Allowing you go i us to dont even more while were economic successful city i want to say congratulations again to friend of mine jokes who is been a champion and Financial Literacy his own professional life i remember in those years when i was a Zoning Administrator i was introduced and jose was out there with carmen chu and others on the west side talking to High School Students about Financial Literacy asked me to recall the first time i had my own bank account. And i say ive been trying to think about the old days no seattle i think that was bank of america a different name at the time but, yeah and i was kind of excited to establish an account that meant i was feeling more independent i was in charge ever myself and be able to put money into any account and have my job put money into that account and watch it grow and becoming a Young College student didnt have a lot but it did make we feel secure even and certainly independent i certainly know that is a similar feeling for all the famed were trying to help in the bay area you know i gave him by saying that were in an astonishing time in the city and as as you may know ive been focused on the economic strength of our city not just for our own accounts but the accounts of thousands of people that want to be more successful in the city. And, yes we are at the lowest Unemployment Rate 2 percent unemployment that means a lot of people have jobs but it also medians we can then Pay Attention to once you have a job how to be more financially successful and as we drive this economy and evidenced in our own house our own budget weve been very responsible with publics money weve been making sure we have reserve accounted and accounts for those unannounced ventures, if you will, champions when the economy goes down or something happens thats what we need to do is pressing prepare particularly our low income families and immigrant and Minority Community for the same thing do not subject yourself to the financial chimneys if you will, and ask a lot of Financial Advice from this this panel but the what the best investments are but to make sure your own finltdz are in order were doing a lot of things not just say saving money youll be successful our city has raised the minimum wage the highest in the nation made our transportation Public Transportation networked affordable free to low income youth free toe people with disabilities and seniors creating homes at record levels not seen before and targeting our Public School teachers and workforce to create housing our madam clerk, any announcements . Families for more Affordable Housing weve made record investments to support our homeless residents are health care and housing and nationally recognized programs our homeless deserve to make sure our particularly low income youth have access to universal preschooler, jobs to our youth and plus program weve made record investments with our own Public School system all and all to say were not just did not an individual rocket but hell e helping to incur people are successful in a urban setting ensue the same story all around the countrys thats why i want to say thank you to treasurer Jose Cisneros because in his leadership hes be able to bring the Financial Literacy to the forefront of our discussions and in particular something ive been most proud 6 is our own city joining other cities to create the very first kindergarten to college accounts i think the more we talk about it the more we marvel at the program now there is more cities across the city adopting this because of not only education but also of the future vision that we have for our families and then today, were lucky to be the first city in the nation to sign seen on to bank on National Account standards and this is something that will go into detail but basically it is providing our residents access to the Banking System and making sure that they enjoy the standards that provide lowcost and low fee transaction capabilities and no Overdraft Fees and access to online bill paying jose that is something i have to learn a because im much more comfortable writing my own checks if i looked at the fees there might be so savings my daughters can teach me how to do Online Banking they do that well, i want to say thank you, again weve began bank on sf as an alternative to the high numbers of Cash Checking centers that appeared all over the city and the most visible that had been mid market it was mart of the whole host of things i didnt like seeing more years when i was the deserve and running for this office i saw every third storefront vacant and cash centers that seemed to attract a lot of people yet not realize the tremendous monuments of fee to cash their checks from in their work over and over welfare checks we offered alternated in the place of that and in working with all of our Financial Institutions with our with our Community Groups that are been valuable because as stakeholder theyve talked to many families and interacted in between the Financial Institutions and offices government to see what else we know do to create more responsible accounts we come up with that bank on National Accounts standard were again as a city im proud of leading this effort that means that for these low fee Financial Products available today beginning with 4 National Banks theyre going to be available for over 11 matches in the states that doesnt include the new local and regional Financial Institutions that will be rapturing in this and being part of this network of an emancipation proclamation precedent banking access for the low income and minority immigrant communities access to financial tools like bank on sf and National Standards is a innovation im proud that i know that as someone who used to focus on organizing tenants in chinatown i know that this will be just as important as to organize people around their Financial Literacy because i think that is in many cases the new Civil Rights Movement of empowerment that is the beginning we have to do more and share with our 9 billion budget contracts local women owned businesses and make sure there is a network for people to get hired in those local jobs so that the robustness of our city is felt by all the communities that means we have to work aggressively on Affordable Housing and means we have to end discretionary problems whether community or social nature or education weve got to do even more having National Standards of banking allows people to have that simplicity of definition and the building up of their confidence im very proud of this and the leadership of treasurers cisneros for the city and at this moment thank the Financial Institutions that helped to create along with our city financial of Imprisonment Fund and Community Organizations, citibank and chase and wells fargo and bank of america all Work Together with our city and boggling bank on sf and banking to create those products for everyone and with that, id like to introduce jonathan minutes the ceo of cities for Financial Empowerment fund he has an exciting announcement by my partner as i approach all the mayors across the country to say lets do it for everyone and make sure our cities are welcoming not only the challenge but a partnership with our low income families and our all of our families to make sure their even more successful jonathan clapping. i briefly photo of r though the thought of one of those dick vandyke things thats to the audience my age by way of thank you, mayor ed lee i appreciate our remarks and i want to thank