Opportunity L.A. Banking Services

The City of Los Angeles Community Investment for Families Department is seeking a financial institution to provide banking services for the Opportunity L.A. program. The program aims to provide Children’s Savings Accounts (CSAs) to low-income students in the Los Angeles Unified School District. The selected financial institution will be responsible for maintaining existing program accounts, opening and maintaining new accounts for each cohort of students, providing methods for program participants to access their account information and make deposits, and providing reporting and customer service functions to the City. The contract is expected to be for a 5-year term with an option to extend for an additional 5 years. Key aspects of the job include: • Maintaining and opening bank accounts for program participants • Providing online and in-person deposit channels • Offering interest earnings on accounts • Ensuring account security and compliance with federal and state regulations • Collaborating with the City to develop communications and engagement strategies for program participants • Providing a digital system for the City to track account activity and balances