KeyBank Foundation Awards $300,000 to Cities for Financial Empowerment Fund to Expand Youth Banking Access and Financial Education Nationwide
Grant will help connect young workers to safe banking accounts, direct deposit, and financial education through expanded Youth Banking Connect initiative
CLEVELAND, July 16, 2026 /PRNewswire/ -- The KeyBank Foundation announced a $300,000 grant to the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) to support the expansion of the organization's Youth Banking Connect (YBC) initiative, formerly known as Summer Jobs Connect. This investment will help more young people nationwide gain access to safe, affordable banking products, direct deposit, and financial education through government-connected workforce programs.
The three-year grant will enable the CFE Fund to expand its model beyond summer youth employment programs to reach young people participating in government-led workforce development opportunities. Through a cohort-based academy model, the initiative will provide technical assistance and support to at least 15 youth workforce programs nationwide over three years, helping them integrate banking access, financial education, and other financial empowerment strategies into their operations. As a result, the CFE Fund anticipates measurable increases in the number of participating youth who open safe and affordable bank accounts, receive wages through direct deposit, and engage in financial education programming.
"For many young people, a first paycheck represents a critical opportunity to begin building lifelong financial habits," said Eric Fiala, Chief Corporate Responsibility Officer and CEO of the KeyBank Foundation. "KeyBank is committed to advancing economic inclusion and financial wellness in the communities we serve. Through our partnership with the CFE Fund, we are helping more young people access safe banking products, receive wages through direct deposit, and gain the financial knowledge they need to build a strong foundation for their futures."
Banking access remains a key building block of financial stability. Over the past decade, the CFE Fund's youth banking efforts have helped more than 180,000 young people open their first bank account and enabled more than 600,000 youth workers to receive their wages through direct deposit. The newly expanded Youth Banking Connect initiative will build on that success by reaching a broader range of youth workforce programs serving participants ages 14 to 24.
"An early job can be a transformative moment in a young person's life; pairing that experience with access to safe banking and financial education can have lasting impacts on lifelong financial stability," said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. "We are deeply grateful to the KeyBank Foundation for its support of Youth Banking Connect. This investment will help local governments and community partners across the country equip young workers with the tools and resources they need to begin their financial journeys with confidence."
Through the Youth Banking Connect Academy, participating workforce programs will receive no-cost training, technical assistance, peer learning opportunities, and resources to help them establish partnerships with financial institutions, increase direct deposit adoption, and incorporate financial education into youth workforce experiences.
The initiative primarily serves low- and moderate-income youth, many of whom are earning income for the first time and may be unbanked or underbanked. By connecting participants to banking accounts at the start of their working lives, the program aims to promote long-term financial potential, saving habits, and economic mobility.
The grant aligns with the KeyBank Foundation's commitment to advancing economic inclusion and financial capability, helping individuals and families build stronger financial futures and creating pathways to greater opportunity in communities across the country.
- Non-profits and workforce development programs can apply for the YBC Academy here: https://www.grantinterface.com/Process/Apply?urlkey=CitiesFE
The Cities for Financial Empowerment Fund will host two informational webinars on the YBC Academy:
- First informational webinar: Wednesday, July 22nd at 2pm ET (Register here)
- Second informational webinar: Thursday, August 13th at 3pm ET (Register here)
ABOUT KEYCORP
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key (NYSE:KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2026.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
ABOUT CITIES FOR FINANCIAL EMPOWERMENT
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting-edge experience with large-scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 150 cities and counties, and has disbursed over $75 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Bluesky at @cfefund.bsky.social.
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SOURCE KeyBank