Part 6 of Inclusiv's COVID-19 Town Hall Calls on COVID-19 Crisis webinar focused on ideas and resources to support nonfilers and unbanked individuals in opening accounts and obtaining their stimulus funds safely and securely. The webinar featured Terry Lemons, Communications Director and Liason at the IRS, David Rothstein, Principal at the CFE Fund, along with a panel from Guadalupe Credit Union, Seattle Credit Union and PolicyWorks.
Highlights:
- Inclusiv CEO Cathie Mahon updated attendees on advocacy efforts and updates on set-asides for CDFIs in the Senate stimulus bill
- Terry Lemons talked about online IRS tools for nonfilers and unbanked individuals to safely receive their payments. Lemons addressed delays and emphasized the importance of spreading the word about available resources.
- David Rothstein discussed providing avenues for the unbanked to start bank accounts remotely while meeting Bank On standards. Rothstein highlighted that receiving stimulus funds by prepaid debit card could require fees that would be avoided by having a bank account instead.
- Winona Nava, President and CEO of Guadalupe Credit Union, revealed how her credit union is working to create remote account opening capabilities, along with procedures for those who do not want to open accounts.
- Richard Romero, President and CEO of Seattle Credit Union talked about changing the requirements to open accounts to be more inclusive of the unbanked and other efforts to get more people into the banking system.
- Ceedra Allen, Compliance Officer at PolicyWorks spoke aboutcompliance requirements and issues regarding the opening of new accounts online.
Click here to view and download the webinar.