Bank on USA

Bank on USA is an emerging federal program modeled after Bank on San Francisco, a successful initiative made possible by EARN, San Francisco Treasurer Jose Cisneros, and the Federal Reserve Bank of San Francisco. Since 2006, this program has helped tens of thousands of low-income San Francisco residents switch from high cost check-cashing services to free or low-cost bank accounts. Based on this achievement, President Obama has allocated $50 million in the 2011 fiscal year budget to scale this program nationally — a powerful success story for the world of social innovation.

As Bank on San Francisco’s nonprofit managing partner, EARN is serving as an advisor to the Obama Administration as the Administration proceeds with a national rollout.