How to Approach a Bank in Partnership
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For warm hand-offs, meet with regulators’ community affairs staff from the Federal Deposit Insurance Corporation the Federal Reserve Bank and the Office of the Comptroller of the Currency These staff oversee Community Reinvestment Act (CRA) activity for most banks.
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Develop a standard approach for reaching out to banks to discuss partnership, such as an “elevator pitch” that hits key points to support a follow-up discussion for partnership.Identify direct connections to banks or bank networks that might be interested in partnership.
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Facilitate opportunities to present your “elevator pitch” at events with bank representatives in attendance.
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Reach out to local banks’ CRA officers to learn more about their current CRA activities and future interests.
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Connect with Bank On, Volunteer Income Tax Assistance, BankWork$®, or another coalition in your area to identify locally driven partnerships that include public officials, financial institutions, community organizations, and others focused on improving the financial capability of low- and moderate-income individuals.
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Create an opportunity to mix business services with bank partnership by establishing educational pathways in the financial services industry.
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Start by engaging banks in high-return, low-risk activities to establish greater understanding and trust. For example, engage a bank representative to serve on the board or an advisory committee, or to provide financial education.