Cities for Financial Empowerment Fund

What Cities for Financial Empowerment Fund does

The Cities for Financial Empowerment Fund (CFE Fund) is a 501(c)(3) nonprofit corporation incorporated in New York in 2012 that helps U.S. mayors and local governments embed financial empowerment strategies into municipal service delivery. Its portfolio of programs covers four functional pillars—asset building, banking access, consumer financial protection, and financial education and counseling—and is operationalized through a competitive cohort model. Cities and counties apply through an online portal, are selected into cohorts, and receive grant funding plus technical assistance to replicate proven program models. Flagship initiatives include the Financial Empowerment Center (FEC) Replication Initiative operating in 54 cities, the national Bank On platform (with 14 million certified accounts opened and 46,000+ participating branches across all 50 states), Bank On Fellowship, CityStart, Summer Jobs Connect (25 sites), Financial Navigators (31 sites), the Local Consumer Financial Protection Initiative, and Emergency Financial Empowerment. The 19-member CFE Coalition, co-chaired by New York City and San Francisco and representing over 23 million residents, functions as a separate but related peer-learning and policy-advocacy network.

The CFE Fund does not sell software or charge fees; all programs, grants, and technical assistance are provided free of charge to municipal partners and end beneficiaries. Operating revenue consists of grants and contributions from more than 25 major foundations and corporations, with Bloomberg Philanthropies (initial $16.2M pilot in 2013, $16M expansion in 2017, and $19M three-year commitment in 2021), Wells Fargo Foundation (over $4.8M since 2016), and Citi Foundation (nearly $40M cumulative over a decade for Summer Jobs Connect) acting as anchor funders. Technology is built around web properties for each major program, an internal FEC outcomes database, and an online validation process for Bank On National Account Standards certification. The organization also provides a free Legacy Planning service integrated into the FEC network across 30 cities, and an Emergency Financial Empowerment program that links municipal emergency management with financial counseling during disasters. The CFE Fund is governed by a board chaired by Karen Freeman-Wilson (CEO of the Chicago Urban League) and includes a former FDIC Chairman, the Treasurer of San Francisco, the CEO of SaverLife, and the Chief Policy Officer of the American Bankers Association, lending the organization significant policy and regulatory credibility.

The model resembles a mission-driven intermediary: rather than competing in product markets, the CFE Fund functions as a national infrastructure provider that transfers municipal financial-empowerment know-how, evaluation data, and philanthropic capital to city governments in exchange for adoption of standardized program models. Reach metrics reported on its own materials include $75M+ granted to cities and partners, 150+ partner cities and counties, roughly 62 million residents living in partner communities, and over 900,000 residents directly supported. Headcount is approximately 35 named staff and executives operating from a single New York headquarters at 44 Wall Street.

Name

Cities for Financial Empowerment Fund

Legal name

Cities for Financial Empowerment Fund

Website

https://cfefund.org

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

The CFE Fund is a 501(c)(3) nonprofit that helps U.S. mayors embed financial empowerment programs—financial counseling, banking access, consumer protection, and emergency financial services—into municipal infrastructure, funding 150+ cities through grants and technical assistance.

Ownership category

akta.pro rank

Product category

Municipal Financial Empowerment Services

NAICS

Grantmaking and Giving Services (81321)

akta.pro primary industry

Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ)

akta.pro secondary industries

Development Finance & Blended Finance Facilities (BPADAOAD), Social Impact & Inclusive Finance Funds (FSANAJAH)

Keywords

• Municipal financial empowerment
• Financial counseling programs
• Banking access initiatives
• Consumer financial protection
• City government grants

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Foundation and Corporate Grants: The CFE Fund operates as a 501(c)(3) nonprofit that receives funding from foundations and corporate donors. Major funders include Bloomberg Philanthropies ($19M commitment announced in 2021), Wells Fargo Foundation (over $4.8 million to Bank On since 2016), Citi Foundation (almost $40 million to Summer Jobs Connect), W.K. Kellogg Foundation, Annie E. Casey Foundation, and others. These grants support specific programs and initiatives.
2. Government Grants and Contracts: Federal, state, and local government funding may support specific public service initiatives. The Fund leverages public funding streams for Financial Empowerment Center implementation.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

The Cities for Financial Empowerment Fund (CFE Fund) is a 501(c)(3) nonprofit that provides grants and focused technical assistance to mayors and local government teams to help them embed systemic financial empowerment programs and policies into municipal infrastructure. Its portfolio of programs includes Financial Empowerment Centers (free professional one-on-one financial counseling), Bank On (national banking access and certified account standards), Summer Jobs Connect (youth employment + financial education), CityStart (city-specific strategy design), Financial Navigators (emergency resource access), Local Consumer Financial Protection Initiative, and the Emergency Financial Empowerment program.

