Banking Services Committee
MCBC’s Banking Services Committee, with the active participation and support of the Massachusetts Division of Banks and the Massachusetts Bankers Association, continues to promote Basic Banking for Massachusetts, a unique, voluntary effort to provide low-cost accounts to customers with limited banking needs. In 2009, 105 Massachusetts banks qualified for participation under the Basic Banking for Massachusetts guidelines, representing 60 percent of all bank branches in the state. The Committee also continues to work to expand access to consumer education programs, especially for residents currently utilizing check cashing establishments. Committee members also actively participate in the Boston Alliance for Economic Inclusion, a public-private initiative to address the financial service and education needs of un-banked and under-banked residents. Other recent Committee projects include:
- Publication of Expanding Financial Skills in Low-Income Communities, a framework for building effective financial education programs, as part of MCBC's continuing effort to encourage more community-based organizations to provide financial education as part of their on-going programs.
- Collaboration with the Asset Development Commission, the Boston Alliance for Economic Inclusion, the Boston EITC Coalition, the Massachusetts Bankers Association, the Massachusetts Credit Union League, the Massachusetts Financial Education Collaborative and The Midas Collaborative on ways to expand access to and to promote financial education across the state. In October 2009, MCBC was a lead sponsor of the Financial Education Summit meeting held at the Federal Reserve Bank of Boston.
| Co-Chairs: | Liliana Sanchez, Senior Vice President, Wainwright Bank Doreen Treacy, Director, CivicHealth Institute, DotWell |
| Meeting Dates: |
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| Time/Location: | 9 a.m., Wainwright Bank, 63 Franklin Street, Boston |
2008-2009 Agenda Issues:
- Basic Banking for Massachusetts Guidelines
- Massachusetts Financial Education Collaborative
- MassINC Family Financial Skills Initiative
- Boston Alliance for Economic Inclusion
- MCBC report on financial education: Expanding Financial Skills in Low-Income Communities
- Asset Development Commission
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