December 9 2009 Minutes

Meeting Minutes 12/9/2009

Present: Lance Stephens (UWCW), Paul Regimbal, Michelle Smith, Sharynn Hosier & Cec Anson (all of CCU), Michelle Besso (NW Justice Project), Sue Ford (US Bank), Adam Coe (Yak. Federal), April Leslie (Banner Bank), Jesse Esquivel (YVCU), Dave Gilbreath (CCC of Yakima), Lindsay Jacobson (AmeriCorps/VISTA) and Luz Bazan Gutierrez (RCDR)

Absent: Sylvia Martinez (IRS/SPEC), David Hacker (Yakima County), Bruce Tabb (Elmview), and Central Valley Bank

The meeting was called to order at 7:30 a.m. Minutes from the prior meeting were approved without changes.

Adam pointed out that Yakima Federal will not accept the Mexican Matricula Consolar as alternative ID. Sharynn distributed a sheet outlining CCU’s policies regarding acceptable ID. Some discussion followed regarding secondary ID.

All agreed that acceptance of Mexican Matricula Consolar is not mandatory for participation in the Bank On project as some unbanked are U.S. citizens. Marketing materials will reflect that Mexican Matricula Consolar ID may be accepted at partnering financial institutions.

OD/NSF & Financial Literacy
Michelle B. expressed concern about the necessity of waiving one NSF/OD fee per year. Sharynn reminded the group that new legislation may reduce the number of fees financial institutions can actually charge so some may not agree to this tenet.

Should NSF/OD be trigger for required financial education? Financial institutions have materials, but no one to teach classes. Jesse pointed out that YVCU will naturally include one-on-one education as part of the account opening process for high risk members like Bank On customers. Perhaps education is part of the training process? How does Seattle-King County handle this issue? The group needs to decide if education will be required and in what instances. Dave suggested we form a committee to address financial education.

Cec asked attendees to review the samples submitted by Visual Arts’ students at Perry Tech. Reviews were mixed. Some logos were too similar to other organizations. The words “Yakima County” were missing. Ultimately, the group asked the marketing committee oversee logo development.

Small work groups were formed to tackle specific issues related to implementation of the Bank On project.

Operations/Training: Sharynn, Jesse and April
Before launching initiative to the public, we need to develop a program for training bank and credit union personnel so they understand and buy into the initiative. Bank On accounts may result in operational issues that need to be addressed within financial institutions.

Tracking: Michelle B., Adam and Sue
How do we evaluate Bank On Yakima County? We need a method for tracking progress (i.e., number of accounts are opened, type of account opened, where it was opened, etc.). As Paul pointed out, financial institutions use different operating systems so the tracking method should be simple and (perhaps) manual. (Seattle King County uses a cumbersome spreadsheet.) Sue suggested financial institutions report quarterly. We should also report to partners and the DFI to see if patterns arise.

Marketing: Cec, Michelle S., Dave, David and Luz
We will need collateral to distribute to social service agencies and the public. In addition to the tri-fold brochure, other Bank On groups use statement stuffers and referral cards to direct unbanked to financial institutions. Collateral needs to be in Spanish as well as English. A draft trifold has been distributed for comment.

We still need to develop a working matrix that we can pass out to partners and upload to the YABC website. We do not want to turn potential customers away, rather refer them to another participating institution. A draft matrix was distributed. Financial institutions need to determine internal Bank On policies regarding minimum deposits for checking, ID acceptance, NSF/OD, etc.

Other Issues
Luz reported that MoneyTree actually owns portion of new Foundation in town offering business loans to Hispanics.

Dave invited group to attend the January Yakima County Asset Building Coalition (YABC) meeting in January: Jan. 14 at 9:30 a.m. at the Epic Fireside Room. He plans to update the social services on progress made on Bank On Yakima County. Formal launch will be postponed until all financial institutions have signed off on all marketing collateral.

Action Items
1. Please read and review the draft matrix and bring corrections to next meeting. This is the matrix we will use with once we begin referring customers to partners.
2. Please read and review the draft marketing brochure and email suggested changes to Michelle Smith prior to next meeting so that the marketing committee can develop additional materials.
3. Please meet with your work committee prior to next meeting. Develop a written committee function and finalize. Prepare to report on progress on tasks at the January meeting.
4. Sue volunteered to contact Seattle-King County Bank On regarding how they handle opening accounts for homeless people using a shelter address to collect mail. Could you also check on triggers for required financial education?
5. Cec will contact Perry Tech regarding logo.
6. Several people volunteered to contact other financial institutions to see if they want to be involved in Bank on Yakima County. Please invite them to the January meeting. If they would like notes from prior meetings emailed before January, please ask them to contact Michelle Smith at gro.uccilohtac|htims.m#gro.uccilohtac|htims.m
a. Luz will contact Bank of America, Bank of the West and Hapo CU.
b. Paul will contact Key Bank and Yakima National Bank.
c. Sharynn will contact Wells Fargo.