Product overview

The Cities for Financial Empowerment Fund operates as a multi-program initiative focused on embedding financial empowerment strategies into local government infrastructure. The organization offers a portfolio of distinct programs including: CityStart (strategic planning for mayors), Financial Empowerment Centers (free professional financial counseling), Bank On (banking access certification and coalition support), Summer Jobs Connect (youth banking and financial education), Local Consumer Financial Protection (consumer protection departments), Financial Navigators (emergency resource access), and the CFE Coalition (municipal network). These programs work together to help cities and counties address financial stability through counseling, banking access, consumer protection, and policy development, with legacy planning now integrated as a core service across Financial Empowerment Centers.

Differentiator

Problem solved

Functional benefit

Products and services

• CityStart

Quantifiable outcome

• 14 million Bank On certified accounts opened
• +6 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered major and core.

• Federal Reserve Bank of St. LouismajorStrategic or Co-development PartnerReleased report in December 2025 highlighting growth and impact of Bank On movement, with over 14 million certified banking accounts opened. Data from St. Louis Fed demonstrates movement success.
• New York City (CFE Coalition Co-Founder)coreStrategic or Co-development PartnerCFE Coalition founded by New York City Mayor Michael R. Bloomberg. NYC Department of Consumer Affairs Commissioner Jonathan Mintz launched NYC Office of Financial Empowerment, which became the model replicated nationwide. Currently chairs CFE Coalition.
• San Francisco (CFE Coalition Co-Founder)coreStrategic or Co-development PartnerCFE Coalition founded by San Francisco Mayor Gavin Newsom. San Francisco Treasurer José Cisneros serves on CFE Fund Board and CFE Coalition leadership. Currently co-chairs CFE Coalition.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• SaverLife: National nonprofit helping working families build savings and financial security; shares CFE Fund's low-income resident target segment with overlapping board representation (Leigh Phillips).
• Local Initiatives Support Corporation (LISC): Major community development financial institution providing grants, loans, and technical assistance to local partners for economic development—shares the municipal partnership model and multi-program portfolio structure used by CFE Fund.
• Inclusiv: National CDFI and trade association supporting credit unions serving low-income communities; directly aligned with CFE Fund's banking access mission and shares board leadership (Cathie Mahon).
• Living Cities: National nonprofit collaborative of philanthropic and financial institutions working with city governments to advance economic opportunity and financial inclusion for low-income residents—directly comparable mission of embedding financial empowerment into municipal systems.
• Prosperity Now (formerly CFED): National nonprofit focused on financial security and asset building for low- and moderate-income Americans, working with cities, states, and financial institutions—overlapping target population, mission, and policy advocacy strategy as CFE Fund.
• Operation HOPE: National nonprofit delivering financial literacy education, credit counseling, and small business mentoring to underserved communities; comparable to CFE Fund's Financial Empowerment Center model and free financial counseling approach.

Broad incumbents

• National Urban League: Large national civil rights organization delivering economic empowerment programs including financial counseling and asset building across affiliate cities; broader portfolio but overlapping FE program set and target population.
• NeighborWorks America: Federally chartered nonprofit supporting a national network of housing counseling and community development organizations—comparable grantmaking-plus-technical-assistance model for community financial stability.
• National League of Cities Institute: Research and resource arm of the National League of Cities serving municipal leaders with policy guidance, technical assistance, and capacity building—similar municipal government target audience but broader policy scope.

Others

• Federal Reserve Bank of Boston (Working Cities, etc.): Federal Reserve regional bank conducting research and convening programs on financial inclusion and unbanked households; comparable data/advocacy function to CFE Fund's evaluation work and Federal Reserve Bank of St. Louis partnership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CFEfund
• LinkedInlinkedin.com/company/3021833
• Xx.com/cfefund

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds2 records

Investors2 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cities for Financial Empowerment Fund