
  • Sonoma County Partner — Partnered with the CFE Fund to implement emergency financial empowerment initiatives.
  • U.S. Department of Housing and Urban Development Government — Submitted comment letter in support of 30-day eviction notice proposal for public housing tenants.
  • U.S. Department of the Treasury Government — Submitted comment letters to FinCEN and the Office of Consumer Policy on banking access and financial inclusion.
  • Wells Fargo Foundation Funder — Provided a $1 million grant to support the fifth national Bank On Fellowship cohort.
  • mayors Partner — Collaborates with mayors and their teams to implement financial empowerment programs within city government.
strategies · 5

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Coalition and Peer Network Leverage
    methodology: peer_learning_network
    By convening municipal governments and community coalitions in peer learning networks, the CFE Fund strengthens program design and adoption because shared experience and collective problem-solving accelerate innovation and build political will.
  • Equity-Centered Financial Empowerment Planning
    methodology: wealth_equity_planning
    By supporting community-engaged planning and wealth equity blueprints, the CFE Fund ensures financial empowerment strategies reduce wealth extraction and build assets in historically disadvantaged communities because inclusive design leads to more targeted and just outcomes.
  • Four-Pillar Framework for Holistic Financial Empowerment
    methodology: four_pillar_model
    By addressing financial empowerment through four interlocking domains—asset building, banking access, consumer protection, and financial education—the CFE Fund creates a comprehensive approach that produces more durable financial stability because it targets multiple systemic barriers simultaneously.
  • Integrated Service Ecosystem for Financial Stability
    methodology: integrated_service_delivery
    By integrating financial empowerment services—such as banking access and financial education—into existing public systems like youth workforce programs, rental assistance, and transit modernization, the CFE Fund creates entry points for long-term financial stability because coordinated service delivery increases reach and relevance to underserved populations.
  • Municipal-Led Financial Empowerment
    methodology: municipal_leadership_model
    By embedding financial empowerment initiatives within local government infrastructure and leveraging mayoral leadership, the CFE Fund increases scalability and sustainability of services because government-led programs are better positioned to institutionalize and expand access over time.