treasurer is a norz for host us in San Francisco city hall i want to thank many of our national and local partners here particularly Jp Morgan Chase and cities bob and bank of america angie and other partners well talk about in a few minutes to join us and our Bank Advisors board from union bank and others from the called Reinvestment Coalition and a thank you to chairman martin black and blue beggar and his colleagues those tests in the corner and their work with the community for the economic inclusion thats a longstanding commitment in my life ive heard this 450 thousands times literally true i never misuse the word this wouldnt be possible one by one without hard work of these people im jonathan minutes the guy that getdz gets to lead the Empowerment Fund and joined. I the principal eric who got us here and katie platt that makes everything we do come to life at the city for Empowerment Fund two principles that guide our focus and funding first consumer Financial Empowerment is so fundamentally important both to families and to their communities as youve heard interest the mayor the government really can no longer afford to leave this issue to Nonprofit Community segment to shoulder loan but must elevate it as a core part of municipal programs and policies second the local government it tangible high quality and largescale success when it comps to counseling and banking access, savings access and Consumer Protection banking access is a concern what were doing really must be a solution when tens of millions of people can least afford to spending billions of of dollars to do what people in this room do for free paying the bills with a stroke of a pen or a escape percipient witness of a card or like mayor ed lee paling bills online depositing our income and saekz it for free and even creating regular and free savings transfers but destabilizing the second class people outside the mainstream has been that he attention working in the anti poverty trenches but 10 years ago local government joined 50 coalitions guided particularly by San Francisco and treasurer cisneros leadership launched programs to work across the city on some estimates helping to connect happy a half a Million People i want to underscore what treasurer ssi next years Lunar New Year leadership to this together with the office of Financial Empowerment the treasurer is the touchstone of this movement in towns and cities and regions and states across the city through his signature urging and that vast experience this fund took the National Approach bank on lead by local government and the president of the United States anothers rooevenlg and state levels share two key characteristics they believe that banking access is critical and to make progress it takes the joint effort among community and Financial Institutions all committed to the cause today, the k f e fund it proud to mountains two major tools to is a assist in the local efforts first leasing the bank on movements new national nthd standards for 20152016 these very specific standards core requirement and key recommendation ill say more in a moment those were forged over many months working with our National Advisor board and consumer advocates and regulated partners and Financial Institutions. Second today, were opposing o opening the National Bank on account with the k f furnld Jp Morgan Chase and naomi were inviting coalitions from across the city to political for grants up to 10,000 to assist in their local efforts together with the bank on innovation pilot programs across the city we believe that those resources and what we can Learn Together about help to energize and strengthen what is happening on the ground where the work is coalitions can apply as of this morning and the t f e fund. Org slash bank a few words on the account standards you have in our folders in front of you in cowling for lowcost and no overdraft but at the same time the critical functionality of making purposes and paying bills those standards offer local coalitions a high bar starting point for their priorities and partnerships at the same time those standards which we plan probation officer update bio annually are egg realistic ill thrilled to say 3 National Banks offer products that meet those standards Jp Morgan Chase liquid account and bank of america save balance banking account fit the bill together that means that accounts meeting high Nationals Bank on standards are now available in at least then thousand 8 hundred and 99 branches across 41 d. C. Im grateful to wells fargo is committed to expanding their card to meet the National Standards and make them valuable across thorough 62 branches naiths by june 2016 a quick hand for the banking partners clapping. and for me just im kidding laughter later when im done i will expect Something Bank on coalitions will identify other local and Regional Bank and considered Union Partners meeting the standards or start what we hope is a serious conversation occurring urging and assisting those partners together not just because hes here today, i literally do not think this wouldnt have happened i want to thank chairman of the Martin Luther and his Extraordinary Team the fdic survey of the unbanking and under bank and their pilot in 2011, 2012 set the stage for the opportunity and assess that brings us here today their pilot was, of course, the starting point for the cf e 20152016 standards and i cant thank the chairman enough for his leadership and inspiration clapping. that having said that, please stay seated well hear from the chairman and this panel led by the Jose Cisneros with the banking partners im triefrld joining us on the panel our San Francisco bank on coalition selfhelp credit union and Missions Fund and the Investment CoalitionSan Francisco as the mayor said the first city to embrace those National Bank on standards and those leaders well be talking about why that matters to them and San Francisco i look forward to the panel and, of course, to all the hard work ahead and with the coalition to connect people that is appropriate and available accounts thank you very much im happy to turn it over to chairman blue beggar clapping. morning everybody im and joining thank you. Your a piece of work laughter let me begin if i may by thanking mayor ed lee and treasurer cisneros and jonathan really for their leadership in organizing this event today me this really is if i may say an important and a very griffin day the fdic as jonathan mentioned working for sometime on this issue of people country who are unbanked or under banked and lack access to mainstream Financial Services and the Economic Opportunities starting in 2009 the fdic entered into a partnership with the ken sews bureaucracy so that now every two years the lee and the Census Bureau do a survey of people unbanked and under banked in the u. S. We have reliable date day on the regional and state by state in the metropolitan to begin to get a handle both on the dimensions of the issue and ways we can Ferry Building respond to it and you know in the most recent survey the finding were clear there are nearly 8 percent of household in the United States which have not account relationship with the federal insured Financial Institution and another 20 percent which some member of the household may have a relationship but theyre still utilizing high cost nonbank Financial Service provider so taken together the fdic Census Survey found about 28 percent of household in the United States are either unbanked or under banked for low income